Personal-Accident Plans by Standalone Insurers – Don’t take a chance

A personal-accident policy insures you against death, permanent total disability, permanent partial disability and temporary disability in case of an accident. What does it not cover then? Well one needs to be aware of the inclusions and exclusions. So while opting for a personal accident insurance policy one should be very clear about the sum insured, coverage and premium among other things.

Insurance Compared: Apollo Munich – Essential, Manipal Cigna – Accident Care, Max Bupa, Aditya Birla – Plan 3, Religare – Secure 2, Star Health – Accident Care

Parameters Compared: Sum Insured, Permanent total displacement, Temporary total disablement, Ambulance charges, Funeral expenses, Education fund

A personal-accident policy insures you against death, permanent total disability, permanent partial disability and temporary disability in case of an accident. What does it not cover then? Well one needs to be aware of the inclusions and exclusions. So while opting for a personal accident insurance policy one should be very clear about the sum insured, coverage and premium among other things.

 

What is personal accident insurance plans by standalone insurers?

Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident.

Which insurance policies have been compared?

Apollo Munich – Essential, Manipal Cigna – Accident Care, Max Bupa, Aditya Birla – Plan 3, Religare – Secure 2, Star Health – Accident Care

What are parameters compared?

The parameters compared include total and partial displacement, ambulance charges, funeral expenses and so on.

Are there any additional benefits offered by the insurance companies?

There is no standardised format since policies differ across insurance companies. At the same time, there are additional benefits that can be built into the policy and offered to the policy seeker. These may include:

  • Education grant to children (limited to two children)
  • Transportation expenses of mortal remains, subject to cap
  • Purchase of blood
  • Funeral expenses
What are the key findings?

The key test findings on quality and performance parameters are available in June, 2019 issue of “Consumer VOICE” magazine.

Please watch out for top performer brands as well as value for money.