What Do You Need To Know About Accidental Health Insurance

Given the uncertainty of life in today’s day and age, getting insurance has become more of a necessity than a luxury. And with the ever growing number of accidents happening these days, it is high time we take a cue from it and at least get a accidental health insurance to cushion the blows if we cannot prevent it.

However, like with everything else, half knowledge in this department could prove to be disadvantageous. Hence, it is very important to thoroughly study the terms and conditions of the policies before choosing the best accidental insurance plan.

Accident Insurance Meaning

Accidental insurance policy is a type of policy that covers medical expenses occurring out of injuries or death due to accidents.

Let Us Look At A Comprehensive Checklist To Aid You In Your Research

●     Reputation Of The Insurance Company

The first and foremost point to be considered in your quest to pick the best accidental insurance plan is the repute/goodwill of the said insurance company. Some ways of evaluating this could be to check the following:

➔    Claim settlement ratio - these statistics indicate the total number of claims successfully settled by a insurance company. So, the higher the claim settlement ratio, the better.

➔    Feedback - you could check the general reactions of the clients of a company online, on the testimony section of their website or by word of mouth to gauge their general reputation in the market.

➔    Customer Support - one of the simplest ways of judging the goodwill of a company is to evaluate whether their customer support is prompt and more importantly available round the clock for quick service.

➔    Quality ratings - this can be analysed online. Higher, the better.

➔    Cost effectiveness - weather the premium paid is worth the overall accidental coverage provided by the insurance company.

●     Policy Coverage

It is very vital to ensure that your accidental insurance policy covers all the possible accidents that may occur at home as well as workplace in your day to day life. Some examples being:

➔    Road accidents

➔    Rail accidents

➔    Natural calamities

➔    Terrorist attacks

To ensure efficient personal accident insurance policy comparison, make sure you read the glossary document of the accidental health insurance plans very carefully.

●     Premiums

Premium is a fixed amount that is to be paid periodically to the insurance company to maintain the validity of your policy and coverage.

The value of premiums is calculated on the basis of the total sum insured, duration of policy and add ons that you may have opted for for more coverage. It is very crucial to determine the total sum to be insured based on your current income, potential income in future and the degree of liability.

Additionally, some companies even offer customised insurance plans and premiums to suit an individual's budget requirements. 

Ideally, there should be a reasonable balance between the coverage provided by the company and the premium charged in your accidental insurance policy.

●     Policy Inclusions

It is imperative that you study even the most minute details about the inclusions in your accidental health insurance policy to avoid any future disappointments. Some likely examples being:

➔    In some accidental insurance policies, hospitalisation is only covered if the victim is admitted within a certain period soon after the accident.

➔    Whether a policy covers partial dismemberment or only total disability.

➔    If a policy covers temporary disabilities like fractures as well as permanent disabilities like paralyses.

After detailed assessment, if you happen to find any loopholes in the policy or have any doubts regarding any clauses, then you should get the clarifications from the insurance company. This will go a long way in helping you choose the best accidental insurance plan.

●     Policy Exclusions

Arguable the sneakiest clause in any accidental insurance policy is their exclusions! This is also one of the main reasons for claim rejection by insurance companies. Some of the examples of common rejections by accidental health insurance companies could be:

➔    Most don’t cover on duty death of police officials in spite of charging them a higher premium due to their profession.

➔     Non coverage of accidental death if the cause of the accident is a drunk driver.

➔    Accidents occuring while participating in adventure sports.

➔    Suicide or an attempt to commit suicide.

➔    Deliberate self harm/injury.

➔    Mental disorders.

➔    Accidents under the influence of drugs/liquor.

➔    Venereal diseases.

➔    Accidents during nuclear wars.

➔    Death or disability during Childbirth /Pregnancy.

So, it is imperative to do a thorough research in this department in your personal accident insurance policy comparison.

●     Abroad Coverage

It is important to ensure that your accidental health insurance policy provides complete coverage even while you are not in your residential country for any purpose.

●     Additional Benefits

A good accidental health insurance policy will have inclusions for your family as well like child education support in the event of a major accident, daily allowance during hospitalization etc to cushion the blows of an unexpected and unfortunate accident in more ways than one.