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Important Considerations of Personal Accident Insurance

Posted On : 19 April 2023, 1 Years Ago. Health-Insurance
Personal Accident Insurance

Health is an integral component of one’s life. Expenditure on it becomes more crucial when a medical emergency knocks on the door. Such a form of a medical emergency is an accident that can lead to the heavy expense and personal loss too. To save yourself and your loved ones from such miseries, one must go for insurance that covers casualties. Personal accident insurance is a type of insurance policy that provides coverage for an individual in case of an accident resulting in bodily injury or death.

 

Types of Personal Accident Plans

There are various types of Personal Accident Insurance among accident insurance for the public to choose from.

 
  • Individual Personal Accident Cover: In the case of an accident, you are protected by individual personal accident coverage. Such a policy would pay for unintentional harm to the insured, including loss of limbs or eyes, impairments, and even demise.
  • Group Personal Accident Cover: A group of policyholders is protected by the accident insurance policy. Organisations buy this insurance to protect their workers from the danger of mishaps. As a result, workers may get it at low costs.
  • Accident Insurance for Children: Unexpected incidents often happen to kids. Your kid is properly covered against such injuries and accidents, thanks to the child's accident policy. The plan provides a significant insurance sum and pays for medical costs associated with permanent partial disability.

 

Benefits

Here is a list of significant benefits of having this accident insurance.

 
  • No diagnostic tests: One of the key advantages of this coverage is that you are not required to submit to any medical examinations.
  • Family security: Everyone values their family, and we are all concerned about providing for them financially. As a consequence, the family member protection offered by this health insurance offers security in the form of compensation or covers all medical expenses incurred to treat individuals who have been injured in an accident.
  • Ease of mind: It gives you peace of mind since, in the event of a family member's passing, the surviving family members may utilise the company's compensation to settle their debts and maintain a standard of living.

 

Important Factors to Consider for Buying the Accident Policy

There are many factors that should be kept in mind while choosing the policy:

 
  • Coverage Amounts: Consider the amount of coverage you need based on your income, lifestyle and the potential costs of medical treatment or rehabilitation. Make sure to review the policy's maximum benefit limits and the conditions under which they apply.
  • Premiums: Consider the cost of the premiums and the frequency of payments. Make sure you can afford the premiums over the life of the policy.
  • Accidental Death and Disability Coverage: Determine whether the policy provides coverage for accidental death, total permanent disability, or partial permanent disability. Check if the policy covers medical expenses related to accidental injuries, including hospitalisation, surgery, ambulance services, and other related expenses.
  • Waiting Period: Determine if there is a waiting period before coverage begins. Some policies need a waiting period before the coverage takes effect.
  • Policy Term: Determine how long the policy is valid and if it can be renewed. Some policies may have a fixed term, while others can be renewed annually.
  • Customer Service: Research the insurer's reputation for customer service, including claims processing, responsiveness, and overall satisfaction.
  • Additional Benefits: Check if the policy offers additional benefits such as loss of income coverage, rehabilitation benefits, or accidental death benefits.
  • Inclusions V/S Exclusions: Inclusions are the number of benefits covered within the policy. In the case of personal accident insurance, the important inclusions which should be noted carefully are daily allowance, ambulance charges, hospitalisation, accidental death, etc. These are variables for the providers of this insurance. Exclusions are the charges which are not included in the policy. Some of them are suicide, self-injuries, natural death, childbirth or pregnancy, etc.
  • Claim Settlement Process: The claim settlement process of the policy should be smooth enough for the insurer. Make sure you have the required documents and claim history in hand.

 

By considering these factors and comparing policies from different insurers, you can choose the personal accident insurance plan that best meets your needs and provides the protection you need in the event of an accidental injury or death. Hence, these minor and major considerations would be helpful for anyone going for this health insurance policy.

Secure your health with comprehensive insurance plans from Nivabupa

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Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
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I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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