What does it do?
Its working is similar to any other personal accident policy that pays a lumpsum equal to the sum insured to the family members in case of death or permanent total disability of insured member caused due to an accident. If insured member becomes permanent partially disable, the insurance benefit to the insured person will vary depending on the type and nature of disability. It pays a weekly insurance benefit in event of temporary total disability.
Apart from direct benefits, this policy ensures that inopportune events such as death or permanent total disability do not hinder insured's dependent children's education. It also pays a benefit in case of loss of employment as a result of accidental permanent disability. Transportation expenses , ambulance charges and out patient medical expenses for treatment following an accident are covered as well.
The policy also provides an option to the policyholder to attach additional benefits to the policy by payment of an additional premium. Wheelchairs, crutches, artificial limbs and other external supporting items for use in case of disability can be added to the policy. Similarly other two benefits that can be included in the policy are cost of travel of insured member from place of accident to residence and hospitalisation expenses as a result of an accident.
Pros
It provides financial assistance for continuation of deceased policyholder's children education.
It offers optional additional benefits as well.
