Insurance remains a much debated topic for Indians, especially because of the fact that considering savings, insurance basically doesn’t pay. But when one considers the picture of exigencies where a proper insurance plan can prevent your savings from being damaged, insurance becomes very crucial. An accident insurance plan is basically something that provides for accidental death benefit, disabilities (total or partial) and the expenses that come across in term of hospitalisation, transportation of patient and family and repair of vehicle or residence. Other miscellaneous expenses might also be covered under such plans.
While going for an accident insurance plan, there are some key factors to account for when considering the benefits that are provided. These things can be mentioned as the following and they also form the base criteria through which different plans from different insurers are compared.
Plan Basis – Plans can be either in individual or family floater option. While an individual plan works best for bachelors and spinsters, a family floater option will be ideal and economical when one has at least 4 or more members in the family and he/she is the primary earner.
Age Limits – Entry ages are key to having a good insurance plan because contingencies relating to life and health can come at any time. Most plans do not have a cover ceasing age though there might be maximum entry ages. The more extensive the range of entry ages, the better a plan is.
Sum Assured – Most accident insurance plans come with a cap of sum assured of up to INR 1 crore or more and have a minimum sum assured too, ranging from INR 2 lakhs and more. Based on the profession one is in, a higher sum assured is always preferable.
Accidental Death Benefit – This is the value of the Sum assured and additional bonuses. The more the bonuses, the better the plan.
Disability Factors – Plans can cover permanent or temporary disability that is total or partial. Having the maximum number of options available always helps.
Medical Expenses and Ambulance Charges – In cases of accidents, immediate healthcare is always required and that too, at the nearest possible location. Ambulance charges might be required when push comes to shove. Covering both of these aspects is a sign of a good insurance plan.
Bonuses – Some plans might offer bonuses for dependent kids in the case of an accident. That is especially helpful if the treatment period is stretched long or the policyholder passes away.
Now that we know what factors to look for in an accident insurance plan, let’s take a look at the best plans available in India towards the same purpose –
These plans are offered from private & public health insurers and highly competitive features & cover is offered for the same –
|
Insurer and Insurance Plan |
Plan Basis |
Entry Ages |
Sum Assured Amounts (INR) |
Accidental Death Benefit |
Permanent Total Disability |
Permanent Partial Disability |
Temporary Partial/Total Disability |
Medical Expenses Reimbursement |
Ambulance Charges Cover |
Bonuses |
|
Individual and Family |
Minimum - 91 days Maximum – 69 years |
Standard – Minimum – 1 lakh Maximum – 50 lakhs Premium – Minimum – 5 lakhs Maximum – 5 crores |
Yes, equal to Sum Assured + bonus (if any) |
Yes, equal to Accidental Death Benefit |
Yes, equal to Accidental Death Benefit |
Temporary total disability – 10% of ADB |
Standard - Yes – 5% of ADB Premium - Yes, subject to INR 100000 |
Ye, subject to INR 2000 |
Education fund – 10% of ADB |
|
|
Individual only |
Minimum – 18 years Maximum – 70 years |
Minimum – 10 lakhsMaximum – 30 lakhs |
Yes, equal to Sum Assured |
Yes, subject to 150% of Accidental Death Benefit |
Yes, equal to 2-75% of Sum Assured |
No |
Yes. Daily Hospitalisation Cash of INR 1000 till a period of 50 days |
No |
No |
|
|
Individual |
Minimum - 91 days Maximum – 70 years |
Minimum – 15 lakhs Maximum – 25 crores |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes |
Yes, under Mobility Cover |
Yes, subject to INR 100000 |
Yes (under variants) |
Yes (under variants) subject to 10% of Sum Assured |
|
|
Individual and Family |
Minimum – 5 years Maximum – 65 years |
Minimum – 10 lakhs Maximum – 25 lakhs |
Yes, equal to Sum Assured |
Yes (under variants), subject to Sum Assured |
Yes (under variants), subject to 75% of Sum Assured |
Yes (under variants), subject to 75% of Sum Assured |
Yes, lesser of 40% of medical bills or actual bills |
No |
Yes, INR 5000 for one child or INR 10000 for 2, subject to 10% of SA |
|
|
Individual |
Minimum – 18 years Maximum – 80 years |
Minimum – 3 lakhs Maximum – 25 lakhs |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
No |
No |
Yes (under allowance and reimbursement) |
No |
No |
|
|
HDFC ERGO Personal Accident Insurance |
Individual and Family |
Minimum – NA Maximum – 65 years |
Minimum – 2.5 lakhs Maximum – 15 lakhs |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
No |
No |
Yes, INR 250 to INR 500 per day |
Yes, INR 1500 to INR 2000 |
No |
|
Individual and Family |
Minimum – 5 months Maximum – 70 years |
Minimum – 5 lakhs Maximum – 15 lakhs |
Yes, equal to Sum Assured |
Yes, equal to 150% of SA + bonus (if any) |
Yes |
Yes |
Yes, till 25% of valid claim or 10% of SA subject to INR 500000 |
Yes, till INR 5000 |
Education fund, till INR 10000 per child for 2 children |
|
|
Individual and Family |
Minimum – 5 years Maximum – 70 years |
Minimum – 25000 Maximum – 10 lakhs |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes, up to 95% of SA |
No |
Yes |
No |
Yes, 10% of SA subject to INR 5000 or INR 10000 |
|
|
Individual and Family |
Minimum – 10 years Maximum – 80 years |
Minimum – 25000 Maximum – 5 lakhs |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes, maximum of 50% of Accidental Death Benefit |
No |
No |
No |
No |
|
|
Individual and Family |
Minimum – 5 years Maximum – 70 years |
Minimum – 5 lakhs Maximum – 10 lakhs |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes, maximum of 50% of Accidental Death Benefit |
Temporary total disability subject to 1% of the SA and not more than INR 5000 per week for 50 weeks |
Yes, lesser of 40% of medical bills paid or 20% of relevant sum assured |
No |
No |
|
|
Individual and Family |
Minimum – 5 years Maximum – 70 years |
NA |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes |
No |
Yes |
No |
No |
|
|
Individual and Family |
Minimum – 5 years Maximum – 70 years |
Maximum – 72 months of income from gainful employment |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes, maximum of 50% of Accidental Death Benefit |
Temporary total disability, payment of 1% of SA per week for a maximum of 100 weeks |
No |
No |
No |
The Government of India offers two active plans that can be availed by any citizen of India. These plans are low cost insurance options that are aimed to cultivate the habit of availing insurance options among the common people of the nation. The plan details are mentioned in the following table –
|
Insurer and Insurance Plan |
Plan Basis |
Entry Ages |
Sum Assured Amounts (INR) |
Accidental Death Benefit |
Permanent Total Disability |
Permanent Partial Disability |
Temporary Partial/Total Disability |
Medical Expenses Reimbursement |
Ambulance Charges Cover |
Bonuses |
|
Individual and Family |
Minimum – 18 years Maximum – 70 years |
Minimum and Maximum – 2 lakhs |
Yes, equal to Sum Assured |
Yes, equal to Accidental Death Benefit |
Yes, equal to INR 1 lakh |
No |
No |
No |
No |
|
|
Individual and Family |
Minimum – 18 years Maximum – 59 years |
Minimum and Maximum – 30000 |
Yes, an amount of INR 75000 |
Yes, an amount of INR 75000 |
Yes, an amount of INR 37500 |
No |
No |
No |
Yes, scholarship fee of INR 100 for 2 children per month on a half-yearly basis |
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.
