GENERAL INSURANCE BLOG

What do you think personal accident insurance is? A policy that will take care of your monetary needs if you ever get into an accident or a tool with economic benefit?

Here’s the answer: A personal accident policy is a tool that serves you beyond economic gains. It insures you against death and / or different disabilities, in case of an accident.

In layman’s term, a personal accident insurance policy is a safeguard against any expenses or losses that may incur due to an accident. These expenses can be of the victim or the compensation given to the third party for the losses incurred due to the accident.

Sound important, right? Now that you understand its significance, we’re sure you would want to understand more about how this tool works for you and its benefits. Let’s get started!

What are the types of Personal Accident Policy?

There are two main categories of accidental insurance policy:

a. Individual accident insurance: This policy covers the insurer under circumstances like loss of limbs, vision, or accidental demise of an individual due to accident.

b. Group accident insurance: Group accident insurance is the plan normally offered by organizations to their employees. These insurance claims have limited features and are very basic in nature.

What coverage do you get under this policy?

ccidental Death: A The total sum assured goes to the name of the nominee, in case of accidental death of the policyholder.

Permanent Disability: In case of a permanent disability caused by an accident, the policyholder is entitled to receive a pre-agreed amount.

Permanent Partial Disability: If the accident causes either partial or permanent damage to the insured, the policyholder is entitled to receive 100% benefit of the sum assured.

Temporary Total Disability: If the policyholder meets an accident that causes them to be bedridden for a short span, a pre-agreed amount will be paid to the policyholder.

How does a personal life insurance policy work?

When you buy an accident insurance policy, you will be informed of the procedural aspects of how the claim is to be made for the policy whenever any accident or mishap happens. The procedure explained below is the basic procedure of making claims. There are going to be certain discrepancies in each of the companies’ claim processes. They are not universal.

1. Right after any mishap occurs the first thing you need to do is inform your insurance provider’s customer service. You need to give them the necessary details of the accident.

2. The next thing that will take place is that they will ask for your insurance documents; any family member of yours can provide them. After verifying the documents, the company will immediately carry out an initial inquiry about the accident.

3. They will ask for your claim form after their preliminary inquiry.

4. The rest of the documents like identification, disability certificate (in case of any), next of kin details, etc., are to be submitted to the agent handling your claim.

5. The primary inquiry and scrutiny about the accident are done at this stage. After completing all the paper formalities, the agent conducts a detailed investigation regarding the accident.

6. The final decision of the claim depends on the previous step.

Benefits of personal accident insurance policy-

1. Monetary- Kind of obvious! The major benefit of a personal accident insurance Personal Accident Insurance policy is in monetary terms. This policy covers your hospital expenses to third-party damages. Other perks of having a personal accident insurance policy are disability compensation, vehicle modification, and even family transportation! This is just basic. Truly speaking you cannot even imagine the advantages best personal accident policy in India provides.

2. Psychological- When the personal accident insurance policy covers your huge hospital bills, you are tension-free. Accept it or not! You are relieved at some level, at least psychologically. The perks in monetary terms directly affect the psychological state of the victim and his family.

Final Words

Remember, Insurance policies are not just any decision in your life. It is the decision that will have a huge impact on your as well as your family’s future. Make sure that you choose the option of the best personal accident policy in India. All the best!

Health insurance is a policy that provides financial cover for your medical expenses. It includes both pre-emptive medical care such as routine medical checkups and tests and costs incurred after someone gets sick or in case of some medical emergency. Your health insurance provider reimburses these medical bills.

With the development of the internet, the entire buying, renewal, and maintenance of your insurance policy has shifted online and has become more streamlined and convenient. Further, the advent of technological development has also favored cashless modes of premium payment.

In this article, we will walk you through all the basics that you need to know about health insurance. This way, you can easily navigate through different policies and come across the best Health Insurance in India, to match your needs. Let’s get started…

Major Factors to Consider Before Buying a Health Insurance:

● The policy holder’s requirements (size of the family, members of the family, specific allergies, ailments, and diseases)

● Policy limits (possible advantages, disadvantages)

● Type of plan (Bronze, Silver, Gold, Platinum)

● Market credentials of the insurance provider

● Whether or not the insurance has a cashless network

Basics of Health Insurance

A health insurance doesn't cover all the costs, it only covers what it calls the ‘out-of-pocket’ expenses. These policies are formulated in such a way that it shares costs. After reaching the out-of-pocket limit, the insurance pays the entire cost.

Ways of Cost Sharing Between the Policy Holder and the Health Insurance

There are several ways in which an insurance company shares costs. Each way constitutes a different type of insurance policy. Here are some features of your policy that you should know about:

● The out of pocket limit

● The deductible

● The co-insurance

● The co-payment

Did you know that a cashless claim settlement brings in more money, when compared to other modes of payment? It is useful to keep these little tips in mind before buying and selecting a health insurance policy.

Other Things to Keep in Mind:

● Crucial benefits that are offered to each policyholder

● Should be affordable as per your income

● Certain government-mandated federal standards

● Consumer protection laws

Who Should Purchase Medical Insurance and Why?

Everyone should have health insurance. Medical emergencies and problems are often unforeseen and it is highly unlikely that an average person has a substantial amount of money saved up at all times. Moreover, medical costs are too high, and one usually cannot cover it by themselves. These bills are also directly linked to several financial problems.

Various groups that should invest in health insurance:

● Students: Students can avail their parents’ health insurance till the age of 26. Universities often offer the right health insurance plans. Students who go away to college in a different state should avail of this insurance since their parents’ insurance might not work in another state.

● People with families: Family plans usually have individual as well as family deductibles for each member. The insurance comes into force only after the deductibles have been met.

● People who fall in the lower income slab: Health insurance policies are the best way to cover your costs, without burning a hole in your pocket. People who fall in the lower income slab should consider using this tool to prevent financial losses.

● People who are pregnant: All health insurance policies cover pregnancy and certain prenatal as well as postnatal procedures. Childbirth and maternity care count as essential benefits, and everyone who is pregnant should get a chance to avail of it.

● Senior citizens: All senior citizens, i.e. people of the age 60 and above qualify for the government-mandated health insurance plans.

● People in the military: All active military officers get their health care and their family’s health care subsidized by the government.

● Married people without children: These couples could purchase individual insurance plans instead of a complete family plan. One could also depend on their spouse’s employer’s insurance plan if such a situation exists.

Conclusion

Having health insurance offers loads of benefits. From the above guide, we hope that your doubts about health insurance are solved. Secure yourself today by getting health insurance. Moreover, as you age, health insurance becomes even more important.

Health Cover, is it an option or luxury? Well, it’s a necessity! Having a financial tool that covers your medical bills & saves you from a hole in the pocket is a must.

To begin with, what's a health cover?

Insurance policies are oriented towards your fitness and give coverage to your medical bills and expenses on a payable premium. These health covers are the best ways of saving your big hospital bills, and with passing times, it's turned into more of a necessity.

If you haven't invested in a medical cover, it isn't too late to buy health insurance online. >And if you don't have enough reasons to reflect on why you need one, let's quickly run into some of the essential reasons:

1. Covers All Your Medical Bills:

Here's the top reason why health covers are looked up to by most individuals, it covers all of your unexpected hospital bills. Whether you're pregnant or are considering getting operated on, you no longer need to deal with sky-high hospital bills. It also helps plan your savings better, since you won't have to dig out large medical expenses.
Further, considering some of the best insurance policies that cover hospital bills and other additional expenses oriented with your checkups post-surgery, bills spent on medications, therapy sessions, and much more; it gives you an outstanding deal. It is also believed as the most profitable way of administering your health and fitness, and further keeping it under check.

2. Compare & Choose The Best:

With a wide array of insurance policies facilitated by different providers, you've got comprehensive plans to choose from. Every single policy offered by each provider varies so incredibly that you might want to take your time considering each segment or option that relates to your requirements. Another advantage is that you can also alter or modify a policy as per your needs. Likewise, the premium payable and coverage extended would differ depending on the categories of medical conditions, illnesses, etc., laid down by your health cover.

3. Best Form Of Investment:

If you haven't known this yet, a health cover is a form of medical investment that's sure to bear you excellent and reliable returns in the form of the coverage amount. The market for investments is so broad and prospering, yet medical insurance turns out to form such an inevitable part of it. If you're someone seeking to buy Health Insurance online, you will come across many distinct policies offered even by the same provider. The potential market that it has taken up, proves its ability to benefit you immensely.

4. Tax Benefits:

Talking about how a health cover can benefit you, it isn't just limited to the fulfillment of free medical bills but extends to more leveraged advantages. Have you thought about the amount of money you can save on compliances like tax obligations with your health covers?
Well, you can consider it now! With tax benefits, you can invest in health cover and enjoy the dual benefits of coverage over medical bills and savings made on tax payments. Under the legal compliances, you can get up to Rs. 25,000 as an insurance benefit. This implies if you apply for medal insurance for your entire family of 5, it can reduce your tax obligation by Rs. 1,25,000.

5. Other Benefits:

If you're under the impression that free medical treatment and tax waivers are the only benefits that health covers extend, you’re wrong. While there are numerous policies and providers, their claims, coverage, premium, and other features differ substantially. Some policies cover charges for the ambulance services, expenses post-medical treatment, lower or no limits on the bonus, or discounts implied on your coverage. All of these benefits brought together, make for the ideal health insurance plan.

Conclusion

One can't quite emphasize the need to take a health cover, without giving much attention to your fitness. After all, your well-being is the epicenter of all your day-to-day activities.

Quick Tips before you buy health cover:

● Check the limits and sub-limits.

● Have a look at the options available.

● See if you can get discounts.

● Compare the different quotes by different insurance companies.

Accidents can happen at any time and are often uninvited. Since such events can have a tremendous effect on your financial health, having personal accident insurance is your key to ensure financial assistance for your family and your treatment.

Applying for personal accident insurance in India is convenient and comfortable as the process can be completed online. But do you know the procedures to claim the insurance facilities after an accident? If not, then here are the instructions.

What are the Steps to Claim a Personal Accident Insurance?

Personal accident insurance in India, can be availed over multiple plans. But the standard features are to assist the treatment of the injured, provide financial aid to the family (depends on the seriousness of the accident), and take steps to repair the damaged vehicle. Now, let us see how you can access these facilities when you face an accident.

Here is a step-by-step instruction to claim Personal Accident Insurance In India:

● The first task is to report to the nearest police station about the accident and collect an FIR copy.

● The next step is to immediately call up the insurance policy provider and report the accident.

● You may also choose to report the insurance provider online by notifying them on their official website.

● One of the employees will then visit and check the condition of your vehicle.

● The insurance company will send the vehicle for repair.

● After the company approves your claim, it will pay all the bills, and you can simply relax.

● Personal accident insurance in India also identifies if any person gets injured. It pays for the treatment of the wounded person as long as he needs it.

But there are some conditions that you need to follow to get the facilities. Let us look at some of those.

List of information required to file your claim successfully:

● Insurance policy number

● Name of the person who owns the insurance policy

● Registered mobile phone number

● Accurate date and time of the accident

● Number of damaged vehicles

● Specifications of the vehicle

● A description of exactly how the accident happened

● Name of the driver

● The insured person's details should be provided if the injured person is not the same

You have to be careful about giving out the correct information. Otherwise, the company may decide to reject your claim.

List of documents you need to get the insurance facilities:

● Fill up the claim form and sign it properly

● A copy of the FIR filed at the local police station

● Registration certificate of the insurance

● A copy of the driving license

● An idea of the repair needed to the vehicle

● An estimate of the injuries and treatment required

There can be many other documents that you may need to submit. The procedures vary from company to company.

Tips to Avoid the Rejection of Your Claim

To avoid insurance rejection, you have to follow some common points. You should not risk it and make a strong case. Provide all the information to support the incident.

Here are some tips that can help you to avoid rejection of personal accident insurance in India:

● Provide some photographs and videos of the vehicle and the injured person as supporting evidence

● If there is any witness, provide his details to the insurance provider

● Don't miss out on informing the police, as providing a copy of the FIR is mandatory

● Don't be late. There is a time limit within which you need to report the accident. Report it as soon as possible

● Don't exaggerate the condition. Tell the truth to the insurance provider. If they find you deceptive, they will immediately reject your claim

● Don't decide anything before informing the insurance company. Let them examine and do the needful

Conclusion

Now that you understand all the essential steps required to file a claim, we hope that you get your accounts settled without much hindrance.

Lastly, here are a few takeaways to add value to your readers:

● Ensure that you click pictures of damages and injuries to submit as proof

● Note down the name and number of any witnesses present on the spot (if available)

● Don’t refrain from lodging an FIR

● Be honest about the entire incident, don’t try to lie or cook up the incident

● Ensure that you file the claim in the suggested time limit by your provider