What does it do?
It is a simple policy covering death. The policy gives a choice to cover permanent disablement too. The benefits are classified under three tables. Table 1 is the most basic variant that covers accidental death of the insured. Table 2 covers permanent total disablement and death of insured and Table 3 covers permanent partial disablement in addition to risks covered under Table 2.
Premium rates will depend on risk involved in securing the life. Premium will be higher for those performing risky jobs. The policy will also pay education fund for continuation of deceased's children’s education and transportation charges for carrying the insured member from site of accident. Medical expenses can also be covered by paying an additional premium.
Pros
The policy offers a higher term and gives an option to cover medical expenses.
It pays education fund for deceased's children.
Annual no-claim bonus increases sum insured without charging extra premium. There is an option to cover spouse under the same policy.
Cons
There is no tax benefit.
