What does it do?
This policy is aimed at covering financial tragedies caused due to an accident. It provides a cover against accidental death for 100 per cent of sum insured. It pays 125 per cent of sum insured in case of permanent total disablement whereas, permanent partial disability fetches a benefit equal to pre-defined percentage of sum insured depending on the nature of disability. It also covers temporary total disablement against which it makes a weekly payment of maximum of Rs 5,000 rupees. Apart from these, it pays for certain incidental expenses such as education bonus for up to two children. There is a flexibility to get additional cover for medical expenses and hospital confinement by paying additional premium. Medical expenses related to hospital bills and hospital confinement comprise daily hospitalisation cash to take care of routine expenses such as traveling and accommodation expense of family members etc.
Pros
Family discount of 10 per cent is available.
A cumulative bonus of 5 per cent after each claim-free year subject to a maximum of 50 per cent of initial sum insured.
Cons
In case a claim is made during a year, cumulative bonus will be reduced by 10 per cent.
There is no tax benefit available.
