Personal Accident Insurance Tips

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.

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 on a regular basis in order 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 at 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 benefit. 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.