Let’s start with simple question, are you and your family financially protected from unfortunate unseen and unpredictable Events? If your answer is yes then how?
Many of you would say that “I have Mediclaim” (health insurance policy) and those who don’t have health insurance kindly read our blogs on health insurance to get insight on health insurance.
Now can we say that health insurance is enough to protect you from all unfortunate financial event?
Health insurance help us to pay our medical bills before and after admission into hospital. It is a reimbursement policy, i.e., the expenses are reimbursed. However, when a breadwinner is admitted to the hospital, they are not able to work, resulting in a loss of income. Disability can also cause income loss, whether it is permanent or temporary. While health insurance may cover the medical bills, it does not compensate for the loss of income due to disability.
That is where personal accident and disability insurance plays a role.
Why Personal Accidental Insurance is Crucial?
Personal accidental insurance provides financial protection in case of accidental injury or death. Below are some points that will help us understand the need of Personal Accidental Insurance.
1. Covers loss of income due to certain unforeseen events:
Personal insurance also covers income loss caused due to unforeseen events such as accidents, disability, and critical illnesses, providing you with financial support during difficult times.
2. Provides peace of mind:
Accidents can happen any time. having a financial protection in such an event provides piece of mind to the insured.
How to Plan for Personal Accidental Insurance?
Here are some steps that will help us to plan in an efficient manner.
1. Analyze one’s requirements:
Start by assessing your insurance needs based on your lifestyle, occupation, family situation and standard of living. Consider the type of coverage you need and the amount of coverage required.
2. Compare available policy options:
Compare the features, benefits, and limitations of each policy to make an informed decision.
3. Check the claim settlement ratio of the company:
The claim settlement ratio shows how many claims are settled by company out of all claim requests received. Higher claim settlements indicate a company is settling high claims, and vice versa. It’s suggested that anything above 90% is credible.
4.Disclosed material fact:
It is crucial to disclose all relevant information when buying Ginsurance to prevent claim denial and immediate policy termination.
5. Read the policy wording carefully:
Most often, we sign documents without actually reading them. However, this approach is risky, and we might deal with significant problems in the future. We recommend you read the terms and conditions of the policy before signing the application form and making the payment.
6. Review your policy:
Review your insurance policy regularly to ensure that it still meet your ends. It’s important to regularly review and update your insurance policy as necessary to ensure that you have adequate coverage for any changes in your life, such as a new job, the purchase of a home, or the birth of a child.
It is essential to have personal accidental insurance to ensure that you have adequate coverage to suit your needs. It is crucial to evaluate your requirements, explore various policies and providers, and periodically review your policy as necessar