Personal Accident Insurance
Personal accident insurance provides financial protection for accidents leading to injury, death, temporary or permanent disability. It ensures that in case of the insured's accidental death, the nominee receives a 100% monetary benefit.
Highlights of Personal Accident Cover
Types of Personal Accident Policy in India
This covers accidental death, loss of limbs, or vision for the insured individual.
This plan is offered by companies or employers to their employees at a discount, providing coverage for accident-related costs.
Best Personal Accident Insurance Plans Providers
Best Personal Accident Insurance Plans Providers
Sahi Advice,
Sahi Insurance
If you have any questions on how to choose the best insurance plan, you can connect with our IRDAI certified insurance advisors.
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Personal Accident Insurance Everything You Need to Know
Key Benefits and Features of Personal Accident Insurance in India
Features of Personal Accident Insurance Policy in India
Personal Accident Insurance Policy - Inclusions and Exclusion
Personal Accident Insurance Policy - Inclusions
Medical treatment costs for surgery and diagnostics.
Lump sum payment to beneficiary for accidental death.
Coverage for bones injuries, burns and permanent disability.
Daily hospital cash benefits.
Personal Accident Insurance Policy - Exclusions
Accident due to intoxication
Self-inflicted injuries
Duty-related accidents for armed forces
Pre-existing conditions
Accident due to riots or war
Difference between Accidental Insurance & Life Insurance
Parameters |
Accidental |
Life Insurance |
|---|---|---|
Cost |
Relatively affordable
|
More expensive
|
Type |
It can be bought as an add-on cover with health/life insurance or rider benefit
|
Always purchased as a standalone policy
|
Coverage |
Accidental dismemberment, partial/total disability, fractures, burns
|
Only death benefits provided
|
How Much Does Accident Insurance Cost?
The price of personal accident insurance varies among insurers, ranging from a few hundred to thousands of rupees. It's advisable to check with your chosen insurer for a policy that fits your budget.
How Much Accidental Insurance Coverage is Enough?
For most people, a coverage amount that is around 10 times their annual income is recommended. For example, if you earn INR 5 lakhs per year, consider a coverage of INR 30 to 35 lakhs.
How to Select the Best Personal Accident Insurance in India?
- Review policy inclusions and exclusions
- Check coverage amount and sum insured
- Ensure a seamless claim-settlement process
- Consider the premium amount
- Check for the sum insured offered by the insurer
How to File an Accidental Insurance Claim?
Documents Required to File an Accidental Death/Impairment Claim
Tax Benefits under a Personal Accident Policy
Under Section 80D of the Income Tax Act, premiums paid for Standalone Personal Accident Insurance are eligible for tax exemptions. This benefit also applies to Personal Accident policies added to health or life insurance plans.
For individuals, the deduction limit is Rs. 25,000, while senior citizens can claim up to Rs. 50,000 deductions.
Ask Anything as We Have Answers to Everything in Insurance
Personal Accident Cover is a type of health insurance that pays for medical expenses and other costs if you have an accident. It also provides money to your nominee in case of your accidental death.
Yes, it's mandatory in India for all vehicle owners to have Compulsory Personal Accident cover as part of their motor insurance policy.
It's insurance that helps a group of people financially if any of them have an accident.
You can buy a Personal Accident Insurance plan either from the insurer's official website or seek guidance from Paybima’s expert advisors.
