Personal accident insurance

Personal accident insurance

Know why personal accident cover is important in today’s times.

Get Quote
3 mins
10-May-2023

Accidents can significantly impact your savings if you do not have financial security. A personal accident insurance policy saves you from the unexpected financial burden. The policy enables you to get the best treatment without worrying about funds availability. Having a personal accident policy also ensures that your savings remain intact.

What is personal accident insurance?

Personal accident insurance policies provide complete financial coverage to policyholders. You get coverage for accidental death, bodily injuries, and physical disabilities (temporary and permanent). In case of the insured’s death, the nominee gets 100% compensation.

Features of personal accident insurance policy

Here are the salient features of a personal accident insurance policy:

Features

Specifications

Premiums starts

Rs. 1,469*

Cashless network hospitals

10,000+

Medical coverage

Covered

Hospitalisation coverage

Covered

Tax benefits

Covered

Ambulance coverage

Covered


Get coverage for medical expenses and hospitalisation charges

  • Nominee gets full compensation in case of accidental death
  • Policyholders can make cashless or reimbursement claims
  • Tax benefits available on the premiums paid
  • Get a children's education bonus along with a personal accident insurance
  • Get up to 125% compensation in case of permanent total disability

Benefits of personal accident insurance policy

The benefits of opting for a personal accident cover are as follows:

  • Provides financial coverage against treatment taken for injuries caused by an accident, helping you to keep your savings intact.
  • Offers accidental death cover to ensure your family members stay financially secure.
  • Covers the medical bills for the treatment of an injury.
  • Provides a daily cash allowance of Rs. 1,000 up to 30 days during hospitalisation.
  • Covers education fees and medical expenses of dependent children.
  • Insured’s dependent children (below 19 years old) get the compensation amount if the insured suffers permanent disability or death.
  • Policyholders receive up to 125% of the policy sum insured in case of permanent disability.
  • Get a cumulative bonus starting from 10% and up to 50% for every claim-free year.
  • Get claims settled within seven working days after meeting all formalities.

What are the types of personal accident insurance policies?

There are two types of accident insurance policies:

· Individual accident insurance

Also known as personal accident insurance, covers only one person. The insured gets coverage in case of death or disability caused due to an accident. Covers loss of limbs or sight or any permanent disabilities.

· Group accident insurance

Employers offer group accident insurance to their employees. This type of accident insurance covers a group of people like workers, members of an organisation, or employees. You get coverage for accidental death or disability.

Why choose personal accident insurance from Bajaj Finance?

Despite being careful and taking all the necessary precautions, accidents can happen at any time. Hence, personal accident coverage becomes essential for everyone. Bajaj Finance partners with leading insurers to offer a variety of health insurance plans with extensive coverage and affordable premiums. The following are the reasons to opt for a personal accident insurance policy from Bajaj Finance:

  • Family’s financial security
  • Wide range of coverage at affordable premiums
  • No documents or medical tests required
  • Simple and prompt claim process
  • Reliable plans for family and policyholder
  • Customisable plans

Difference between life, health, and personal accident insurance

Life, health, and personal accident insurance give financial security. Here’s a quick glance at the basic difference between life, health, and personal accident cover.

Life insurance

Health insurance

Personal accident insurance

Offers life cover up to the chosen tenure.

Offers coverage for medical expenses.

Offers coverage only for injuries or death caused due to an accident.

Get the sum insured on maturity. In case of the insured’s death, the nominee receives the sum insured.

Get coverage for hospitalisation, and pre- and post-hospitalisation expenses. Covers daycare procedures and domiciliary hospitalisation expenses.

Get coverage for treatment and hospitalisation for any accidental injuries. Covers permanent partial or total disability and temporary partial or total disability.

Beneficial for sole breadwinners in the family to plan their financial health.

Beneficial for all age groups, as gives coverage against expenses incurred during medical emergencies.

Beneficial for all age groups to deal with the treatment costs incurred due to an accident.


Inclusions of personal accident insurance policy

Here is the list of things covered under a personal accident cover:

  • Accidental death of the policyholder
  • Permanent or partial disability due to an accident
  • Medications and hospitalisation
  • Child education bonus (if opted for in the plan)
  • Funeral and legal expenses (if opted for in the plan)
  • Coverage for fractures, burns, etc.
  • Daily cash allowance

Exclusions of personal accident insurance policy

Here is the list of things that a personal accident insurance policy does not cover:

  • Terrorism and war-related injuries
  • Suicide or self-injury
  • Pre-existing disability or injury
  • Injury caused by adventure sports activities
  • Expenses for treatment of diseases or illnesses

How to raise claims for personal accident insurance?

Here are two ways in which you can raise claims for personal accident insurance.

Cashless claim process

You can get cashless treatments at partner network hospitals across India. Check the list of the network hospitals beforehand to know the nearest hospital locations. It will help you during an emergency. Follow these steps to get file this claim:

Step 1: Inform your insurer within 48 hours of hospitalisation.

Step 2: Share the policy details or the patient’s policy cashless card and valid ID proof at the hospital’s insurance desk.

Step 3: Fill up all details in the pre-authorisation form and submit it at the hospital.

Step 4: To expedite the procedure, fill up a request form on the official portal of the insurer and also inform your insurer about the same.

Step 5: Your insurance provider might take up to two hours to review the application and inform you accordingly via SMS and e-mail.

Step 6: You can even check the status of the claim online.

The insurer will process the claim as per the terms and conditions after the completion of all formalities.

Reimbursement claim process

Step 1: You can claim for reimbursement if you choose to visit any hospital of your preference. Inform the insurance provider within two days in case of emergency admission and three days before planned hospitalisation.

Step 2: Submit all necessary documents within 15 days after discharge.

Step 3: The insurance provider will accept or reject the claim after reviewing all documents.

Step 4: Once approved, the insurer will transfer the amount to your registered bank account via NEFT.

Step 5: If your claim request gets rejected, you will receive a notification on your registered e-mail address and phone number.

Documents required to raise a claim for personal accident insurance

  • Original policy documents
  • Death certificate
  • Beneficiary’s ID proof
  • Age proof of the policyholder
  • Medical certificate
  • Discharge form
  • Police FIR (in case of unnatural death)
  • Hospital certificates/ records (in case of death due to illness)
  • Post-mortem report (in case of unnatural death)
  • Employer certificate and cremation certificate

Frequently asked questions

What is the cost of an accident insurance policy?

The premium of an accident insurance policy depends on the insurer that you choose. Your age, occupation, and medical history decide the premium value of the accident insurance policy. It also depends on the coverage amount chosen.

What is adequate coverage under accidental insurance?

As per IRDAI, motor insurance companies must offer at least Rs. 15 lakh of personal accident cover. You should choose a personal accident insurance that offers coverage 10 times more than your annual income.

Is accident insurance beneficial?

Personal accident insurance covers you against the medical expenses incurred due to an accident. You get the required financial assistance in case of emergency. This ensures that you access quality healthcare services for the treatments without worrying about the funds. Personal accident insurance covers accidental death or any disability caused by accidental injuries.

Can I claim for multiple personal accident insurances?

Yes, you can make claims for multiple personal accident insurance policies. Having multiple personal accident insurances means you have extra financial protection for any emergency. You will get the coverage as per the terms and conditions of the policy.

Show More Show Less

Disclaimer

Insurance is the subject matter of solicitation. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited and ManipalCigna Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Visitors are hereby informed that their information submitted on the website may be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective value-added service provider or Assistance company.
Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.