September 21, 2021

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Master Of Magazine

5 Features To Seek In A Personal Accident Insurance Provider

3 min read
Personal Accident Insurance

Life has a way of taking sudden twists and turns when we least expect it to. It is therefore prudent to be prepared to face any situation, come what may. The best way to be ready to face life’s sudden emergencies is by being financially secure. And, the right way to secure your finances is through adequate insurance coverage.

Each of us needs a well-planned insurance portfolio that consists of several products that come together to provide adequate coverage. While most of us do buy health insurance and life insurance, relatively fewer focus on the equally essential personal accident insurance policy. 

What is personal accident insurance?

Personal accident insurance is a type of policy that provides coverage for accidental death, total/permanent disability, or temporary total disability. The coverage can truly come in handy as a replacement for income lost due to an accident. Personal accident insurance plans also offer more benefits such as coverage for the education of dependent children and ambulance costs, among others.

Features to seek in an insurance provider

As we can see, a personal accident insurance policy can truly come in handy during a sudden crisis. We can often plan medical treatments and arrange finances accordingly. However, accidents and mishaps occur unannounced. Therefore, you must have personal accident insurance to protect your hard-savings during such unfortunate times. 

Now, it is also important to choose an insurance company wisely. In order to help you with this, we have listed 5 features that you must seek in a personal accident insurance provider. 

1. Wide scope of benefits

Choose a provider who offers you a personal accident insurance policy with a truly wide scope of benefits. Apart from the assurance of 100% sum insured being paid out for accidental death or permanent/total disability, you must also receive employment benefit and education benefit in the event of a mishap that leaves you unable to earn. Also, choose a policy that gives you cumulative benefits. 

2. Global coverage

The insurance provider should ideally offer you global coverage so that you can make a claim even if an accident occurs overseas. This is an important point to keep in mind whether you travel occasionally for a holiday or frequently for work. 

3. Affordability

While price should never be the only consideration when buying insurance, it certainly is an important one. Choose a provider who offers you a personal accident insurance plan with the benefits you want at a price you can afford. 

4. Good customer reviews

Make sure to read the customer reviews of the insurance company. Apart from checking reviews on the provider’s own website, make sure to read reviews that have been posted on online forums. Do note whether multiple customers seem to complain about the same issues with the insurance company. 

5. Claim settlement ratio

It makes sense to also check the insurance provider’s track record for claim settlements. Look for a high claim settlement ratio. This indicates an insurance company that you can depend on. The claim settlement ratio can be found easily online and is also usually given on the insurance company’s website. 

These are the main features to keep in mind when selecting a personal accident insurance provider. Make sure to tick all of these off your list before purchasing your policy. All the best!

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