Given the uncertainty
of life in today’s day and age, getting insurance has become more of a
necessity than a luxury. And with the ever growing number of accidents
happening these days, it is high time we take a cue from it and at least get a
accidental health insurance to cushion the blows if we cannot prevent it.
However, like with everything else, half knowledge in this
department could prove to be disadvantageous. Hence, it is very important to
thoroughly study the terms and conditions of the policies before choosing the
best accidental insurance plan.
Accident Insurance Meaning
Accidental insurance policy is a type of policy that covers
medical expenses occurring out of injuries or death due to accidents.
Let Us Look At A
Comprehensive Checklist To Aid You In Your Research
●
Reputation Of The Insurance Company
The first and foremost point to be considered in your quest
to pick the best accidental insurance plan is the repute/goodwill of the said insurance
company. Some ways of evaluating this could be to check the following:
➔ Claim settlement ratio - these statistics indicate the total number of claims
successfully settled by a insurance company. So, the higher the claim
settlement ratio, the better.
➔ Feedback - you
could check the general reactions of the clients of a company online, on the
testimony section of their website or by word of mouth to gauge their general
reputation in the market.
➔ Customer Support - one of the simplest ways of judging the goodwill of a company is to
evaluate whether their customer support is prompt and more importantly
available round the clock for quick service.
➔ Quality ratings
- this can be analysed online. Higher, the better.
➔ Cost effectiveness - weather the premium paid is worth the overall accidental coverage
provided by the insurance company.
●
Policy Coverage
It is very vital to ensure that your accidental insurance
policy covers all the possible accidents that may occur at home as well as
workplace in your day to day life. Some examples being:
➔ Road accidents
➔ Rail accidents
➔ Natural calamities
➔ Terrorist attacks
To ensure efficient personal accident insurance policy
comparison, make sure you read the glossary document of the accidental health
insurance plans very carefully.
●
Premiums
Premium is a fixed amount that is to be paid periodically to
the insurance company to maintain the validity of your policy and coverage.
The value of premiums is calculated on the basis of the total
sum insured, duration of policy and add ons that you may have opted for for
more coverage. It is very crucial to determine the total sum to be insured
based on your current income, potential income in future and the degree of
liability.
Additionally, some companies even offer customised insurance
plans and premiums to suit an individual's budget requirements.
Ideally, there should be a reasonable balance between the
coverage provided by the company and the premium charged in your accidental
insurance policy.
●
Policy Inclusions
It is imperative that you study even the most minute details
about the inclusions in your accidental health insurance policy to avoid any
future disappointments. Some likely examples being:
➔ In some accidental insurance
policies, hospitalisation is only covered if the victim is admitted within a
certain period soon after the accident.
➔ Whether a policy covers partial
dismemberment or only total disability.
➔ If a policy covers temporary
disabilities like fractures as well as permanent disabilities like paralyses.
After detailed assessment, if you happen to find any
loopholes in the policy or have any doubts regarding any clauses, then you
should get the clarifications from the insurance company. This will go a long
way in helping you choose the best accidental insurance plan.
●
Policy Exclusions
Arguable the sneakiest clause in any accidental insurance
policy is their exclusions! This is also one of the main reasons for claim rejection
by insurance companies. Some of the examples of common rejections by accidental
health insurance companies could be:
➔ Most don’t cover on duty death of
police officials in spite of charging them a higher premium due to their
profession.
➔ Non coverage of accidental death if the cause
of the accident is a drunk driver.
➔ Accidents occuring while
participating in adventure sports.
➔ Suicide or an attempt to commit
suicide.
➔ Deliberate self harm/injury.
➔ Mental disorders.
➔ Accidents under the influence of drugs/liquor.
➔ Venereal diseases.
➔ Accidents during nuclear wars.
➔ Death or disability during Childbirth
/Pregnancy.
So, it is imperative to do a thorough research in this
department in your personal accident insurance policy comparison.
●
Abroad Coverage
It is important to ensure that your accidental health
insurance policy provides complete coverage even while you are not in your
residential country for any purpose.
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