ATK
New Delhi [India], March 17: It is easy to buy a health insurance plan, but choosing the right one that meets your requirements can be daunting. The insurance market is replete with providers selling plans with great features and benefits. When searching for a plan, we often look at the long list of inclusions and the premium amount to make the final decision. However, it is equally important to read the fine print to understand the policy's terms and conditions. Being completely informed about the plan will help you avoid shocks during medical emergencies.
Let's better understand the fine print in accidental health insurance plans.
Understanding Accidental Health Insurance
Accidental health insurance, also known as personal accident insurance, provides financial protection to the policyholder in case of injuries, disability, or death due to an accident. While a regular individual health insurance policy covers hospitalisation expenses due to injuries, illnesses and accidents, personal accident insurance covers only accidental injuries or death.
What is Covered in Accidental Health Insurance?
* Accidental Death: If the insured dies in an accident, the nominee will receive 100% of the sum insured.
* Disability Benefit: Depending on the extent of disability caused by an accident, the insured will receive a percentage of the sum insured as specified in the policy. The disability must be certified by a registered medical practitioner. The amount of compensation can vary from insurer to insurer.
* Accidental Hospitalisation: In case the policyholder needs hospitalisation because of an accident, insurance will cover the expenses up to the sum insured. However, a minimum of 24 hours of stay at the hospital is required to claim compensation.
* Lost Income: If the insured is unable to rejoin work due to the accident, it would mean loss of income because the insured has to quit the job or go on unpaid leave during the recovery period. In the absence of a regular income, it can be stressful to manage household expenses. To ease the financial burden, insurance will compensate the loss of income as per the policy terms and conditions.
* Children's Education: If, unfortunately, the insured meets with accidental death, insurance will provide a lump sum payment, which can be used for the education of dependent children.
What is Not Covered in Accidental Health Insurance?
Your claims can be denied if the incident is not covered in the policy. So, it is important to be aware of the policy exclusions, such as:
* Self-inflicted injuries are not covered.
* If you get injured or die while participating in high-risk activities like scuba diving, bungee jumping, skiing, etc, it will not be covered.
* Injuries sustained in a suicide attempt are excluded from coverage.
* Accidents resulting from participation in criminal activities are not covered.
* If you get injured under the influence of alcohol, drugs or intoxicating substances, insurance will not cover the loss.
* Pre-existing injuries, injuries related to pregnancy, childbirth, infections and diseases.
Reading the Fine Print is Important
Accidents are uncertain. It can be fatal, lead to disability and loss of income if the insured cannot rejoin work permanently or for a prolonged period. Considering the rise in road accidents in India, it becomes crucial to buy personal accident insurance for financial security against unforeseen events. However, accidental health insurance plans also come with certain exclusions and terms and conditions. To ensure you make the best use of the policy, it is important to understand the plan details, which will be mentioned in the fine print of your policy.
Conclusion
Before buying accidental health insurance, understanding the fine print will help you know what is covered and what is not. Based on the coverage, benefits and cost, you can choose a personal accident insurance policy that best meets your requirements. The standard health insurance policy will cover accidental emergencies, but accidental health insurance plans have additional benefits such as compensation for lost wages, death and disability benefits.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)
