Top 5 Personal Accident Insurance Company in India
Insurance

Top 5 Personal Accident Insurance Company in India

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India is the 2nd largest country in terms of population, 7th largest country by area and the most populous democracy in the world. The total number of registered motor vehicles in India is around 30 million. This number is very huge. These vehicles are playing such a crucial role in our economy. Due to an increase in the vehicle, a lot of problems arise like pollution, consumption of oil and an increase in traffic. Now days everywhere we can see a jam on the road. One more problem also arises which is road accidents. In the last few years, the casualty rate of accidents getting higher and higher day by day and year by year. The main cause of road accidents is rash driving, drunken driving, and fake license. Almost 1.5 Lakh died every year in India due to road accidents.

Personal Accident Insurance is one of the best ways to protect financially to policyholders against accidental death and disabilities. Such policies provide coverage for hospital bills, surgical expenses and ensure compensating the insured person for their loss of income. Personal Accident policy is completely different from Personal Life Insurance, Health Insurance or Medical policies. The Personal Accident Insurance can either be taken for individuals or can be taken for a family as a whole.

There are lots of insurance companies that provide Personal Accident Policy in India. When choosing a personal accident insurance policy, first you analysis all the company’s plan and benefits then your financial condition and your target.

Here are the top 5 Personal Accident Insurance Company in India:

1. HDFC Ergo General Insurance:

HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC Ltd., India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group, a Germany based company. HDFC holds 51 percent and ERGO holds 49 percent. The firm operates in 106 Indian cities with over 127 branches and 3,000 plus staff members.

Key features of HDFC Ergo General Insurance:

  • Age limit is 18 to 70 years
  • Flexible sum insured options ranging from ₹2.5 lakh to ₹15 lakh
  • Worldwide accident coverage
  • No Medical checkup required
  • Financial compensation is provided for accidental death, total disability, and partial disability.
  • 100% of the sum insured will be reimbursed on accidental death
  • 5% no claim bonus on renewal

2. SBI General Insurance:

SBI General Insurance Company Limited is a joint venture between State Bank of India, India’s biggest bank and Insurance Australia Group (IAG). Its operation started in the year 2010. Sum insured under the policy is limited to 120 times monthly gross income or 10 times the annual gross earnings from employment or occupation.

The key feature of SBI General Insurance:

  • Age limit is 18 to 65 years for adults and 3 months to 23 years for children
  • Minimum coverage is ₹1 lakh to ₹1 Crore
  • Add, on Covers available including Hospital Confinement Allowance and Ambulance charges
  • Permanent Total Disability (PTD) benefit comes with add, ons like Education Benefit & Adaptation Allowance at no additional cost
  • Policy covers,  Loss of life due to accident, Disabilities due to accident and Income loss due to accident
  • Cumulative Bonus available
  • 5% no claim bonus on renewal

3. ICICI Lombard General Insurance:

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Ltd. and Canada based Fairfax Financial Holdings Ltd. This plan covers Accidental Death, Total and Permanent Disability as well as Permanent Partial Disability. If the Life Insured dies accidentally within the policy enforcement, the total Sum Assured would be paid to the nominee and the policy would be terminated.

The key feature of ICICI Lombard General Insurance:

  • Age limit is 18 to 80 years
  • Minimum coverage is ₹3 Lakh to ₹25 Lakh
  • Cover against accidental death or permanent total disablement (PTD)
  • No health check, up require
  • Optional cover against accidental hospitalization expenses and accidental hospital daily allowance
  • Easy claim process with minimal documentation
  • Sum increased by 10% at renewal after each claim, free year
  • Digitally signed policy available 24X7 online

4. Bharti AXA General Insurance:

Bharti AXA General Insurance is a joint venture of Bharti Enterprises and AXA business Group that operates in India. Bharti Enterprises shares 51% stake in the venture while AXA Group shares 49% stake. With Bharti AXA, individuals can opt for ‘Smart Individual Personal Accident’ policy through 3 plans – ₹ 10 Lakhs, ₹ 20 Lakhs and ₹ 30 Lakhs. Individuals should note that sum assured will be based on the individual’s income and can be a maximum of 120 times an individual’s monthly income.

The key feature of Bharti AXA General Insurance:

  • Age limit is 18 to 70 years
  • Minimum coverage is ₹10 Lakh to ₹30 Lakh
  • Cover against accidental death or permanent total disablement (PTD)
  • Easy claim process with minimal documentation
  • Daily hospitalization cash of INR 1000 till a period of 50 days

5. Apollo Munich Health Insurance:

Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, a leading reinsurance company based in Germany. Apollo Hospitals group is a pioneer and leader in corporate healthcare in India and currently owns and manages 42 large tertiary care hospitals, 60 primary care clinics, and the largest retail pharmacy chain of over 600.

The key feature of Apollo Munich Insurance:

  • Age limit is 3 months to 69 years
  • Minimum coverage is ₹1 lakh to ₹5 Crore
  • Cover against accidental death or permanent total disablement (PTD)
  • Fracture or Broken Bones up to ₹ 1,00,000
  • Transportation of Imported Medicines up to ₹ 20,000
  • Purchase of Emergency Blood up to ₹ 10,000
  • Modification of Residence/Vehicle of 10% of Accidental Sum Insured up to a maximum ₹ 1,00,000
  • Accident Hospitalization (In, patient) up to ₹ 1,00,000

There are many more insurance companies in India and these are:

  • New India Assurance Co. Ltd
  • United India Assurance Co. Ltd
  • National Assurance Company Ltd
  • Max Bupa Health Insurance Co. Ltd.
  • Royal Sundram General Insurance Co. Ltd.
  • Bajaj Allianz General Insurance Co. Ltd.
  • Religare Insurance Company Co. Ltd.
  • Star Health and Allied Insurance Co. Ltd.

The government of India also offers two plans for Indian people and anyone can avail of any plan. This is a kind of initiative to boost and encourage people to avail of insurance and to understand the importance of insurance. The plan detail is mentioned below:

Pradhan Mantri Suraksha Yojna Bima:  In this plan, the minimum age is 18 years and the maximum age is 70 years with sum assured amount is ₹ 2 Lakh. The annual premium of the scheme is ₹12 excluding the service tax. This plan will cover against Accidental Death or Permanent Total Disablement (PTD).

Aam Aadmi Bima Yojna: In this plan, the minimum age is 18 years and maximum age is 59 years with sum assured amount is ₹ 30,000. The premium of ₹200/,  per person per annum is shared equally by the Central Government and the State Government. This plan will cover Accidental Death or Permanent Total Disablement (PTD).

Before selecting any company’s plan, it is necessary to check the benefits of all the companies then only select which insurance company’s plan suits us. It is good to make a decision as soon as possible. Please remember, a personal accident insurance policy offers coverage against accidental injuries and death. However, such plans won’t cover natural deaths and deaths resulting due to a disease.

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