What is Personal Accident Insurance?
Personal Accident Insurance is a type of insurance policy which provides protection against medical expenses which will be incurred in case of injury due to an accident. Most plans make payouts in case of death, permanent disability and partial disability. These are fixed benefit plans and the payout is made irrespective of the costs involved in the treatment.
Types of Personal Accident Insurance Policy
The different types of Accident Insurance Policies are based on the features of the plan. Some plans offer benefits on the nature of injury and whether it is permanent or temporary. The amount of payout also depends on the nature and severity of injury. Different plans will have different benefits associated with them.
Best Personal Accident Insurance Plans in 2023
Why buy Personal Accident Insurance?
Personal Accident Insurance Plans are very important as the condition involved will almost certainly result in loss of income of the person. These provide relief in scenarios where you are alive but there is no income for a relatively long period of time. It is a very difficult position to be in. The treatment costs will be very high and the accident insurance policy can be a great relief.
Accidental Insurance Policy Vs Life Insurance
| Accident Insurance | Life Insurance |
| Lumpsum payout in case of accidental injury | Payout only in case of death |
| Payout in case of death | Payout in case of death |
| Cheaper | Relatively more expensive |
Accidental Insurance Vs Critical Illness Insurance
| Accident Insurance | Critical Illness Insurance |
| Lumpsum payout in case of accidental injury | Lumpsum payout in case of critical illness detection |
| No medical tests before taking the policy | Needs pre-policy medical tests |
FAQs on Personal Accident Insurance
What are the Major Exclusions in Accident Insurance Plans?
Major exclusions are:
- Self-inflicted injury
- Injury caused due to attempted suicide
- Injury caused under the influence of drugs or alcohol
- Injury caused during an unlawful activity
How much Accidental Insurance Coverage is enough?
What documents are required to make an Accident Insurance claim?
The main documents needed to make an Accident Insurance Claim are as follows:
- Completed claim form
- KYC Documents (Aadhaar/PAN card)
- Copy of the FIR
- Copy of Death Certificate, if applicable
- Copy of the Disability Certificate from a civil surgeon of a government hospital stating percentage of disability
- Medical reports