What does it do?
This is a standalone personal accident policy which pays a lump sum amount in the event of accidental death or disablement. For an individual policy, the insurer will pay entire of sum assured to the family members in case of unfortunate demise; whereas, the disability benefit varies depending on nature of disablement.
If bought as a family cover, policy will cover spouse for up to 50 per cent of sum insured (if not earning) and entire sum insured if spouse is earning. Children are covered for up to 25 per cent of the basic sum insured. This policy also pays an education fund for continuation of deceased's children’s education. Apart from the above benefits, policyholder can also get a cover for medical expenses incurred due to an accident by paying additional premium.
Pros
It provides financial assistance for continuation of deceased policyholder's children’s education.
This policy can be bought online as well.
