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What Should You Consider When Buying Personal Accident Cover

Health insurance in today’s day and age is no longer optional, but a must-have component of the financial portfolio.  As unpredictable lives have got, no one is certain when an unforeseen event like an accident strikes them. So, it is always a prudent decision to stay prepared to protect yourself from the financial burden of these events.  What’s better than a personal accident insurance to take care of these unprecedented financial hassles?

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A personal accident insurance policy is a straightforward insurance product that helps you in times of accidents and related injuries.  It Is essential you read the terms and policy wordings carefully while noting the pay-out amount promised, if any. For instance, an accident where there is loss of an eye or limb, the disbursal amount is limited at 50% of the sum assured.

You can purchase this insurance cover either as standalone or add-on to your health insurance plans. Here are some tips to remember when you buy a personal accident insurance:

Sum assured and policy benefits

For starters, it is essential to determine your risk category. An elderly person will require higher sum assured as compared to a younger individual. Although you cannot completely predict the probability of the accident, sum assured should be selected based on income, risk category, hazards in your occupation, etc.

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A thorough evaluation of these factors can help pick the right personal accident cover. Further, some plans offer the facility of cashless health insurance too.  Having this cashless facility can help to manage the treatment costs without worrying about payments to the medical facility.

Geographic coverage of your policy

If you are someone who frequently travels abroad, this benefit must be extended to international regions too. While the most basic coverage is limited to India, you have the option to opt for an international cover too. When selecting an insurance plan, you must read the policy terms meticulously to know the extent of your policy cover.

Exclusions

While it is important to know about the policy coverage and scope of the plan; similarly, exclusions should also be noted. Exclusions are the events that your personal accident insurance does not provide coverage. At times, these exclusions can also be deterrent in buying an insurance cover, so pick wise a policy of your choice.

Claim settlement process

You might assume all insurers have similar settlement process. While it is a half-baked truth, the reality is that the claim process is somewhat similar and not the same. Every insurance plan differs in claim settlement process and is specified under its policy terms.

Some insurance companies required different document and the timelines differ too. Thoroughly following these terms and conditions can help to have a successful claim and avoid rejection of your application.

Type of policy

A personal accident insurance is available on both individual as well as family floater basis. If you have a family to look after, it is advisable to opt for family coverage since it offers savings in cost as compared to buying induvial plans for each member independently. Further, an individual plan is suitable for someone engaging in adventure activities since the premium will increase based on the coverage opted for.

These are some of the features to look for when buying a personal accident insurance to secure yourself against fatal injuries, or disability due to accidents. Buying a plan with the help of the above guide will help to avoid any regret later. Stay safe and stay protected!


Interesting related article: “What is an Occupational Injury?”