best personal accident insurance

What Is A Good Personal Accident Insurance Policy?

When we think of insurance, the first thing that probably comes to mind is medical insurance. After all, private health care can be prohibitively expensive.

However, medical coverage does not protect you from all situations; this is why it is commonly associated with personal accident insurance.

What exactly is a personal accident plan?

Life accident insurance policies are annual policies that generally provide compensation for injury, disability or death caused solely by violent, accidental, external and visible events. Although the definition of these conditions can sometimes vary from one insurer to another.

More often than not, personal accident insurance is often confused with life insurance, as both can appear to cover similar issues at a glance. However, although they may have some overlap, they are actually different.

Life insurance provides a death benefit. The insurance company pays a fixed indemnity to the beneficiaries upon the death of the insured. Life insurance covers death claims in general. In a sense, it can be described as having a broader global scope.

On the other hand, the thing that separates personal accident insurance from health and life insurance is the cause of injury or death. Generally speaking, personal accident insurance policies are designed to protect individuals in the event of an accident only. Whether death, injury or long-term impairment, personal accident insurance policyholders receive a tax-free lump sum, as long as said accident falls within the terms of the insurance plan.

What to pay attention to in a personal accident plan

Personal accident plans are an investment. This is why you need to make an intelligent decision while being knowledgeable about the policy you are going to purchase.

Always take the time to do your research and carefully read and understand the warnings of the personal accident insurance policy you have chosen. You wouldn’t want to know that your particular profession prevents you from receiving benefits once you’ve actually injured yourself, would you?

Here are some key things to consider when choosing a personal accident insurance policy:

Diet type
Generally, you can purchase individual or family personal accident coverage, whichever suits your needs best. If you are considering a family plan, make sure the policy covers your family against accidents that may occur in the activities of daily living. This is especially important if your family members work in potentially dangerous jobs.

Premiums
Insurance premiums are essentially subscription fees that you pay at regular intervals to continue to receive insurance coverage. When looking at an insurance plan, not just for personal accident, you should always consider whether the premium is within your budget while still reflecting the policy coverage. There should be a balance between the extended coverage and the premium charged. For example, a low cost with minimal coverage may not be an adequate way to insure because it may not benefit you when you need it most.

There’s a trick to getting the most out of your insurance. You will basically have to do all you can to research the company that is most interested in insuring you. Always ask agents if there is anything you can do to reduce premiums. Better yet, do this for multiple companies to get an idea of ​​the average cost for your particular risks. By asking for an explanation of why your premium will cost so much, you can better understand if you are able to get better prices.

Policy coverage
You should look for policies that include almost all day-to-day activities that can lead to accidents at home, at work, or elsewhere. The wider the policy net, the better. With a more extensive policy, you can have better peace of mind.

Reputation
Even if you spot a personal accident insurance plan that looks worthwhile on paper, you should still take the time to check the insurer’s background. Review their claims history and coverage history. This will help ensure that you receive reliable, quality service.

Advantages
Many personal accident insurance plans will have similar, built-in benefits and features. These usually include things like permanent total disability, permanent partial disability and accidental death benefit. The key is to look at the extraordinary benefits offered by the plan to get the most out of them. Some of these additional benefits may include items such as coverage for ambulance costs and hospitalization costs. For avid travelers, getting a plan with overseas coverage is a must.

Exclusions
One of the most important aspects to pay attention to. Keep an eye out for events and situations that are excluded from policy coverage. If the excluded event is likely to occur due to occupancy and other reasons, then you should consider forwarding said policy.

By keeping these things in mind, you should be able to determine which personal accident insurance plans are best suited to your needs. If you’re still not sure where to start, here are some options for your personal accident insurance policy to consider:

VendorDeath & Permanent Disability (RM)Medical expenses (RM)Funeral expenses / Repatriation (RM)Other benefits
AXAUp to 100,000Up to 4000Up to 10,000Hospital allowance, kidnapping allowance, ambulance, etc.
Tokyo NavyUp to 1,000,000Up to 20,000Up to 15,000Dismemberment, miscarriage due to car accident, ambulance, etc.
MSIGUp to 750,000Up to 20,000Up to 15,000Ambulance, repatriation, etc.
AllianzUp to 50,000Up to 10,000Up to 5000Allowance for hospitalization, bereavement, dental, etc.
EtiqaUp to 200,000Up to 5000Up to 3500Mourning, ambulance, prostheses, etc.
AIAUp to 200,000Up to 12,000Double living allowance, alternative treatment allowance, intensive care allowance, etc.
KurniaUp to 1,000,000Up to 10,000Up to 5000bereavement, hospital allowance,
Berjaya SompoUp to 1,000,000Up to 10,000Up to 5000dental, coma,
removal service, prosthesis, etc.

This is of course not an exhaustive list of personal accident insurance policies. If you’re curious to know more about the plans, iMoney has a comprehensive list where you can easily compare and consider takaful and conventional personal accident plans. You can find this list here.

Remember to always check with an insurer if you are unclear about the terms of their policies, especially if you work in a job that could be potentially dangerous.

Keep in mind that personal accident insurance plans are not a substitute for life insurance. It serves as an additional financial safety net for you and your loved ones in case you face an unfortunate accident that could cause serious or disabling damage. In order to be absolutely safe, personal accident plans should be used in conjunction with life insurance.

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