Tips to Choose Right Personal Accident Health Insurance Plan
Updated On Mar 01, 2021
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One must have a constant safeguard against any event which may befall them or their family members such as critical illness or a personal accident. It is the uncertainty of an accident that makes it such a potent threat to safeguard against. No wonder more and more people nowadays are buying personal accident insurance plans to protect themselves from such emergencies.
One, therefore, needs to make the right choice of buying a personal accident policy. To help you make the right choice, below are a set of factors that you should consider before buying one such plan.
Tips to Choose Right Personal Accident Health Insurance Plan
Below mentioned are some tips and features which one should consider before buying a personal accident health insurance plan.
1. Premium Amount
The premium of an insurance policy is the amount which is to be paid to the insurance company on a regular basis to maintain the validity of the insurance coverage. The premium amount should be affordable and within your budget. With the increase in coverage amount, premium too increases too should buy a plan with premium as per your affordability.
2. Policy Coverage
The policy coverage should include almost all the daily activities which may lead to accidents either at home or at the workplace or any place for that matter. The more commodious the policy coverage, the more protected you are.
3. Insurer
The reputation of the insurance company is also equally crucial while choosing the right personal accident insurance policy for yourself or your family. the track record of the claim settlements speaks about the reliability and quality of the company. That's why one must check the claim settlement ratio of the company, it is the ratio of the percentage of claim settled by the company and the claims filed. It should be above or equal to 90%.
4. Benefits
A Personal accident insurance cover should cover benefits for accidental death, broken bones, permanent disability, temporary disability, and burns due to an accident. Moreover, it should also cover other costs such as ambulance costs, hospital cash, and transportation cost.
5. Coverage Abroad
There should not be region boundaries in your personal accident insurance cover. An accident insurance policy must also protect you when you are travelling abroad.
6. Benefits to Family
It is one of the main aspects one should consider while buying a personal accident insurance policy. Your insurance policy should provide a sum insured amount to your family in case of your demise. You should consider the amount to be received by the dependents in case of a personal accident that may lead to death or permanent disability. The higher the compensation benefit to the family, the better the policy will be.
7. Exclusions
Exclusions are all the events that are excluded from the policy and for which the company will not provide compensation. One must pay careful attention to events that may be excluded from coverage. And should choose the plan according, if the excluded event is likely to occur due to occupation and other reasons, one must not opt for such a personal accident insurance policy.
8. Type of Plan
You can choose any type of plan as per your requirement, you can buy either a family plan or an individual plan whichever suits your requirements. If you opt for a family plan, then make sure the policy covers your family against accidents that may take place in the day-to-day activities.
9. Claim Settlement Process
You should know about the claim settlement process of the company, make sure it is hassle-free and quick. There is a certain procedure to file a claim and a certain sort of documentation is required. Make sure you are aware of the involvement of the TPA and it's claim history.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
