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Insurance Article

What Do You Look For When You Compare Personal Accident Policies?

December 12 2016
Compare Personal Accident Policies

Things to be careful while comparing personal accident policies

Do The Following Statistics Alarm You?

  • About 1374 accidents take place every day in India
  • Number of total accidents and related injuries increased to 5 lakh+ in 2015
  • 2-3% of these suffered from permanent disability
  • The victims affected were mainly of the age group 15-34 years
  • Two wheelers, and cars, jeeps, and taxis report the highest number of accidents every year

Accident Insurance To Ease All Your Worries

We are susceptible to a variety of risks in our daily lives and one of them is risk against accidents. An insurance policy that covers you against the expenses towards self-injury and disability is a need of the recent times.

Make sure you consider the following carefully before comparing insurance policies online:

  • Features Covered
  • The accident insurance policy should cover accidental death, accidental hospitalisation expenses reimbursement, permanent total disablement and accidental daily allowance.

    Accidental death, and permanent total disablement are the compulsory elements of the policies that provide the insured with a lump sum pay-out.

    Hospitalisation expenses reimbursement is an add-on that will help you avail cashless services at any network hospital. You can claim this cover only if there was a minimum 24-hour hospitalisation, within a week of the accident.

    Accidental daily allowance is often offered as an add-on. It is an essential feature that will help you with day-to-day expenses while you are hospitalised, subject to a maximum limit.

  • Coverage Cost
  • While cost of insurance is an important aspect, it should never be the priority. An insurance cover with low premiums may indicate towards missing coverage and can leave you with insurance gaps.

    Choose the features you need and compare prices with a policy having similar features. Look out for add-ons you may or may not need that add to your premiums.

  • Exclusions
  • Check your policy wordings carefully to understand the events for which you may or may not make a claim. For instance, an accident refers to any unforeseen, sudden and involuntary event caused by a violent and external means. Your claim will stand to be rejected in case your claim does not qualify this definition.

    Similarly, exclusions to be kept in mind are:

    • Intentional self-injury, including involvement in criminal activities
    • Pre-existing injuries
    • Under the influence of drugs or liquor
    • Childbirth or pregnancy related injuries
    • Accidents caused during war, civil unrest, or nuclear weapon induced
    • Pertaining to aviation or ballooning

Other than the above, look for an insurance company that has a high claim settlement ratio (CSR) while comparing. CSR determines the ability of a company to pay you claims in times of need. A high CSR is a good indicator of the company’s claims track record. CSR is published in an annual report at the end of every financial year by the Insurance Regulatory and Development Authority of India (IRDAI).

While looking at the company’s profile, go for one that has a strong online presence. A robust website, customer support system, FAQ pages, mobile app, and a frequently updated knowledge centre points towards a consumer-centric approach, that is, lots of convenience for all insurance needs.

Related Article:

Road Accident Statistics : A Grim Picture
Road Rage Issues in India

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