Personal Accident Mediclaim Policy Plan 2024 Benefits, Features, Buy & Renew Details, Reviews

Types of Personal Accident Mediclaim Policy Plan

Accidental Insurance Policies can be further divided into two sub-heads. Here’s a quick rundown of the two variants:

Individual Accident Insurance

This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident.

Group Accident Insurance

Employers purchase group accident insurance to provide coverage for their employees. Some insurers also offered premium discounts based on the size of the group. Because it’s cheap, it’s a good incentive or value-added benefit for small businesses. However, compared to an individual plan, this plan may only provide a limited number of benefits.

Also Read-Individual Health Insurance Policy Plan Benefits

Accidental Insurance Coverage

You can avail the following coverage benefits with a personal accident insurance policy –

Accidental Death Cover

Dependent family members can experience emotional and financial trauma following an accident. According to the policy document, the nominee receives the entire assured amount in the event of fatal injuries.

Permanent/Total Disability Cover

In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder.

Permanent Partial Disability Cover

If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.

Temporary Total Disability

The insurer will compensate the insured for the loss of income by providing a weekly allowance if the insured experiences temporary total disabilities and is confined to a bed. In the event that there is a loss of earnings, the insured can also use this claim amount to pay the EMIs.

Major Inclusions and Exclusions of Personal Accident Insurance Plan

Educating yourself about terms and conditions before you avail such a policy always works in your favour. So, here’s a quick rundown of the inclusions and exclusions:

Best Personal Accident Insurance Plans

Why Choose Personal Accident Insurance?

• A minor accident can temporarily disable a person, but a major one can have a significant impact on their life and overall health. In order to safeguard yourself from such unfavorable dangers, it is now absolutely necessary to purchase a reliable insurance policy. An accidental insurance policy is meant to help an injured person or their dependents in some way.
• In the event of death, bodily injuries, impairment, or mutilation as a result of an accident, Personal Accident Cover provides compensation. In the event of an accident while traveling by rail, air, or road, drowning, bodily injuries, burns, or other injuries, compensation is provided.
• Regardless of the severity of the accident, a personal accident insurance policy provides financial assistance to the policyholder in the event of accidental disabilities. The insured is compensated for accidental death, impairment, and dismemberment as a result of an accident.
• The best personal accident insurance plans in India provide financial assistance to dependent members in the event of the policyholder’s unfortunate accidental death. In the event of impairment as a result of an accident, the policyholder will also receive reimbursement for income loss. It protects you from the most unanticipated occurrences while providing peace of mind.
• Coverage for hospitalization, reimbursement for hospital expenses, and other perks are among the additional benefits.

Advantages of Personal Accident Insurance Policy

What would happen if you were struck by a car and left permanently disabled? There would be no income at all—only bank EMIs, medical bills, and other expenses. It’s best to have personal accident insurance in case of such an emergency. The following is a brief summary of some of the primary advantages of purchasing personal accident insurance:

• Family security
• No requirement of medical tests and documentation
• Substantial coverage at a lower premium
• Worldwide coverage
• Both individual and family plans are available
• The easy and certified claim process
• 24×7 support service
• Legal and funeral expenses are covered
• Child education benefit
• Double indemnity for demise/ impairment while traveling in public transport
• Availability of customizable plans

Also Read-United India Health Plan benefits

Why Should You Buy a Personal Accident Insurance Policy?

No matter your age, occupation, or health, you can buy personal accident insurance. In point of fact, you ought to purchase this plan as soon as you begin earning money. It is more important for people who have taken out loans or have to make EMI payments because it will protect them from having to pay back the balance in the event of a default. This policy’s premium will be determined based on your occupation rather than your age. You can ensure that the premium does not expire by paying it online. In general, occupational risks can be divided into three categories:

Doctors, Machine operators, and Underground mines workers:

Difference between Accidental Insurance & Life Insurance

Accidental damage that results in death or permanent disability is covered by accident insurance. However, a policyholder’s death is covered by a life insurance policy regardless of the cause of death. The following is a list of the main differences between life insurance and accidental insurance policies:

Cover of Death: Except for suicide attempts, a life insurance policy provides financial benefits regardless of the cause of death. In the event of the policyholder’s accidental death, an accidental insurance policy will provide compensation.

Condition of Death Protection: Even if the insured dies months or years after the illness, life insurance policies provide death coverage. In contrast, death coverage is provided by an accidental insurance policy regardless of whether the insured passes away immediately or within a predetermined time frame following the incident. In most cases, it takes 180 days after the accident.

Options for the Plan: In a life insurance policy, there are various plan options for things like retirement solutions, death cover, goals for long- and short-term financial investments, etc. However, accidental damage or loss is covered by an insurance policy.

Partially Covered Disability: An accident insurance policy will cover an injury that results in partial loss of limb, sight, or hearing. However, life insurance policies do not cover partial disabilities.

Life Insurance Policy VS Accidental Insurance Policy Comparison Table

Check Also-Star Family Delite Insurance Plan

Difference between Accidental Insurance and Critical Illness Insurance

A critical illness policy pays the policyholder a lump sum to cover their medical bills. To receive the benefits, a survival period must be met. However, accidental death or partial or complete disabilities would be covered by an insurance policy.

Difference between Personal Accident Insurance and Term Insurance

A term insurance policy covers the policyholder’s death from natural or unintentional causes. However, a personal accident insurance policy would only cover injuries that result in death or disability. Natural death claims would not be covered by it.

The policyholder’s occupation influences how much a personal accident insurance policy costs as a premium.

How Much Does Accident Insurance Cost?

The premium varies based on the plan that you have opted and also your age, occupation and in some cases medical history. However, it is recommended that you opt for the sum insured amount that is 100 times more than your monthly income.

How much Accidental Insurance Coverage is enough?

As a thumb rule, it should be 100 times of your monthly income. For example, if your current earnings are Rs. 10,000 then you can buy a personal accident cover of Rs. 10, 00,000.

It will ensure that all the eventualities such as child education, loan repayment, marriage, and regular earnings for the spouse are taken care of, provided the policy is renewed timely.

How to File an Accidental Insurance Claim?

You must notify the insurance company within the allotted time range in order to begin the claim process. There’s a chance that you’ll get a claim reference number. When notifying a claim, the supplier must get the information listed below:

• Your telephone number
• Assurance number
• The accident’s date and time
• Name and contact information for the injured insured party
• where the incident occurred
• a succinct account of the event’s circumstances and its precise location
• Dimensions of the loss

The family members or dependents (including the spouse) must be aware of these facts in order for them to act appropriately in the event of an unexpected event like death.

Also Read-Future Generali Health Plan Benefits,

In case of an Accidental death/ impairment claim, following documents are required to be submitted-

• Death certificate
• Post-mortem report
• FIR report
• Medical certificate
• Medicine bills

As a necessary precaution, policyholders can ensure that these details are kept for future reference of the family members so that they are not left helpless or any advantage unclaimed in the event of an unexpected event leads to a coma or even demise.

Additional Benefits of Personal Accident Insurance Policy

There are numerous additional benefits that come with a personal accident insurance coverage in addition to the four main ones. These advantages may be included in the standard plan by some insurers, or you may purchase them as an add-on cover by paying an additional premium:

• Hospital Daily Financial: In the event of an unintentional hospitalisation, the insured is given a daily cash allowance. Coverage is only available for a specific number of days (as specified in the policy terms and conditions).
• Ambulance Fees: The insured is reimbursed for the cost of the ambulance ride to the hospital following the accident.
• Transportation or Repatriation of Mortal Remains: In the event of the policyholder’s untimely death, the nominee would be reimbursed for any costs associated with the repatriation and transportation of the policyholder’s mortal remains from the scene of the accident to a hospital, residence, or crematory. Additionally, reimbursement is given for the costs related to the religious rites associated with cremation.
• Broken Bones: The coverage provides for a fixed compensation in the event that a bone is shattered or otherwise damaged.
• Burns: Accidental burn injuries are also covered by insurance.
• Family Travel Allowance: This benefit is available when the hospital is far from the covered person’s home. In such cases, the actual transportation costs incurred by the insured person’s close family members are also reimbursed.

Tax Benefits under a Personal Accident Policy

The premium paid for personal accident insurance plans that offer protection against any bodily disability, dismemberment, or accidental death is not tax deductible under Section 80D of the Income Tax Act of 1961. But it’s crucial to realise that security and protection are the main drivers behind getting any form of insurance. Tax considerations should never be the primary factor in insurance decisions.

How Can Accidental Insurance Help?

Just as you should consider what would happen to your loved ones in the event of your passing, you should also consider how they would manage in the event of a permanent impairment. With the appropriate coverage, be ready for unforeseen circumstances. At Policy Bazaar, we provide a variety of personal accident insurance policies from various insurers that may be customised to meet the needs of the consumer. Additionally, Policy Bazaar provides aid in purchasing the chosen policy.

Related Post-

National Parivar Mediclaim Plan benefits

Star Mediclassic Insurance Plan

Star Diabetes Safe Insurance Plan