A personal accident insurance policy is a type of health insurance that covers exclusive health-related expenses that arise due to an accident. If you sustain an injury, disability or death after an unfortunate accident, if you have a valid personal accident cover then you are eligible to receive a monetary sum from the insurance provider in the form of a claim.
Table of Contents
Top things to keep in mind while choosing the best personal accident insurance
Before you choose your personal accident insurance cover, you need to research and assess various criteria. Doing this ensures that you make an informed decision and reduce any inconvenience in the future.
These are the main criteria that you need to assess before you make a decision. Coverage refers to the extent of protection provided and the amount of risk that is covered in case of an accident. You need to look through the fine print to ensure that you are signing up for what you want.
2. Sum insured
This is the limit amount that the insurance provider covers during a claim. If your expenses exceed the cap then you are liable to bear the extra cost. This is why it is important to research and choose the personal accident cover that suits your needs.
A Personal accident insurance policy covers only certain situations and these are clauses that you need to fulfil to file a claim. Before you choose a personal accident cover, you must look through the inclusions.
If the situation is not included in the inclusions then they are considered to be exclusions and the coverage is not extended in these situations. Therefore, if such a situation arises you will not be eligible for the claim amount.
Premium is the amount that you are liable to pay to keep the personal accident insurance cover valid. This amount is the monetary value of the risk undertaken by the insurance company and various factors influence this amount. You must be convinced of the premium before you decide to buy the policy.
6. Ease of Claim
The most important aspect of any insurance policy is the claim filing. The chances of your claim getting accepted and the amount is given depends on various factors and clauses. You need to assess the claim fulfillment ratio of the insurance provider before you decide.
You should find out the perks the policy offers to the family in case you suffer a permanent disability or death. You should ensure that you choose a policy that gives maximum compensation to your family.
8. Exit age
Exit age refers to the age after which you are no longer eligible to renew your insurance policy. While choosing personal accident insurance you should choose one that has the highest possible age so that you can enjoy the benefits even in your old age.
9. Hospital network
This is the network of hospitals under your policy where you can avail yourself of cashless benefits like filing cashless claims. You should choose a policy that has an extensive network of hospitals for your ease.
10. Insurer’s reputation
There are chances of you becoming prey to fraud which is why you must assess the insurer’s reputation before you make the decision.
These are some of the things that you need to consider before you choose the best personal accident insurance for you.