Key factors to be considered while buying personal accident insurance in India
One must have a constant safeguard against any peril that may befall them or their family members such as sudden illness or a personal accident. It is the uncertainty of personal accidents that makes it such a potent threat to be safeguarded against. No wonder more and more people are deploying personal accident insurance as a potential hedge against uncertain events.
One therefore needs to make a conscious choice of buying a personal accident policy. To help you with this quest, below are the set of factors that you will have to take into consideration before making a decision on a particular personal accident plan.
Premium: It is that amount which is to be paid regularly to the insurance provider in order to maintain the validity of the policy and in turn the coverage. The amount to be paid as premium depends upon the nature and scope of the coverage.
Premium: The premium of the prospective policy should reflect the coverage and it must also be affordable and within your budget. The balance should be maintained between coverage extended and premium charged and both needs to be reasonable. For Example-Low-cost with minimum cover is not the ideal way of getting insured as it may expose chinks in your insurance’s armor.
Policy coverage: The policy coverage should be such that it virtually encompasses all the daily activities which may lead to accidents at home or at work place. The wide net the coverage cast the better off the insured would be.
Insurer: The reputation of the insurer is also equally important and so is their track record of claim settlements. One must therefore choose an insurer like HDFC ERGO which has an impeccable track record.
Benefits: A personal accident insurance must cover benefits for Accidental Death, Broken Bones, Permanent Disability, and Burns due to an accident. Moreover it must also provide for Ambulance cost and hospital cash.
Coverage Abroad: A personal accident insurance policy must also protect you when you are travelling abroad.
Benefits to family: This should also play a key role in the decision making process. The amount to be received by the dependants in case of a personal accident that may lead to death or permanent disability. Higher the compensation benefit to the family, better off they will be.
Exclusions: One must pay careful attention to events that may be excluded from coverage and if the excluded event is likely to occur due to occupation and other reasons, one must not opt for such a personal accident insurance policy.
There are many other factors that may be pertinent in the choice of your personal accident insurance, the aforementioned are the key factors.