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5 Things to remember when buying a personal accident insurance policy

Accidents can happen to anyone despite taking the best precautions. However, a good personal accident cover can financially secure the policyholder in the event of an unfortunate accident. This post discusses some vital tips for buying a good personal accident cover.

A personal accident insurance policy provides financial protection against the death, permanent or temporary disability caused to the insured person due to an accident. People who are financially aware know the importance of personal accident cover in ensuring a family’s financial security in the event of an unfortunate incident.

However, many people may be overwhelmed by the numerous choices when purchasing a personal accident cover. Don’t worry; we’ve compiled the following tips to help you choose the right personal accident cover among various offerings.

1. Sum assured and the benefits

Sum assured is the amount of money the insurer pays to the insured person or the nominee in the case of a claim. The sum assured amount and the benefits can differ among insurance providers. So, check what your insurer offers against the premium you will pay.

2. Claim settlement method

Understand the claim settlement process and the documents required while filing a claim. Enquire about the TPA (Third Party Administrator) involvement and track record in settlement of claims. Besides, the claim settlement method can also differ from one policy to another.

For instance, some policies may pay the insured amount in a lump sum, while others may choose to pay you periodically. Alternatively, some policies can offer a combination of both lump sum and monthly payouts. The payout method is clearly defined in the policy document and deserves your attention when buying the policy.

Irrespective of the payout method, the claim settlement process should be quick and hassle-free.

3. Family cover

You can include your family members in your personal accident insurance by opting for the family cover. This add-on rider can ensure total insurance coverage for the entire family. Check the benefits and individual coverage offered to each family member. You can always purchase a separate personal accident plan if you're unsatisfied with the family cover.

4. Hospitalisation cover

A personal accident cover should have the cashless claim settlement option during hospitalisation. Moreover, a cash amount can be very helpful in meeting the sundry expenses during hospitalisation. So, ensure that the personal accident insurance covers hospitalisation with a daily hospital cash allowance. Additionally, a good hospitalisation plan can pay a fixed sum on hospitalisation as a convalescence benefit.

Besides, ensure that the plan covers ambulance charges, medicines, and other important hospitalisation benefits.

5. Know the non-admissible expenses

Non-admissible expenses are a set of expenses that are not included in a personal accident cover. This may include death due to self-inflicted harm, voluntary drug overdose, war/war-like activities, insanity, breach of the law, etc. The list of exclusions can differ among the insurance providers.

Therefore, it’s crucial to know beforehand about the exclusions. Read the policy document to know the list of non-admissible expenses to avoid confusion or unnecessary hassles while filing the claim.

A good and adequate personal accident insurance plan can greatly help with a medical emergency. With proper awareness, you can gift the right personal accident cover to yourself and your loved ones. We at Kotak, offer personal accident cover upto 15 lakhs with all our comprehensive insurance plans. Stay safe and protect yourself and your loved ones with the right personal accident cover to enjoy a stress-free life.

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Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.


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