5 tips to buy personal accident insurance policy in India
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5 tips to buy personal accident insurance in India

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5 tips to buy personal accident insurance policy in India

Max Bupa

23 September 2020

Opting for an accident insurance policy is not the biggest priority for many people. There are two reasons behind this attitude. There are a slew of things covered by health insurance that most people are unaware about. This makes buyers uninterested in trying personal accident insurance policy on its own. However, the significance of buying a personal accident policy cannot be stressed enough. Both growing financial literacy and the availability of online resources that allow people to discover this policy is allowing for the increase in popularity of accident insurance plans.

Before you opt for an accident insurance policy, here are a few things to keep in mind 

1. Compare Benefits and Sum Assured

When you buy personal accident insurance policy you may not be comparing the policies available from different providers. However, there can be major differences across providers in the benefits provided and sum assured. Usually, you will be insured for up to ten times the annual premium you are paying towards your policy. Benefits like permanent partial disablement rider, accidental death benefit rider, or permanent total disablement rider are built into most policies. Consider adding benefits like child education support and more based on your preference. In many cases, the Sum Assured for any non-death related benefits can be expressed as part of the Sum Assured, so read your policy document carefully.

2. Analyze Payment Mechanism of Benefit

Here you can find two options. Firstly, you should consider the mechanism through which your claim is settled. The second is check if your insurer offers a weekly benefit payout. Some insurers may payout your Sum Assured in one go as a lump sum, while others may offer to pay a monthly amount from your total funds as installments. There are also policies that offer a combination of both. Ensure you carefully see the payment plan of the claims before buying an accident insurance plan as you may prefer one payment mechanism over the other.

3. Scan All Exclusions to the Policy

This is perhaps the most important pointer to keep in mind. What does your accident insurance policy not cover? Normally, there is a standard set of exclusions that a typical personal accident insurance policy will avoid providing coverage for. These include self-inflicted harm, damage from invasions or war, military operations, or any losses as a result of alcohol or drug overdose. Insurance policies differ  from one to another when it comes to exclusions. Some may cover war damages if the death is due to an act of terrorism. Others exclude this kind of incident. Hence, scanning exclusions carefully is vital before purchasing your health insurance plans.

4. Consider Family Cover Option

Depending on your current needs, you may prefer a family cover option from your personal accident insurance. This option offers coverage in case any family member or you meets with an accident. This rider is for you if your family frequently indulges in outings and travels a lot. It makes for a great way to secure everybody in the form of cohesive health insurance policy. Ensure you are mindful of the Sum Assured for family members, which could drop depending upon who is being covered. This can be found in the terms and conditions of a policy document. You do not want to end up with a cover that is not enough to pay for an accident involving your spouse, and a separate policy may be preferable for the same. Find the benefits of choosing a family health plan here.

5. Assess Quality of Hospitalisation Coverage

With traditional health insurance plans, you get hospitalization coverage. With personal accident policies, it is not quite the same. Are you getting a hospital cash allowance with your accident insurance policy? Is your plan taking care of additional hospitalization costs like ambulance charges, prescription charges, and home care? This quality in treatment can make the world’s difference in how comprehensive a health insurance policy is. Carefully consider what hospitalization bills will be covered by your policy and what's absent from these list of benefits. Usually, you may have to opt for additional hospital cash as an add-on benefit.

Conclusion:

In conclusion, a personal accident policy can greatly benefit you provided you assess its purpose in relation to your specific needs. Ensure you are updated on policy exclusions, family options, hospitalisation coverage, and the sum assured.

 

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