A list of terms you must know:
Personal accident insurance secures you from an unpredictable future and lets you live an anxiety free life. However, while buying a policy you may find yourself stuck with jargons, clauses, and details. Thus, stay informed and leave no stone unturned while choosing a well-tailored policy. Read on for the common terms you will come across in the policy document.
Cashless Facility
The insurer pays for all the expenses incurred during the treatment of the insured. Adhering to the policy terms and conditions, the payments are made directly to the medical service provider. It even extends to approved pre-authorization.
Premiums
The value of premiums is calculated based on sum insured, policy duration, and add-ons. Assessing your current income, future potential income, and extent of liability, you can determine the sum insured.
Companies even offer customers optimizing an insurance plan and premiums to suit their budget needs. In addition, one can even opt for additional riders to include more risks to be covered in the policy.
Benefits
A good accident insurance policy must include family benefits, daily allowance during hospitalization and child education support in case of an accident. Look out for other benefits that suit your requirements and budget needs.
Exclusions
Familiarize yourself with the exclusions and limitations for which the insurer is not liable under the policy. Some of the major exclusions that accident insurance does not cover are death, injury, illness, or disablement due to:
- Deliberate self-injury
- Suicide or attempted suicide
- Influence of intoxicating substances such as liquor or drugs
- Participation in adventure sports
- Mental or nervous disorders
- Venereal diseases
- War, nuclear perils, childbirth or pregnancy
Insurer
Nowadays, insurance companies offer a wide range of customizable accident insurance policies. You can choose an insurance provider with an impeccable track record by checking their:
- Claim settlement ratio
- Feedback response
- Customer support
- Quality rating
- Premium cost-effectiveness with respect to other companies
Better Safe than Sorry
It is never too late to opt for accident insurance even if you have a life insurance policy. It covers a gaping hole of the life insurance by offering additional coverage in case of disability. Further, no matter what the magnitude of accident, you and your family can return to the same financial condition prior to the loss. Thus, before an accident makes a huge dent in your savings, Personal Accident Insurance to make a well-informed decision. Also, don't forget to safeguard your finances with a suitable health insurance policy.