Road accidents can be dangerous. While some lucky ones manage to get through them without any major damage or injury, the possibility of a serious injury or death due to an accident cannot be ruled out. Apart from being detrimental to your physical and emotional well-being, accidents can burn through your savings and hurt your financial stability too. Hence, having a Personal Accident (PA) Cover is essential to get through such difficult times. Today, we will talk about Personal Accident Covers and list the top car insurance companies that offer them.
What is PA Cover under Car Insurance?
A Personal Accident Cover or PA Cover is an insurance policy that reimburses the medical costs of the owner-driver arising due to treatment for injuries from a car accident. It also provides compensation if the car owner faces disability or death due to such accidents. Most car insurance companies offer this cover to help car owners get all-round protection.
Mandatory Personal Accident Cover
Car insurance companies offering comprehensive policies include a mandatory PA Cover to the owner-driver. The IRDAI had mandated all car insurance companies to offer this cover with the coverage amount ranging from Rs 1 lakh to Rs 15 lakhs. Apart from this, most insurers also offer separate Personal Accident Insurance policies to help you manage costs efficiently if any such unfortunate incident occurs. Independent Personal Accident Insurance plans can be clubbed not just with your vehicle insurance but also with your health insurance plans.
Here are the top insurers that offer some of the best Personal Accident covers in India:
1. TATA AIG
TATA AIG offers a comprehensive car insurance policy that ensures that you don’t face any financial burden in the unfortunate event of getting into an accident or a collision. This policy provides reimbursement for any loss or damage to your insured car, protects you against any third-party liability arising from the accident, and a PA Cover for the owner-driver.
The PA Cover offers compensation in the event of the death of the owner-driver and financial assistance in case of permanent or temporary disability.
TATA AIG offers a compulsory PA Cover of Rs 15 lakhs with their car insurance policies. Additionally, it also offers separate Personal Accident insurance plans like:
- Accident Guard
- Injury Guard
- Income Guard
- Lifelong Coverage
- Personal Injury Plan
Tata AIG has around 5000 hospitals in its cashless treatment program, along with one of the best cashless claim settlement processes and the reliability of the ‘Tata trust.’
2. Bharti Axa Car Insurance
Bharti Axa provides a comprehensive car insurance policy to protect you from financial losses arising from an accident, natural disaster, etc. This policy covers own-damage and third-party liability as well as Personal Accident Cover for the owner-driver.
Bharti Axa offers a compulsory PA Cover of Rs 15 lakh with all their car insurance plans.
Additionally, it offers separate plans under Personal Accident Insurance, like:
- Basic plan
- Regular plan
- Standard plan (without medical coverage)
- Standard plan (with medical coverage)
- Silver plan
- Gold plan
It has a huge network of hospitals in its cashless network and has a simple cashless hospitalization process.
3. Iffco Tokio General Insurance
Iffco Tokio also offers a comprehensive car insurance policy with a compulsory PA Cover of Rs 15 lakh to the owner-driver. It offers a single separate Personal Accident insurance plan to individuals that covers everything – from disability to death. It provides cashless services in more than 5000 hospitals spread across the country.
4. Reliance General Insurance
Reliance General Insurance offers comprehensive car insurance policies with compulsory PA Cover of Rs 15 lakh too. It also has thousands of hospitals in its cashless network.
You simply have to fill a pre-authorization form and submit it to the Third-Party Administrator or the hospital. Once your claim is verified and accepted, the cashless treatment begins.
5. United India Insurance Company
United India Insurance is the second-largest general insurance company in India. It offers the mandatory PA Cover of Rs 15 lakh under the comprehensive car insurance policy too. It provides hospitalization services through a network of 7000+ hospitals.
While we have listed the top car insurance companies providing Personal Accident Covers, before buying a policy, ensure that you research the options available to you and choose the one best suited to your needs.
Summing Up
In today’s times, with most insurers offering deals for online purchase of policies, people have a range of options available at their fingertips. Make sure that you know what you are looking for and compare premium rates and features carefully. Most Personal Accident policies have a range of features and benefits that most people don’t need but end up paying a high premium for. Hence, look at all the inclusions and exclusions of the policy before buying.
Remember, while you are on the road driving your vehicle, a mishap could always be lurking around the corner. Ensure that you have a Personal Accident policy in place to help you financially manage such situations with ease. Good Luck!