Last Updated on March 29, 2023 by
An unexpected accident can affect you and your family and leave you with an uncertain future. A personal accident insurance policy offers coverage against accidents leading to injury, death, or disability. You can consider the below points while buying a personal accident insurance policy.
Claim settlement process
personal accident insurance, It is a process where an insurance provider provides compensation to the policyholder for loss or damage due to an accident. You must select an insurer offering a quick and stress-free claim settlement process. Documents such as a copy of the FIR, claim forms, and medical certificates are necessary while registering the claim. Also, claim intimation should be done within 30 days after the accident.
Insurance provider
Choosing the right insurer that fulfills your insurance needs and requirements is a confusing task. You should consider the insurance provider’s claim settlement ratio to know its ability to settle the claims. An insurer who provides top-quality customer services and can handle claims efficiently is ideal for the policyholders.
Exclusions
Most personal accident insurance policies don’t pay any compensation for self-inflicted injuries, pre-existing disabilities, adventure sports, suicides, pregnancy, mental disorders, and non-allopathic treatments. It is essential to go through the list of exclusions before investing in an insurance policy.
Network hospitals
You should locate the nearby network hospitals covered by the insurer before purchasing a policy. Network hospitals provide cashless hospitalization facilities to the policyholders and ensure affordable treatment. Visit the insurance provider’s official website and check out the list of network hospitals. You can invest in insurances such as Cigna health insurance and enjoy the benefit of personal accident insurance add-on cover at an additional premium.
Premium
It is the amount the policyholder pays to continue receiving insurance coverage. You should select a personal accident insurance policy that is cost-effective and comes with affordable premium rates. A reasonable balance between coverage offered and premium charged should be maintained by an insurer.
Benefits
A personal accident insurance policy comes with in-built benefits for accidental death cover, permanent or total disability cover, permanent partial disability cover, and temporary total disability cover. In addition to them, the policy should also provide coverage for ambulance expenses, family transportation allowance, broken bones, burns, repatriation of the mortal remains, and education cover.
Worldwide coverage
Accidents can occur anytime and anywhere without any warnings. A personal accident insurance policy offering worldwide coverage benefits a policyholder who travels abroad frequently.
Benefits to family
You should look for a personal accident insurance policy that provides compensation to your family members in the event of permanent disability or death of the policyholder due to an accident.
Type of plan
Personal accident insurance is available for individual and family floater options. If you go for an individual accident insurance cover, it will only protect the insured against accidental losses or damages. A family-floater plan offers accidental compensation to your entire family and saves your time. You should carefully analyze your needs before choosing the plan.
Sum Insured
The sum insured is calculated after considering your income, occupational hazards, lifestyle, and risk groups and can be up to 120 times of policyholder’s monthly income. You must pick a personal accident insurance policy that offers an adequate sum insured amount.
Exit age
Insurance policies come with an exit age after which you cannot purchase or renew them. To enjoy coverage benefits in old age, you must invest in a personal accident insurance policy with a maximum exit age criterion.
In conclusion
In exchange for a premium payment, health insurance is a type of insurance that pays the insured’s medical costs resulting from an illness or accident. It makes it possible for the insurance provider to offer medical coverage for things like daycare treatments, catastrophic diseases, and inpatient costs. Additional advantages of a health plan include free medical exams and cashless hospitalizations.
