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. So, this makes it important to have a separate personal accident insurance cover for every individual.
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.
While buying a personal accident plan, we need to consider to some important factors in mind:
• Plan Option: individual or family floater plans
• Age Limits
• Sum Assured
• Accidental Death Benefit
• Disability factors
• Add-on covers
• Medical expenses & ambulance charges
2. Bajaj Allianz Personal Guard Plan
Bajaj Allianz covers death, disability, educational bonus, medical and hospitalization expenses. Bajaj has a 72 % incurred claim ratio, which indicates the company's ability to pay the claims. The minimum sum assured is Rs. 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 can avail this policy.
5. Niva Bupa Personal Accident Insurance Plan
• 100% sum insured is payable in case of permanent partial disability
• Covers funeral expenses up to Rs. 5,000
• Claims are directly processed and cleared by the customer service team
6. Care Personal Accident Insurance
Care Insurance policy is widely known and directly addresses every problem that arises after accidents and injuries. It includes:
• Coverage for expenses for a personal nurse if needed in case of injuries
• Coverage for mobility and prosthetic devices like artificial arms, legs, or medical equipment like a wheelchair
• Loyalty benefits available for subsequent renewal dates
Accidents are unpredictable and can cause a dent in savings based on their severity. By choosing a suitable personal accident plan in advance one can safeguard their savings without having to compromise on the treatment. Having a personal accident plan in place will save you from any last-minute financial ordeal caused by expensive hospital bills.
Know more about personal accident insurance and enquire about the available options from Bajaj Finance.
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