What does it do?
It is a policy with a provision to cover several relations under a single policy. It can cover brother, sister, mother-in-law, father-in-law, grandfather, grandmother, grand-daughter, grandson, daughter-in-law, son-in-law. Each family member can select a sum insured that cannot be shared among other insured members. Additional offers that sets this policy apart are Indexation benefit and Accidental hospitalisation cover. With increasing age and rising insurance needs, this policy allows sum insured to increase by 10% on an annual basis till it reaches 50%. Apart from this, the policy gives an extra protection for accidental hospitalisation which can be utilized only after exhaustion of basic sum insured.
Pros
This policy offers lifelong renewals.
Premiums paid towards this policy enjoy a tax benefit under Section 80D.
Reduces time and efforts to handle multiple individual policies.
Cons
Room rent and ICU charges are capped.
