Coverage: The extent of coverage is the primary aspect to look at when comparing policies. Ensure the policy covers a wide range of accidents, including minor injuries leading to temporary disability, and severe incidents causing permanent disability or death. Also, check if the policy offers global coverage, which can be critical for employees traveling internationally for work.
Additional Benefits: Some policies offer additional benefits, such as child education support, funeral expenses, hospital cash, or repatriation of remains. While these may not seem essential initially, they can significantly alleviate financial burdens during difficult times.Exclusions: All insurance policies come with certain exclusions or scenarios where the policy will not provide coverage. Common exclusions may include accidents due to war, civil unrest, intentional self-harm, or participating in hazardous activities. Understand these exclusions to avoid surprises at the time of claim settlement.
Premium: The cost of the premium is a significant factor to consider. Look at the cost-to-benefit ratio—how much coverage and what benefits are being offered against the premium charged. Remember, the cheapest policy may not always be the best one if it doesn’t provide adequate coverage.Claim Settlement Ratio: The claim settlement ratio is a clear indicator of an insurance company’s reliability. It is the ratio of the total number of claims settled by the insurer to the total number of claims received. A higher ratio indicates a better chance of your claim being settled.