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Why Is It Important To Compare Policies For Finding The Best Accident Insurance Plan?

A personal accident insurance benefits not just you, but your entire family. Think of what will happen to your family or dependants in case you become permanently disabled due to an accident. Forget a regular monthly income, your family will be facing financial troubles due to pending EMIs, charges for your treatment, cost of medicines and other expenses. You and your family will be helpless in these difficult times along with all the emotional stress you will go through. Hence, irrespective of your age and occupation, it is strongly suggested that you purchase a personal accident cover as soon as you start earning.

The premium of this insurance policy is decided on the basis of your occupation. Hence your accident insurance cost may vary according to your job and insurance provider. It is very important that you compare insurance plans from different insurance providers before you zero out one as the scope of cover and benefits may largely vary from one company to another.

Parameters to consider while choosing the right personal accidental insurance?

  • Premium: It is the amount you pay annually to your policy provider to obtain the policy. This varies according to your occupation and policy holder you choose.

  • Policy coverage: The coverage should basically cover all regular activities that may lead to a mishap at home or at workplace. A policy that provides a wider coverage should be considered.

  • Insurer: before you decide your insurance provider, do a thorough research about the company, there background, market reputation and claim efficiency. Choose a company with higher claim settlement ratio and impeccable track record. Refrain from choosing someone only for cheaper premiums.

  • Benefits: the personal accident benefits coverage should include accidental deaths, burns, broken bones and permanent disability,

  • Benefits to the family: this is without any doubt the most important factor while choosing your insurance. Choose a plan that provides higher compensation to the dependants in case of death or permanent disability.

  • Exclusions: another important key parameter that many people miss out on considering is exclusions. Before you make a decision check that all exclusions are duly explained and considered.

  • Coverage abroad: accidents can happen anywhere, make sure your plan gives you coverage for an accident that occurs outside the country as well.

  • Claim settlement: check with the insurance provider about settlement period and process. The claims should be settled sooner and the process should be simplified.

With rising medicinal costs and increasing accidents on road and at work, personal accidental cover should not be avoided. When it comes to finances, a good policy should provide peace of mind and a sufficient backup for unforeseen circumstances.

HDFC Ergo provides various plans in personal accidental insurance that not only covers accidental deaths, but also permanent/partial/total disability along with a host of other riders.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the purchase.

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