What does it do?
It claims to immune against financial losses incurred due to accidental death or disablement, whether partial or total. Unlike basic accidental policies, accidental inpatient hospitalisation expenses are covered. It also covers ambulance cost to transfer insured person from site of accident to hospital or from hospital to home, family transportation to hospital and transportation of mortal remains to home or burial or cremation ground. It allows a certain lump sum amount to support the education cost of children in case of permanent total disability or unfortunate demise of insured person. Education funding is allowed for maximum two children. Additionally it covers fractured bones, transportation of imported machines, purchase of blood and modification of residence or vehicle if claim was accepted for permanent total disablement. Each benefit is capped at specific percentage of sum insured and will be paid depending on the nature and severity of condition.
Pros
Policyholder enjoys a cumulative bonus of 5 per cent for every claim-free year up to maximum of 50 per cent of basic sum insured.
Family discount of 10 per cent is applicable if two or more members are covered.
Cons
Cumulative bonus reduces to zero in the following year when claim has been made.
Maximum allowance under each benefit is capped.
It does not provide any tax relief.
