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As the name suggests, a personal accident insurance plan provides coverage to the insured against death, temporary or permanent partial/total disability resulting from an accident. Under this plan, the monetary compensation is paid in case of bodily injuries, death, or disability caused due to an accident.It is a contractual agreement between the insurer and policyholder in which the former agrees to pay monetary compensation to the later on the occurrence of his death or disability caused due to an accident, as applicable under the policy terms.Get Affordable Quotes
There are various factors listed below which will make it imperative to buy a Personal Accident Insurance Plan.
Here are some essential tips that you should consider while buying a personal accident insurance plan.
Sum Insured: When going to buy the plan, choosing the right sum insured would be a vital aspect to consider. It is recommended to choose the coverage amount such that it covers all expenses that may occur due to an accident. You need to make sure that you opt for wider coverage to get yourself protected against injuries sustained in an accident.
Type of Plan: It is an important point to ponder upon choosing the type of plan. You can go ahead in choosing either the individual or family personal accident plan as per the family’s requirement. It would be wise to go for a plan that can ensure protection against exposure to accidents in the day to day life activities.
Assess Plan Benefits: Before buying a personal accident insurance policy, you need to check the plan benefits and then assess whether the plan suits you and your family’s protection needs. Pick a plan that provides coverage for death and disability caused due to an accident.
Inquire about Insurer: Prior buying a plan, it is quite essential to check the insurer’s background, servicing capability, and claims efficiency. The claim settlement ratio is a major factor to assess before buying a plan. It is recommended to choose the insurance company with higher claim settlement ratio and fastest claim settlement turnaround time.
Opt for Add-Ons: Add-ons or riders enhance protection to your basic insurance plan. Choosing add-ons wisely with a personal accident plan keeps you protected against accidents. So, it’s imperative to choose riders that you actually need.
Read Plan Reviews: Before buying a plan, it is recommended to read the customer and expert reviews online. It helps you to assess whether the plan you are going to buy is the best fit or not.
Read the Fine Print: Before purchasing a policy, it is advisable to read through the policy terms & conditions and inclusions & exclusions attached to the health plan. Read the policy wordings so you can easily assess the policy coverage.
Buy Online: When you are looking to buy a personal accident plan, it would be a wise move to first compare plans online from several insurers. It helps you choose a right personal accident plan and now, you can buy it online as well. Online insurance plans are also cost effective when buying online.
Riders with Personal Accident Insurance Plan may differ from plan to plan or insurer to insurer. You have the flexibility to customize the plan while buying. These additional benefits may be available as an inbuilt in some personal accident policies else can be included as an add on’s in the plan as per the availability.
The personal accident insurance plan also covers you against expenses incurred in the event of hospitalization caused due to an accident. It covers medical expenses, room rent charges, nurse’s fees, doctor’s visit, etc. as per the policy conditions.
Most of the insurers pay a fixed compensation (as applicable in the policy) in case of fractures or bone damage caused due to an accident.
The insured can avail daily cash allowance in the event of hospitalization (as applicable under the policy) caused due to an accident.
This benefit offers fixed amount or some pre-defined percentage of the sum insured, whichever is lower as the education benefit for the kids due to accidental death or disability of the life insured during the policy term.
Some insurers also provide a fixed amount or a capped amount towards ambulance expenses for transferring the insured to a hospital from the accident location or Injury or from one hospital to another hospital or from hospital to place of residence in case of death or disability arising out of an accident.Select from Top Insurer's
Following are the conditions/exclusions that are not included in your Personal Accident Insurance Plan.
• Any injury or disablement before buying the policy
• Influence of drugs, alcohol, and other intoxicants
• Suicide or attempted injury
• Intentional self-injury
• Participation in dangerous activities such as racing, aviation, diving, rock/mountain climbing
• Any violation of law with criminal intent
• Pregnancy or childbirth related complications
• STDs and HIV/AIDS
• Congenital diseases
(Exclusions may differ from insurer to insurer and plan to plan.)