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Sitemap > Insurance Articles > Accident Insurance > HDFC Ergo Health (formerly Apollo Munich)’s IPA, Individual Personal Accident Insurance Plan
There is no doubt that life is full of ups and down, just ,like two sides of the same coin. A life has an intimate relation with uncertainty. One can see a big change in life in just few seconds. A lottery win can bring a favourable time while at the same time; any mishap can be the cause of misfortunes. Everybody of us desire for favourable time that could bring fortunes, but one shall not forget that it is a matter of luck and fate.
One should not forget that an unforeseen event, like an accident or any major illness can turn life into a whirlpool of problems.  These events bring along with them several problems for both an individual and his or her family.  When a person encounters a serious accident, there are lots of problems faced by the family. The difficulties faced by a victim are unfathomable. Besides suffering from physical injuries, there are lot many problems that one has to face at such times of life. In many cases, when an accident results in death or disablement, it seems like a torrent of problems for the family.
On the other hand, hefty bills generated are easy to settle and thus, quality medical care becomes a matter of concern.
Hence, it is better to be prepared for these incidents of life, both financially and emotionally, so that when they turn up, they might not affect deeply and can be tackled without much hassle, at least from financial aspect. An easiest way to deal with these high rising medical expenses is to buy accident insurance plan that can provide due coverage and can act as a friend in need.
Looking into these problems faced by people on after meeting an accident, HDFC Ergo Health (formerly Apollo Munich) has come up with accident insurance plan, IPA (Individual Personal Accident Insurance Plan). HDFC Ergo Health (formerly Apollo Munich), a standalone health insurer,  As a result, the company is able to bring different types of best-in-class products.
IPA, Individual Personal Accident Insurance Plan is also one of the best-in-class plans.  The most common reason for its popularity among the Indian masses is that it offers wide cover at cost-effective price, which can be easily afforded by the common man.
This plan comes in two variants: Standard and Premium, each offering different set of benefits to its customers. The Premium variant offers wider coverage as compared to Standard variant and can be purchased with a little more premium. The sum insured amount ranges from Rs.1 lakh to Rs.50 lakh with Standard variant and from Rs.5 lakh to Rs.500 lakh with Premium variant.  A few of the benefits are as follows:
  • Accidental Death: In case of a death due to an accident, the insured’s beneficiary, as nominated at the time of policy issuance, is entitled to the sum insured amount, which can be used as compensation amount for the loss of income due to an insured’s accident. There is no doubt that a loss of a loved one is incomparable, but financial assistance is must to survive and make both ends meet.
  • Disablement: In an event of permanent disablement due to an accident, an insured is entitled to sum insured amount, as promised in the plan. One also gets coverage for temporary disablement, but the amount of compensation may depend upon the extent of injuries incurred. It is maximum up to Rs.5,00,000 in Standard variant and Rs.15,00,000 in case of Premium variant. There is a clause in policy wording of the plan that explains the amount of injuries incurred and the amount of payment to be made.  
Along with those mentioned above, there is coverage for emergency ambulance charges, maximum of Rs.2000, paid for the ambulance at the time of medical emergency. There is also coverage for transportation expense of one immediate family member. It is 1 % of sum assured (maximum up to Rs. 1 lakh), when an insured meets a serious accident at different location.
In addition to it, there is coverage of 10 % of sum assured for education funds (maximum up to Rs.20,000) for up to 2 dependent kids, 2% of sum assured in case of transportation of mortal remains (maximum up to Rs.10, 000), and 100% of sum assured in case of temporary total disablement.
Furthermore, Premium variant offers wider coverage and thus, include many more benefits, such as
  • 20% of sum assured (maximum up to Rs.1, 00,00) in case of broken bones
  • 5% of sum assured (maximum up to Rs.10,000) in case of purchase of blood
  • 10% of sum assured(maximum up to Rs.1,00,000)in case of modification of vehicle/residence
  • 5% of sum assured (maximum up to Rs.20,000) in case of transportation of imported medicine
  • Rs.1,00,000 in case of accident hospitalization
This plan is well thought and designed to offer cover to all health needs of a person at the time of an accident. The policy ensures to make medical treatment easy for a victim and financial assistance to the family in times of need. It takes away the financial burden that family members would otherwise have to face due to rising medical expenses.
So, buy accident insurance and secure yourself against future medical contingencies.
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