Personal Accident Insurance Tips
Read our tips before purchasing personal accident insurance
What Type of Benefits Do You Need?
Personal accidents are broadly classified into five categories: medical costs, a total and permanent disability (TPD), accidental death, weekly and daily hospital income, and other benefits such as tax deductibles.
Key Points
- PA insurance offers compensation in case of disability to the insured person.
- The primary purpose of PA insurance is to protect against temporary and permanent reduction in income arising out of accidents.
- Permanent disability such as paralysis and temporary fractures are covered.
What Are the Factors to Consider When Selecting a Personal Accident Policy?
Here are some factors you need to consider when purchasing a personal accident policy:
Individual or family: Depending on your needs, you can purchase personal accident insurance as an individual or as a family policy. When purchasing a family plan make certain that the policy protects your family from accidents that may occur while performing normal daily activities.
Amount of premium: The policy premium is the amount that must be paid to the insurer regularly for the insurance coverage to remain valid. Furthermore, the premium should be affordable and within your budget while reflecting the policy’s coverage. There should be a balance between the amount of coverage provided and the amount of premium charged.
Policy coverage: The policy should almost cover all of the daily activities that could result in an accident at home or work.
Insurer’s credibility: The reputation of the insurance company is also important to consider when selecting the best personal accident policy for you. Their track record of claim settlements testifies to their professionalism and dependability.
Benefits covered: Most policies include benefits such as permanent total disablement, permanent partial disablement, and accidental death benefits. Furthermore, ensure that the plan covers ambulance and hospital expenses.
International coverage: Look for a personal accident insurance policy that will cover you even though you travel to other countries.
Benefits to your family: Find out what benefits are available to your family members in the event of a fatal or permanent disability accident. The higher the compensation benefit, the better the life of your family will be.
Limits and exclusions: You must pay close attention to the events that are not covered by the policy. If the excluded event is likely to occur as a result of your occupation or other factors, you should avoid purchasing such personal accident insurance.
Claim process: Learn about the claim procedure to ensure that it is as simple and quick as possible. Certain documents are required such as a claim form, a copy of the FIR, medical certificates and so on. This must be kept on hand while filing the claim. Also, make sure you are aware of the TPA’s involvement and claim history.
Accidents can drastically alter a family’s future, but if you have persoanl accident insurance, you are protected.
How to File a Personal Accident Insurance Claim?
Here’s a step-by-step guide to filing a claim with personal accident insurance:
- Fill out a claim form: To obtain a claim form, contact the insurance company at the number provided by the company. You can also send an email to the insurance company as soon as possible. They will send you the claim form within two business days. You can also get the claim form from their website.
- Submit the claim form: You can send the claim form and supporting documents to the insurance company’s address. If your claim is accepted, you will receive a check through the mail.
Before buying personal accident insurance, make sure to consider the benefits, coverage, limits, exclusions, and claim process.
How Much Will Personal Accident Insurance Cost?
Personal accident insurance is relatively inexpensive when compared to health insurance and other types of coverage. Depending on the company and type of coverage you may be able to find low monthly premiums. These prices may differ depending on your province, medical condition, type of coverage, and the number of people covered by the policy, however, prices usually range from 550 baht to 4,000 baht.
Is Personal Accident Insurance Necessary?
The decision to purchase personal accident insurance is entirely personal and is dependent on the other types of insurance coverage you may want. This policy may be unnecessary if you already have life and disability insurance. However, if you only have health insurance, this could fill a gap in your coverage and assist you in meeting any high-cost deductibles.
- Extra Layer of Financial Safety
Personal accident insurance supplements your default cover. Fundamentally, it provides for medical bills, lost earnings and unexpected costs not typically covered by health insurance or other policies. - Uncomplicated Approval Process
This type of insurance skips the rigorous medical underwriting often associated with life insurance, making it a go-to choice for individuals previously denied such forms of insurance. - Affordable Premiums
These policies can be reasonably priced, and particularly beneficial for people residing in low-risk areas or those requiring minimal coverage.
You can also check our life insurance premiums as well as our other types of insurance that might have your interest such as whole life insurance which provides lifetime security when you hit the age of 99, as well as annual cash incentives, and non-guaranteed cash dividends when your premium payments are done.