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Are you still wondering whether you should spend money on a separate personal accident insurance policy when you already have health insurance in place? Well, the shortest answer is yes! 

Every vehicle owner in India is now required by the amended Motor Vehicles Act of 1988 to have third-party insurance to legally operate a vehicle on Indian roads. The IRDAI has issued further guidelines for car drivers/owners to buy accidental insurance worth at least Rs. 15 lakh. The IRDAI has also launched its very own standardized policy, the “Saral Suraksha Bima,” which offers 24*7 worldwide insurance coverage. 

You can purchase personal accident insurance as a stand-alone policy or as an add-on to a health or life insurance policy. At InBest, we offer a comprehensive selection of accidental insurance policies from leading providers. Our experts will help you choose the policy that best fits your lifestyle and budget.

About Accidental Insurance in India and What They Cover

A personal accident insurance policy provides financial assistance to the policyholder in the event of an unfortunate accident. It also provides added benefits like worldwide coverage, reimbursement of accidental medical expenses, and an education fund for children if you are unable to provide for your family. Personal accident insurance coverage lessens the financial burden on your family by protecting them from medical costs brought on by an untoward disaster. Below is a detailed overview of all the inclusions under accidental insurance. Inbest: Unveiling the Best Accident Insurance Companies of the Year.

Medical Reimbursement: 

Accidental insurance policies may provide coverage for medical costs incurred as a result of an accident. This can include the price of a hospital stay, the cost of a procedure, and other medical expenses.

Accidental Death Insurance Cover: 

This coverage pays out the insured sum to the nominee in the unfortunate event of the insured person's death due to an accident. Accidental death cover can reimburse 100% of the insured sum to help families cope with immediate financial needs.

Permanent Disability Cover: 

The best accident insurance policy terms include permanent disabilities resulting from accidents. This can also have a subcategory of permanent partial disability cover. The policy pays a predetermined amount to the insured if they suffer a permanent disability, such as loss of limbs or eyesight, due to an accident.

Temporary Total Disability: 

Some disabilities are temporary; some are partial. The nature of loss or damage includes the inability to work for a specific period due to accident-related injuries. During the downtime period, the policyholder receives a regular income to cover living expenses.

Loss of Income:  

This cover is particularly important for those who have taken loans or have to pay EMIs because this would offer protection towards repayment of the outstanding balance in any such situation.

Worldwide Coverage: 

This feature offers risk coverage for individuals as well as businesses against loss or damage to valuable goods due to an accident, anywhere in the world. Worldwide coverage may only be valid for a limited time while you are traveling and may need to renew your travel insurance on a regular basis or before your next trip.

Different Types of Accidental Insurance Policies Available in India

Accidents and their consequences are a broader term in the insurance books. The primary goal of a personal accident insurance policy is to pay for accident-related medical costs. Even though regular health insurance policies in India offer accident cover to some extent, they are not that all-encompassing, having features like permanent disability coverage or accidental death insurance. Inbest: Unveiling the Best Accident Insurance Companies of the Year. There can be further sub-categories of an accident insurance plan, which are listed below. 

Individual Accident Insurance: 

This policy covers a single individual and provides benefits in case of an accident as per the terms of the policy. This policy is exceptionally vital for people whose line of work has an increased risk of accidents or injury. The Saral Suraksha Bima National Policy launched by the IRDAI is also an individual policy. Inbest is Your Comprehensive Guide to Accident Insurance Policy

Group Accident Insurance: 

Typically offered by employers to their employees, this policy provides coverage to a group of people. It can be a cost-effective way to ensure the financial well-being of employees.

Accidental Life Insurance: 

An accidental death and dismemberment (AD&D) insurance policy or rider includes coverage for certain accidental injuries (as well as accidental death), while standard life insurance only pays out for death.

Riders and Add-Ons:  

Insurers may offer riders or add-on options that allow policyholders to customize their accidental insurance coverage. For example, you can add coverage for specific types of accidents or increase the benefit amount.

Accidental Insurance Broking and Advisory Services by InBest

Accidental insurance claims can sometimes involve complicated procedures, especially in the case of fatal injuries. Families need a lot of support during this time to arrange documentation, such as FIRs, postmortem reports, or any other specified evidence. We at InBest Insurance Broking Agency in Kolkata offer you personalized guidance in different aspects of the process, from selecting a policy, nominating a loved one, understanding the inclusions and exclusions, making a claim, and making timely policy renewals. Below is a complete list of services we offer.

Accidental Insurance Policy Selection: 

We offer dedicated support where our experts personally help you select the best accidental insurance plan for your needs, lifestyle, and budget. We partner with India’s top insurance companies to bring you the most worthwhile products. However, we don’t represent any company in particular. Our advisory is always unbiased and focuses on your best interests. Because you are our clients. Inbest is Your Comprehensive Guide to Accident Insurance Policy.

Claims Settlement: 

In the unfortunate event of an accident, we're here to guide you through the claims process. From arranging all essential documents to communicating with the insurance company, we can assist you around the clock. Finally, we commit to getting you the maximum compensation you deserve out of the insured sum.

Policy Renewal Services: 

It is a good thing that you didn’t need to claim insurance, which means you did not have any accidents. Unused insurance needs renewals over time. We'll keep track of your policy's renewal dates and help you find the most suitable options when it's time to renew.

Insurance Consultation:  

Have questions about accidental insurance? Our knowledgeable team is available to provide you with expert advice and recommendations.

Withdrawals and Loans: 

Do you want to withdraw your premiums, cancel your accidental life insurance, or take a loan against it? We can help you with every aspect of it and help you make a conscious decision.

Frequently Asked Questions

faq on accidental insurance
No. You do not need to purchase accidental insurance for every vehicle separately. A single policy would suffice. Third-party accident coverage is needed, however, as part of each vehicle’s motor insurance that you possess, including cars, bikes, or commercial fleets.
Accidents caused by substance abuse, such as drugs or alcohol, are not covered by insurance. Pregnancy and childbirth-related accidents are also the most common exclusions from accident insurance plans. Finally, suicide attempts that result in accidents, regardless of whether the person survives or succeeds in the attempt, will not be compensated. There are many other exclusions and clauses that are exemplified by different policies. We can help you decode all the fine print diligently. 
Yes, we can help you cancel your accidental insurance policy during a free look period if you are not satisfied with the policy terms, inclusions, or exclusions. We can review and assess your insurance products and find you a new, better policy if you need one. 
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