Bad things happen in life when you least expect it. This is the reason why we should always be prepared to face such situations. Most importantly, we must provide our family members the much needed protection from such unforeseen circumstances. This is really crucial for those who are the pillars of their family, i.e. the main member or the sole bread earner.
Without any doubt, personal accident insurance policies have proved to be a major saviour in such cases. There is no dearth of insurance companies in India that offer personal accident insurance policies. But, just like when you buy anything, you compare the options and choose the best among them, it is also important to do the same in the case of personal accident insurance. So, if you are thinking about purchasing a personal accidental coverage, the tips mentioned below will surely help you out.
Few vital tips you must follow
- Type of plan
First of all, you must decide about the type of insurance policy you want to go for. You can either go for an individual policy or a family plan. If you think the coverage provided in the individual accident plan is not enough to support you family, you should definitely opt for the other one. Family personal accident policies provide complete protection to your family members against a wide range of accidents. So, this should be your first step towards purchasing a personal accidental insurance plan.
- What it covers?
A good insurance policy is something that provide sufficient amount of coverage to the insured and his/her family. It should include the expenses of hospitalization and medicines as well. It should also provide extra benefits like death and disability compensation. Most importantly, your personal accidental insurance policy needs to encompass all the kinds of accidents that you are most possibly to face, particularly at your work place and home.
- Decide the coverage amount
The amount for coverage should depend on two factors- the size of your family and the level of risks involved. However, experts say that it is better to choose an amount which is 10 times your present annual salary. So, suppose if your annual income is 3 lac INR, you should aim for 30 lac INR as your coverage amount. Don’t worry, as the premiums in the case of personal accidental insurance are not that high.
- Check the exclusions
Almost every insurance policy contains certain exclusions. As a smart customer, it is your onus to go through the exclusion clauses. If you ignore them, you might end up buying a policy in which most of the claims come under the rejection list. These are some of the common exclusions you need to be aware of-
- If you are more than 75 years old, you are not eligible for personal accidental insurance.
- During the accident, if you were driving under the influence, your claim will not be accepted.
- Accidents resulting from extreme sports activities like mountain climbing, sky diving, river rafting, etc. can also come under the rejection list.
- Individuals suffering from terminal illnesses, such as Pancreatic Cancer and AIDS are not eligible for any personal accidental coverage.
- Coverage abroad
There are many professionals and businessmen who have to travel to different countries on regular basis. If anything bad happens in a foreign land, where you don’t know anyone personally, a personal accidental coverage can be of great help. So, before you purchase a policy, you must make sure the package covers you even while travelling abroad. In this way, your family will not have to go through a lot of mental hassle.
- Process of a claim
The process remains more or less the same in every insurance company. Still, it is vital to be completely aware of the deadline regarding the time of intimation. In most of the cases, it is mandatory to intimate the insurer within 25 to 30 days of the accident. Plus, the insured need to present few important documents, such as medical certificates, copy of the FIR, etc. You should opt for a policy in which the process of making a claim is easy and hassle free; so that your family members do not have to go through the complicated processes.
So, those were some of the areas you need to focus on. These areas do matter a lot in determining the effectiveness of the personal accident insurance policy if you are planning to purchase. Nowadays, you can buy insurance policies online. Hence, you always have the power to compare different policies available. You must spend a little time on comparing the features and exclusions. In the end, you will be able to make a better decision, which will provide optimum level of protection to you and your family as well.