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Top 6 personal accident policies in India

  • Highlights

  • A personal accident insurance coversyou against loss of income

  • Post-hospitalization expenses are within the policy’s scope

  • Accidents of various magnitude are covered under the policy

  • Top 6 personal accident policies for you to pick from

At times you may have questioned the need to buy a personal accident plan, if you already have a life cover. The need for a personal accident policy arises from the fact that a life insurer offers financial security only in case of the insured’s demise. While health insurance is useful only for meeting hospitalization cost. Even though some insurers like Bajaj Finserv cover post-hospitalization expenses, it is for a maximum period of 90 days.

Accidents, however could render the patient partially or fully disabled, leading to loss of income for prolonged periods. A personal accident insurance covers you against bodily injuries or disability or death caused by violent, accidental, visible and external events. Accidents of all magnitudes are covered by the policy. In case the insured expires due to an accident, the nominee can claim the sum assured. Personal accident policy typically covers accidental death, total permanent disability, partial disability, some insurers cover hospitalization expenses and loss of income too.

Below are some of the best personal accident policies available in India -

1. Apollo Munich Personal Accident Plan

Apollo Munich provides a minimum of Rs.1 lakh and a maximum of 50 lakh sum assured. The plan covers accidental death, partial and total disability, medical expenses and also provides a 5% cumulative bonus for claim free years.

Additional Read: Save Your Wealth With a Health Insurance Plan

2. Bajaj Allianz Personal Guard Plan

Bajaj Allianz covers death, disability, educational bonus, medical and hospitalization expenses. Bajaj has a 72% incurred claim ratio. Incurred Claims Ratio indicates the company's ability to pay the claims. The minimum sum assured is 10 lakh whereas the maximum is Rs.25 lakh. Bajaj provides a cumulative bonus of 10% per claim free year.

3. HDFC Ergo Personal Accident Insurance Plan

HDFC Ergo plan covers expenses arising from accidental death, permanent disability, broken bones, burns and related ambulance cost and hospital expenses. The policy is open to individuals within 18-65 years of age.

4. ICICI Lombard Personal Protect Policy

This ICICI Lombard product provides cover against death, total disability, hospitalization expenses. They also provide an addition daily hospital expenses cover. The available sum insured ranges from Rs.3 lakh to Rs.25 lakh. Anyone within the age group of 18-80 years age group can avail this policy.

5. Max Bupa Health Assurance – Personal Accident Insurance Plan

Max Bupa offers coverage against accidental death, total and partial disability, children’s education benefit and also covers funeral expenses. Individuals of ages 18-65 years can apply for this plan. A minimum of Rs.5 lakh and a maximum of Rs.25 lakh sum assured is offered.

6. TATA AIG Income Guard Policy

Income Guard Plan is designed to cover accidental death, disability, accidental dismemberment, permanent total Loss of Use. Individuals within 18-70 years of age can avail this plan. A 5% cumulative no claim bonus is added to the sum insured for a maximum of 5 years on each policy renewal. TATA AIG providesRs.5 lakh to Rs.15 lakh sum assured for income guard policy.

Know more about personal accident insurance and enquire about the available options from Bajaj Finserv.

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”

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