First, let us understand what Accident Insurance is. Accident insurance or Personal accident insurance policy provides financial assistance and support to the policyholder in the case of accidents. The money is provided against any impairment, accidental demise or dismemberment that gets caused by an accident.
This insurance policy covers both the minor and major accidents.
But this policy is different from any of the other health insurance. Personal accident insurance covers only limited accident-related expenses. A person can buy a separate personal accident insurance or make an add-on under his health insurance.
Significance of having a Personal Accident Insurance Plan
- An accident can make you incapable of working and that might harm your family financially. Therefore, it is so important to avoid this risk by getting this insurance.
- In cases where your life insurance or health insurance does not provide you the coverage for accidents, then it becomes even more important for you to get personal accident insurance. Do It Today by Darius Foroux Pdf Download
If we exclude the regular monthly income, still your family will face financial troubles like EMIs, costs of your medicines and your overall treatment. In case of accidents, the whole family becomes helpless and if the person is the only bread earner of the family, then it becomes a huge matter of concern for everybody. People then experience a lot of emotional stress.
Hence, it becomes essential for you to compare personal accident insurances of various companies and choose the best one.
There are few parameters you must consider before choosing the best one:
A policy should cover all the basic and regular activities that you perform. The company that gives you a wider range of coverage shall be the one you should go for. Also, please be mindful of the things they are including in their coverage. You must look out for the basics and also other things that are included so that you have a peace of mind after choosing and buying that particular insurance.
This depends upon the occupation or the work you do. You need to pay some amount annually to obtain this policy. Therefore, you must go for accident insurance whose premium is low. You must aim for big advantages in low premiums and that can be only done when you strategically compare the personal accident insurances of all the companies pretty well.
Check the insurer
Do your research thoroughly before choosing a company. Check their goodwill, their market value, how is their claim process, how long they take to provide the coverage, etc. The reputation of the company should be good.
The personal accident insurance plan that you will be choosing should include and give you good benefits. The benefits must include coverages for broken bones, burns, any kind of disability or accidental deaths. You must research if the plan is providing coverage and benefits for all the injuries you might get in case of an accident.
Benefits for family
You need to keep your family secured in case something happens to you in an accident. Therefore, consider this parameter as the most important thing. Choose a plan that will give the highest amount of compensation to your family members or the dependents.
Every plan has few kinds of exclusions. Please go through the things they exclude and compare with the plans of other companies. The exclusions should be minimum, keep that in mind. Compare the plans and choose the one that has a lesser number of exclusions.
The Claim Settlement
The claim settlement process should be smooth and hassle-free. Also, the settlement period of the accident should be reviewed and researched well. Choose the one with great advantages for the claim settlement process.
Check if the plan gives you coverage for the accidents that happen out of the country. A good plan should provide you financial assistance even if the accident takes place abroad. These were all the important parameters you should keep in mind before choosing the best plan for you.
Personal accident insurance policy is an economical way of protecting yourself and your family in cases of accidents. You never know what is going to happen to you in your life, therefore everyone should be prepared for all the unforeseen events and insurance is a great way to follow that path. It not only covers all the expenses after an accident, but also gives you a peace of mind for the rest of your life that no matter what happens, you and your family will be helped and assisted financially.
And for choosing the best out of the rest, you must consider looking into each plan very nicely and then make a concrete decision. That decision should be based on the parameters that we have mentioned above.