How much does it cost to buy personal accident insurance?

How much does it cost to buy personal accident insurance?


A car accident does not knock on your door. It can happen at any moment and in any location, resulting in moderate to severe injuries. Any uncertainty can lead to a financial disaster, so purchasing Accidental Insurance coverage is recommended. It will offer you and your family essential financial help in an accident, bodily injury, or disability (partial/permanent/temporary). Other rider benefits include accidental health insurance, Hospital Confinement Allowance, and Medical Expense Coverage.

Personal Accident Insurance provides complete financial protection to insured members against unforeseen events such as accidental death, partial/total disability, permanent and temporary disabilities, and death resulting from an accident. The nominee receives 100 percent compensation from the insurer in the event of the policyholder’s accidental death. There are many family floater health insurances, among which you can choose. Other payment types are available for accidents that result in the loss of eyes, limbs, or voice.

In India, there are some alarming statistics about accidents:

Every day, over 1214 road accidents occur in India. Have people been more prone to mishaps in recent years than they could have imagined? Here are some numbers to consider:

In 2017, there were 4.64 lakh accidents, according to the Ministry of Road Transport and Highways. In addition, almost 1.47 lakh persons died in traffic accidents in India.

According to recent estimates, there was a 1.68 percent increase in accidents in 2018.

Personal Accident Insurance Policy Types

Personal Accident Insurance Policies are classified into two categories. Here’s a quick overview of the two options:

Individual Accident Insurance: This sort of policy protects a person in the event of an accident. It covers accidental death, limb or sight loss, and other long-term disabilities caused by accident.

Employers purchase Group Accident Insurance to provide coverage for their employees. Some insurers offered a discount on the premium based on the size of the group. It is a strong incentive/value-added advantage for small businesses because it is inexpensive. It is, however, a relatively basic plan with fewer advantages as compared to an individual plan.

Insurance Coverage for Accidents

With a personal accident insurance policy, you can get the following coverage benefits:

Accidental Death insurance- An accident can be emotionally and financially devastating for dependent family members. The entire sum assured is paid to the nominee named in the policy document in the event of a fatal injury.

Coverage for total and permanent disability

A defined sum insured amount is paid to the policyholder if an accident results in permanent impairments or lifelong total impairment, such as losing both limbs.

Coverage for Permanent Partial Disability

If the insured sustains bodily injuries resulting in permanent partial disability, a portion of the benefit (up to 100 percent) is given.

Total Disability for a Limited Time

If the insured is bedridden due to temporary total impairments, the insurer will pay a weekly allowance to compensate for the loss of income. In a loss of earnings, the insured might use this claim amount to pay the EMIs.