Personal accident insurance is a type of insurance coverage that offers financial security to you and your family in case an accident leads to bodily injuries in the form of permanent disability (partial/total) or death.
Simply put, if an insured individual becomes permanently disabled due to an accident, or it sadly results in their death, then the insured individual’s family will receive financial compensation under this insurance policy.
Read this article to learn how to choose personal accident insurance so that you can navigate the options and secure comprehensive protection against unexpected accidents.
5 Essential Factors to Evaluate When Selecting Personal Accident Insurance
Understanding these factors, from assessing coverage benefits to evaluating premiums, ensures you find the best accidental insurance plan tailored to your needs.
Policy Coverage
The first factor to consider when it comes to selecting a personal accident policy is the coverage provided under this insurance policy and its limits. Find out what amount of sum insured will be provided to you in case of permanent disability/ death. Moreover, check if the insurer offers compensation for the carriage of mortal remains or not.
At Reliance General Insurance, we aim to provide you with worldwide coverage for financial compensation because we understand that accidents can take place anywhere.
Our policy offers you 100 per cent of the Base Sum Insured in case of death, permanent total disablement and loss of two limbs/two eyes or one eye and one limb, as per policy conditions.
Policy Exclusions
You must compare accident insurance policies to determine the exclusions in each policy. It will help you evaluate the coverage limitations of each personal accident policy so that you can select the one that provides maximum coverage in case of an accident.
Reliance Personal Accident Insurance policy excludes death or permanent disablement due to accidents such as suicide or suicide attempt, natural death (not under the influence of drugs or intoxicating liquor), death due to diseases like AIDS/HIV, war and nuclear perils and childbirth or pregnancy.
However, you can opt for our
Reliance Personal Accident 360Shield to avail financial coverage for miscarriage due to an accident.
Premium Costs
When looking for the cheapest personal accident insurance, you have to consider the premium cost of this policy. Factors like your age, type of occupation (low premiums for low-risk occupations like teachers, lawyers and bankers and high premiums for high-risk occupations like mountaineers, journalists and employees working in explosive industries), and your income level affect your premium cost.
Factors like discounts and benefits on the sum insured should be considered before making a decision.
Reliance Personal Accident Insurance not only gives you the benefit of a low premium for substantial coverage, but it also offers a Cumulative Bonus of 5 per cent on the Base Sum Insured for every time you renew our policy after a claim-free year.
This Cumulative Bonus can reach up to 50 per cent of the Base Sum Insured during subsequent claim-free policy renewals.
Claim Process
When understanding how to choose personal accident insurance, you must consider that it is pointless to invest in a policy that does not assure you of financial compensation for the genuine claim you make. Again, this claim settlement process has to be quick and simple, as it will help you receive reimbursement at a faster rate.
Reliance General Insurance settles 100 per cent of its claims, and our
claim settlement process is quick and seamless, ensuring that you receive financial compensation as soon as possible.
Reputation of the Insurer
While making a personal accident insurance comparison, it is obvious that you opt for an insurer with a reputation for reliability and good coverage options. Always opt for an insurer with higher claim settlement ratios, lower premium costs and convenience in filing claims with zero paperwork while providing you substantial coverage.
Reliance Personal Accident Insurance policy comes with the benefit of a Free Look Period, in which you can take your time to be fully sure that you want to purchase this policy. This 15-day period starts from the day you buy this policy, allowing you to review our entire policy to re-confirm that you wish to continue with the policy after reading all our policy terms and conditions.
Moreover, we provide payment for the education of two dependent children in case of the policyholder’s death. And when it comes to financial coverage under this policy, we provide round-the-clock and worldwide protection. Also, you do not require medical tests or extensive documentation to avail of this policy.
Why is it Necessary to Buy a Personal Accident Insurance Policy?
The
importance of personal accident insurance goes beyond financial compensation; it offers the relief that comes with knowing that your family will be safeguarded economically, even if the breadwinner is unable to provide financial support.
The best accidental insurance plan highlights the importance of purchasing this policy. It acts as an additional safety cover, ensuring financial security during costly medical emergencies. In case of permanent disability, this policy provides your family with financial protection, mitigating the loss of income.
The policy also covers your child’s education expenses in case of death or disability, offering peace of mind by ensuring all financial obligations are met, all of which factors are covered under the Reliance Personal Accident Insurance policy.
Conclusion
Now that you are well informed about what factors to consider and how to evaluate these factors for maximum financial protection in case of an accident, it will be convenient for you to come to a decision when choosing a
personal accident insurance policy.
Reliance General Insurance offers extensive health plans to meet financial requirements of all kinds when it comes to medical expenses. You can go through our official website to learn more about our different health plans. And if someone in your family is suffering from a critical ailment, you can consider our
critical illness insurance for quality medical care for their treatments and other medical expenses.
Frequently Asked Questions
Is personal accident insurance required for someone who spends most of the time at home?
Yes, because accidents can happen anywhere and at any time. Natural disasters, motor accidents, rail accidents, etc., are examples of various unexpected situations that may negatively impact your life. However, instead of getting stressed or intimidated, you should find ways to avoid financial drainage during such times. Investing in a personal accident insurance policy is a good way to pay for the expenses incurred during such a crisis.
Is it necessary to buy personal accident insurance if one has already invested in a health insurance policy?
A health policy generally provides reimbursement/compensation for expenses related to medical care and hospitalisation. However, with a personal accident insurance cover, you can protect yourself and your family against the financial risk that comes with permanent disability or death due to an accident.
If an individual is a regular overseas traveller, can they benefit from a personal accident insurance policy?
This insurance policy provides financial coverage worldwide, provided you choose an insurer that offers such wide coverage. Always remember to check policy details for coverage, exclusions and other information instead of making a rash decision and regretting it later.