‘Shagun- Gift an insurance’, a unique gift of Personal Accident Policy has been recently launched by SBI General Insurance, one of the leading general insurance companies in India as a first-of-its-kind offering. SBI General filed this product under IRDAI’s Sandbox regulations. The distinguishing aspect of this policy is that it can be gifted to anyone you wish which means it is not important for the policy buyer to be in relation to the insured.
Mr. PC Kandpal, MD and CEO, SBI General Insurance said that ‘Shagun’ is a unique offering by SBI General on the launch of the product. He said that milestones or auspicious occasions are often celebrated by gifting either something or an envelope of money in our Indian culture. This action signifies well wishes and good luck. Thus, ‘Shagun’ as a valued gift of protection to be replaced for such type of souvenir. Moreover, with the name ‘Shagun’, the premium amount also has a touch of our Indian culture as the premium of the product has been devised as Rs 501, 1001, 2001.
‘Shagun’ can be gifted by a gift-giver to family, friends, extended family, and even domestic helpers, drivers, cook, etc. The receiver of the gift could be 18 to 65 years in age. For up to one year, this policy can be used.
.What does ‘Shagun’ cover?
With certain terms and conditions, this policy covers the following:-
|Accidental Death (AD) – In case of accidental death of the insured person, the total sum insured is paid to the nominee.|
|Permanent Total Disablement (PTD) – a percentage of the sum insured is paid to the insured person in the case permanent total disablement is caused by accidental bodily injury|
|In addition to this, the following covers are also included:-|
|Education Benefit- either one percent of the sum insured or Rs 50000, whichever is lower, is paid for education benefit of a maximum of two children|
|Adaption Allowance – either one percent of the sum insured or Rs 25000, whichever is lower, is paid for mcodifying house or vehicle|
|Permanent Partial Disability (PPD) – a percentage of the sum insured is paid to the insured person in the case permanent partial disablement is caused by accidental bodily injury.|
|Ambulane Cover – 10 percent of the sum insured or a maximum of Rs 1 lakh will be paid for expenses occurred at the time of availing the Ambulance Service ( including air ambulance) while transferring the insured person.|