Having proper family or personal accident insurance is very important to safely ride on Indian roads. It also provides wide coverage against severe injuries, loss of income and many more. Having a family health insurance plan also perfectly takes care of all the medical requirements of your family members. All you need to do is to look for a reliable health insurance provider to choose the ideal plan that fits your needs. You can very well invest with Bajaj Allianz or Aditya Birla health insurance plans, which are top-selling in the Indian market.
If you are wondering what are all the essentials you need to check before buying a family or personal accident insurance, here is a detailed insight about it. Check to know more!
Things to consider while buying Accident Health Insurance
The following factors will assist you in choosing a personal accident insurance or family health insurance plan:
Insurance coverage refers to the amount of risk or liability covered by an insurance policy. You should ensure that your personal accident insurance policy covers possible accidents resulting from your daily activities. Additionally, if you travel abroad a lot, make sure you have worldwide coverage in addition to the other coverages you need in your policy. You can also opt for extensive family health insurance plans to safeguard the needs of your family in the best way possible.
Sum insured is the term used to describe the maximum amount that an insurance provider will pay out during the policy’s period. Any medical costs that exceed this cap must be paid for by the policyholder. Consequently, it is wise to select an accident policy that gives a sum insured of a sufficient amount. You should also consider your age when setting the sum insured for your personal accident insurance. As you get older, your medical expenses may also go up, so you should make sure the sum insured you choose provides adequate coverage.
A premium is the amount of money paid to an insurance provider in exchange for insurance coverage. The coverage scope depends on the terms defined in the policy document. You should make sure that you get the maximum coverage for the amount you spend on your plan. Also, avoid buying the cheapest plans, since they may not provide adequate coverage when needed. The majority of the family health insurance plans have an affordable premium range which will be comparatively economical for you.
An insurance policy includes a set of scenarios for which it provides coverage. When choosing a Personal Accident Insurance policy, make sure that it covers the most probable accident scenarios. In this context, this refers to accident scenarios that are covered by your policy.
There are certain scenarios that are excluded from an insurance policy. Check the policy document carefully to determine which exclusions apply to you. Generally, certain exclusions can be covered by paying a higher premium. Make sure that the likely accident scenarios based on your requirements aren’t excluded.
For insurance companies to settle bills on behalf of their policyholders, they have partnerships with certain hospitals known as network hospitals, which accept cashless payments. Usually, you can find the list of network hospitals that your insurance company has tie-ups with on their website. Make sure your insurance provider from whom you buy family health insurance plans has a reliable network of hospitals.