|Objective||A policy with an objective to cover several relationships under a single policy to reduce time and efforts on multiple policy handling.|
|Suited for||This policy is suitable for a big family. However, it covers all members on an individual sum insured basis.|
|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.|
|Our View||A policy covering maternity expenses and providing a daily cash allowance for related expenses as well.
Accidental hospitalisation though is a good additional feature, it does not provide disability benefits so, cannot replace a standalone accident cover.
Premiums for this policy are already higher than other similar policies which means that the cost of Indexation benefit has already been taken care of.