How to Choose the Right Personal Accident Insurance Policy?
Image Source: Canva
Image Source: Canva
1. Coverage
Check for an insurance policy that provides comprehensive coverage for accidental death, permanent disability and temporary disability.
Image Source: Canva
Image Source: Canva
2. Sum Insured
The sum insured should be adequate to cover your needs. Consider your lifestyle, occupation and other factors when choosing the sum insured.
Image Source: Canva
Image Source: Canva
3. Premium
Compare premiums and benefits from different insurance providers to choose the best policy.
Image Source: Canva
Image Source: Canva
4. Exclusion
Be aware of the exclusions in the policy. Make sure you understand the circumstances under which the policy will not provide coverage.
Image Source: Canva
Image Source: Canva
5. Claim Settlement Ratio
Check the claim settlement ratio of the insurance company before purchasing the policy. A higher claim settlement ratio indicates a better track record of settling claims.
Image Source: Canva
Image Source: Canva
6. Add-on Cover
Some policies offer additional benefits such as accidental hospitalisation coverage or ambulance charges. Consider adding these covers if they are relevant to your needs.
Image Source: Canva
Image Source: Canva
7. Renewal
Check the renewal terms of the policy. Look for policies that offer lifetime renewal so that you are covered for the long term.
Image Source: Canva
Image Source: Canva
8. Reputation of the Insurer
Choose an insurer with a good reputation in the market. Research the company’s history and read customer reviews to ensure that you are choosing a reliable insurer.