Bajaj Allianz Personal Guard-Wider Plan (Personal Accident Cover)

Objective

This is a personal accident policy which aims to provide financial respite in case of accidental death or permanent disability.

Suited for

Any individual between age group of 18 and 65 years and child above 5 years of age is eligible to take this policy.

What does it do?

It covers accidental death and permanent total disablement. Accidental death draws a benefit of 100 per cent of sum insured to nominee whereas, accidental permanent total disability will fetch 125 per cent of sum insured. In case the disablement is permanent but partial in nature, a predefined portion of sum insured depending on nature of disablement will be paid. Apart from these benefits, the policy pays for transportation of mortal remains and children education bonus. There is a flexibility to get additional cover for medical expenses and hospital confinement by paying additional premium. Medical expenses relate to hospital bills and hospital confinement comprises 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 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, bonus will be reduced by 10 per cent.
There is no tax benefit available.

Our View

Increasing accident cases have made it truly necessary to have a personal accident cover to help family members sustain financial losses in the unfortunate event of death or disability of insured member. Though it covers accidental death and accidental permanent disablement, a comprehensive personal accident policy is always preferred which extends to include temporary disablement and other incidental expenses such as ambulance cost along with the conditions covered herein.