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Top Personal Accident Insurance Plans in India 2016

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.

  1. 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.

  2. 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.

  3. 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.

  4. Accidental Death Benefit – This is the value of the Sum assured and additional bonuses. The more the bonuses, the better the plan.

  5. Disability Factors – Plans can cover permanent or temporary disability that is total or partial. Having the maximum number of options available always helps.

  6. 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.

  7. 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 –

Best Accident Insurance Plans from Health Insurance Companies:

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

Apollo Munich Individual Personal Accident Standard

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

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

Bharti AXA Smart Individual Personal Accident

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

Religare Secure Personal Accident Insurance

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

Bajaj Allianz Premium Personal Guard Plan

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

ICICI Lombard Personal Protect

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

Star Health Accident Care Individual Insurance

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

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

United India Personal Accident Insurance

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

Oriental Janata Personal Accident Policy

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

Reliance Personal Accident Policy

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

National Insurance Individual Personal Accident Policy

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

New India Personal Accident Policy

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

 

Top Accident Insurance Plans from the Government of India:

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

Pradhan Mantri Suraksha Bima Yojana

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

Aam Aadmi Bima Yojana

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

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