Things to be Considered When Buying Personal Accident Insurance

personal accident insurance

The principal of buying insurance is similar to that of vaccination. You wish to protect yourself and your family from the incidents/diseases that may occur in the future. Personal Accident Insurance, as the name indicates, covers the insured against death or permanent/temporary disability induced as a result of an accident.

The insurance company does not benefit much from this insurance due to its low premium payment, due to which some insurers do not mention this facility to their customers. But, with trusted NBFCs (Non-Banking Financial Companies) like Bajaj Finserv, you can easily get access to complete information regarding insurance products online as well as offline.

Things to Consider While Purchasing Personal Accident Insurance

If you are planning to buy personal accident insurance any soon, following are the things to be considered when purchasing the insurance policy:

Claim Process

You must inform your insurer about the accident within 30 days of the incident for claiming your money. Before claiming your money, you must keep the necessary documents like FIR copy and medical certificates ready. You would also need to fill up the claim form and submit it to your insurer. If you keep all these required documents handy, your claim procedure can be quickly processed.

Insured Money

The value of your insured money can go up to 120 times of your per month salary. Although, this will depend on the policies of the insurance company. Therefore, your salary partially determines your eligibility for purchasing the insurance.

Monthly Premium

The monthly premium is one of the critical factors to consider while purchasing personal accident insurance. The insurance premium can affect your monthly financial management, due to which it is essential to choose a plan with affordable premium payments.

Coverage

When you apply for health insurance, you may be showered with options to add to your policy. Instead of paying a higher amount for buying insurance policy inclusive of all given covers, it is ideal to pay for the coverage that you actually require.

Insurance Provider

The influence of your insurance provider in the market also plays a vital role in the benefits you receive with your insurance. One of the prominent financial providers for insurance products is Bajaj Finance with high rankings from CRISIL (FAAA) and ICRA (MAAA). With Bajaj Finance, you can track and monitor all the details of your health insurance online. 

Family Benefits

Another aspect to consider while purchasing personal accident insurance is the benefits your family will get in case of your death or permanent disability due to an accident. You can compare the family benefits offered by different insurance companies to get an idea of the best health insurance policy. Choose an insurer that will give you high family benefits like Bajaj Finance.

Inclusions

Before signing the policy documents, you must make sure to read the fine prints of the policy. It will mention the inclusions and exclusions of the personal accident insurance offered by that insurance provider. Ideally, any insurer must cover the hospital charges and provide ambulance facilities for incidents like accidental death, disability, cracked bones, burns, etc.

Exclusions

It is mandatory for all insurance providers to mention the exclusions of the policy in their documents. However, it is your responsibility to read the documents carefully as well as ask your insurer about the conditions in which you cannot make a claim. This can help you avoid any kind of disappointments later. 

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