Tata AIG Accident Guard
Objective
This is a personal accident policy that aims to cover accidental death and disablement caused during the policy period.
Suited for
It can be bought as an individual cover or you may also include your family members under the same policy.
What does it do?
Like any other personal accident policy, this policy pays in case of accidental death or disability. It comes with two options, (1) Accidental Death & Dismemberment, (2) Accidental Death and Dismemberment accompanied by Permanent Total Loss of Use.
A person can select either of the two options on the basis of coverage required. Option 2 offers wider insurance.
Both options of the policy offer a weekly cash benefit in case of an accident, but not in the family cover. Another useful benefit is education allowance for continuation of child's education on death of the parent. Insurance company will also extend financial support to modify house or vehicle of the policyholder in case of disability
Pros
It offers an insurance cover up to Rs 1 crore.
Cons
There is no taxation benefit.
Our View
A standalone personal accident policy which is a must for anyone carrying accidental risk. Accidental risk can arise from a road accident or a job that requires performing dangerous tasks. Education allowance and house or vehicle modification allowance are valuable benefits. It also offers a huge cover of up to Rs 1 crore thus useful for those looking for a huge accidental cover. This policy is recommended.
Eligibility
| Entry Age (years) | |
| Minimum | 18; 6 months for child |
| Maximum | 65; 18 years for child (23 years in case of higher education) |
| Coverage Type | Individual/ family |
| Sum Insured (Rs) | |
| Maximum | 1 crore |
| Minimum | 500000 |
| Policy Term (years) | 1 |
| No Claim Bonus | Sum insured increases by 5% for each claim free year upto 5 years |
| Pre Policy Medical Check Up | Not required |
| Customer Service | |
| Address | Registered Office:TATA AIG Insurance, 9th Floor, Piramal Towers, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 01 |
| Mail to | [email protected] |
| Call to | 1800-266-7780 |
| SMS | TAG to 5616181 |
Additions to the Plan
| Scope of Cover | |
| Accidental death | pays accidental benefit equal to sum insured |
| Accidental Disablement | pays an amount equal to as agreed upon in the policy document |
| Accidental weekly benefit (not available with family option) | available in multiples of Rs 1000 depending on the opted sum insured |
| Additional benefits (applicable only with Family Option) | |
| Education allowance | 10% of sum insured is paid towards child education in case of accidental death |
| Repatriation of remains | pays an amount upto Rs 5000 for transportation of insured person's remains |
| Modification allowance | pays upto maximum of Rs 1 lakh towards the cost of modifying house or vehicle in case of Permanent Total disability or Dismemberment |
| Double Dismemberment benefit for children | children who are automatically insured, Dismemberment benefit doubles |
| Family transportation (if hospital is 150 kms away from residence) | reimburses actual expenses incurred by immediate family member to reach insured person upto maximum of Rs 50000 |
| Exclusions and Waiting Period | |
| Pre-existing disability | not covered |
| Annual Premium | ||
| Benefits for individual | 5 lakh Sum Insured (1 unit) | |
| Accidental Death & Dismemberment | 497 | |
| Accident Death & Dismemberment Plus Permanent Total Loss of Use of | 661 | |
| Benefits for family | ||
| Accident Death & Dismemberment | 792 | |
| Accident Death & Dismemberment Plus Permanent Total Loss of Use | 1056 | |
| Premiums are exclusive of service tax and cess. Rs 5 lakh of sum insured equals 1 unit. Multiply the above stated premium with number of units to find premium applicable on higher sum insured. For an instance, a sum insured of Rs 15 lakh (equivalent to 3 units of sum insured) for availing Accidental Death & Dismemberment benefit will require a premium equal to 497*3= Rs 1491. Premiums payable under other plans and for family cover can be calculated in the similar fashion. | ||
