What Do You Need To Know About Accidental Health Insurance

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.

●     Additional Benefits

A good accidental health insurance policy will have inclusions for your family as well like child education support in the event of a major accident, daily allowance during hospitalization etc to cushion the blows of an unexpected and unfortunate accident in more ways than one.

Individual Personal Accident Insurance Policy Cover Guide

Accidents are never a pretty a thing to go through. These events change an individual's view and the way he or she was living it. You should have an accidental insurance policy so that it doesn’t affect one financially.

Various accidents take place every day on public and private properties. Newspapers and articles show people having accidents while doing their daily work. So having a policy for accidents means one safeguard himself for future events. 

According to need, one can either get individual or group accidental plans. Such specific plans are what one needs to create a safe environment if there is an occurrence of an unpleasant event.

Coverage Of Personal Accidental Plans

Many companies offer this plan for individual people. They all have some necessary groundwork for claims with just a few changes. The standard primary contract contains more or less the same things.

The primary coverage or contents of a contract is discussed below. This offers guidance for an accidental insurance policy which you should compare when buying a plan.

Death Of The Insurer

Fatal accidents most of the time results in the death of a person. If insurers' lives come to an end from an unforeseen event or disaster, then a sum is paid. An accidental insurance policy will pay for the demise of insurers.

So one should go through accidental insurance schemes to get the one which is good. By comparing one would come to know about the premium amount along with total coverage.

Dismemberment Of Limbs

This gruesome incident where one loses limbs is hard for everyone. But accidental insurance policy makes it bearable and manageable. All the loss cannot be regained, but with help from a policy, one can be stable financially. 

A person might lose limb or limbs in an event. Then that person will receive an amount which is mentioned on the policy under dismemberment section. This accidental insurance for a person helps in moving ahead in life.

Payments When Hospitalized

After an accident, one may have to spend a few days in a hospital. The daily expenditure at the hospital is covered under an accidental insurance policy. This makes the headache of making payments go away.

Throughout the time of healing one will receive the hospital payments from accidental covers. It provides a patient with monetary relief. 

Injured Due To Terrorist Attack

The accidental insurance policy also covers a person from terrorist acts. If you become injured in any way in terrorist attack, the one will receive coverage for it. This is why people get this coverage as a prevention and protection. 

All injuries which are treated and billed will be compensated. Injuries which occur due to accidents are covered under various accidental schemes. Other clause and points are also added by multiple companies which is why one needs to compare before buying. 

Several Advantages Of Having Accidental Insurance Policy

There are some particular benefits which an insurer enjoys by having accidental insurance policy. It covers a person and also assists in various ways. The primary advantages are mentioned above as it discusses the different coverage it offers. Below some of the secondary benefits are mentioned. 

Security of Family Members

In case an insurer dies in an accident then the family members will receive an amount from the policy. Having accidental insurance policy makes it sure that one’s family gets the benefits. This way at least a family get some financial help during such crisis.

If there is permanent disability or dismemberment, then family doesn't have to bear the financial struggle. Everything is covered under plans for various accidental events. This provides them with some relief. 

Documentation and Medical Test Not A Requirement

For getting this insurance nobody have to go through any medical test or documentation. All plans covering accidental events do not require medical examinations as accidents are unforeseen events. So there is no need for medical tests.

Legal, Funeral And Child Education Expense

If a person has legitimate expense after an accident, then it is covered under such plans. The same thing applies to funeral expenses. If a person passes away, then funeral expenses are covered by the policy.

In the event of death or permanent disability, the insurer’s child will receive education expense. This makes the accidental insurance policy the best way to keep a family protected.

Customized Plans and Easy Claiming Process

The schemes available for accidental coverage is flexible. It is customised to suit a customer, and if any mishaps take place, then claiming process is easy. It is kept in such a way that a client might get the claims quickly without hassle. 

Guidance is available everywhere. To have the best guidance one just needs to compare the policies with one another, and whichever suits best should be purchased.

The accidental insurance policy is the best way to be protected. And for the best protection guide compare all the policies available and the buy it.