Personal Accident Insurance: A Holistic Analysis!

While one generally doesn’t attach that much of importance to the accident induced critical situations in comparison to that of diseases, it is high time we realize how vital it is to have access to adequate personal accident insurance cover. Accidents can happen at any time and anywhere and it can get really ugly when one is unable to make ends meet during some urgency in a relatively short notice. The uncertainty of accidents coupled with the alarming rise in accidents on roads on a daily basis is the primary reason behind it being a potential threat to encourage one to avail an adequate personal accident policy, well in time. However, while buying insurance too it has become extremely important to get your facts right, analyze the different aspects and duly compare the varied plans offered by different insurance companies prevailing in the industry so to make an informed decision and select the best one.

Let’s have a look at some of the significant aspects of personal accident insurance, a few critical points to keep in mind before buying a particular policy.

1. Monthly Premium- It is the elementary criteria to consider as it can drastically affect your overall monthly expense, which is a key thing for most people belonging to the middle class and lower middle class strata. Thus, not only the monthly premium should be affordable for the buyer but one also must analyze that the corresponding benefits the policy offers are relevant as well as justified by the amount.

2. Elements Covered- While the increased number of features may attract one at the surface level but it is important to factor in the need and relevance for those in one’s particular case and thus, pay accordingly for the required elements instead of paying a higher premium for the unnecessary features.

3. Market Goodwill- This is another vital point to keep in mind and buy personal accident policy only from one of the reputed names in the insurance market, which share goodwill with customers and investors alike and are more likely to give better service including during the time of claim settlement.

4. Spheres Covered- Again, depending upon the need, it is also a good thing if the insurance availed covers ground on both national as well as international territory so as to cover all possible costs under personal accident insurance.

5. Family Benefits- This makes a highly vital consideration for any individual to see if the amount of benefits provided to one’s family members in case of an accident, particularly a fatal accident or for personal disability, are good enough and provided in a hassle free manner.

6. Group Personal Accident Insurance Cover- While making due comparisons, the buyer must also take into account if some group accident plan may benefit more in terms of better features at a compiled lower cost in totality.