What is personal accident insurance ?
Personal accident cover is insurance that provides protection for you in the event of an accident resulting in death, disability or medical expenses. It covers death or permanent disability caused by an accident, as well as medical expenses associated with the accident. It may also provide other benefits such as lost wages and funeral costs.
How to Choose Personal Accident Insurance ?
Personal accident insurance is a type of insurance coverage that provides you with a lump sum payment if you become injured or disabled due to an accident. If you're considering purchasing personal accident insurance, here are some tips to help you make the best choice:
1. Coverage
Coverage in insurance refers to the extent of risk or liability that an insurance policy covers in the case of an unfortunate event. It is important to ensure that your Personal Accident Insurance Policy covers possible accidents that may arise from your daily activities.
Also, if you travel abroad frequently, make sure that your policy also includes worldwide coverage in addition to the other coverages you need.
2. Sum insured
Sum insured refers to the maximum value that an insurance company will cover during the policy period. Any medical expenses beyond this cap will have to be borne by the insured. Thus, it is advisable to choose an accident policy that offers a sum insured of an adequate amount.
For example, consider your age for deciding the sum insured. The older you are, there are chances that your medical expenses will also be higher. Therefore, the sum insured you choose should also provide adequate coverage at that age.
3. Premium
A premium is the amount of money paid to an insurer in exchange for insurance coverage. The scope of the coverage depends on the terms defined in the policy document. It is important to ensure that you get the maximum coverage for the amount you invest in the plan. Also, avoid buying the cheapest plans available, as they may not provide adequate coverage in time of need.
4. Inclusions
Inclusions refer to the scenarios an insurance policy offers cover for. In the context of a Personal Accident Insurance policy, this refers to accident scenarios that are covered by your policy. So, when choosing a policy, make sure that it covers the most probable accident scenarios.
5. Exclusions
Exclusions refer to scenarios that an insurance policy doesn’t offer cover for. Go through the policy document carefully to find out the exclusions of the policy. Usually, certain exclusions can be covered by paying a higher premium. It is important to ensure that the likely accident scenarios based on your requirements, are not classified as exclusions.
6. Type of policy
Personal Accident Insurance is offered as an Individual and a Family-floater plan. If you have a family or dependants, you can opt for a Family-floater plan. This will provide protection to you and your family against medical expenses arising from accidents. Also, it offers you the convenience of renewing the policy just once every renewal cycle, on behalf of all your family members.
7. Compensation to family
Find out the benefits the policy offers your family/dependants in case of permanent disability or death due to an accident. Ensure that the policy you choose offers maximum compensation to your family/dependants in such a scenario.
8. Consider the Claim Process
Find out how the insurance company handles claims and how long it typically takes to process them. This will help you make sure you can get the money you need quickly in the event of an accident.
9. Exit age
The eligibility age for buying an insurance policy is called entry age. The age after which you cannot take/renew an insurance policy is called exit age. When selecting an accident policy, choose a plan that has a high exit age criterion. This will ensure that you have accident cover even into old age.
10. Network hospitals
Insurers have a tie-up with certain hospitals to settle bills on behalf of the insured. These hospitals are called network hospitals and they accept cashless treatment. Make sure your insurance provider has reliable and accessible network hospitals. Usually, you can find the list of network hospitals that an insurance company has tie-ups with, on their website.
By following these tips, you should be able to find the right personal accident insurance policy for your needs.
إرسال تعليق