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.
