SBI General Insurance announces the launch of a unique gift of Personal Accident policy.
Shagun – Gift an Insurance is a first-of-its-kind offering. The most unique feature about this policy is that it can be gifted to anyone you want, so it is not necessary for the policy buyer and the insured to be related. Shagun is personal accident insurance that provides complete financial protection against permanent as well as temporary disabilities resulting from an accident and also accidental death and partial or total disabilities.
The premium of the product is designed at rupees 501, 1001, 2001 to give it a touch of Indian tradition. Shagun can be gifted to family friends extended family and even domestic helpers, drivers, cooks, chauffeurs, etc. The age group of 18 years to 65 years can be the gift receiver of Shagun. The period for which the policy can be up to one year. The policy covers Accidental Death, Permanent Total Disablement, Education Benefit, Adoption Allowance, Permanent Partial Disability, and Ambulance Cover.
The nominee of the insured person will get the policy amount in case of accidental death. In case of permanent total disablement, caused by accidental bodily injury, then the sum is paid to the insured person along with covers like education benefit of 1% of the sum insured or rupees 50000 whichever is lower for education benefit up to a maximum two children and adoption allowance of 1% of sum insured or rupees 25000 whichever is lower which is paid towards the cost of modifying the house or vehicle. In case of permanent partial disablement caused by an accidental bodily injury, then the sum insured is paid. In the case of ambulance cover, expenses incurred for availing an Ambulance Service (including air ambulance) will be paid to the inured at 10% of the Sum Insured subject to a maximum of Rs. 100,000. SBI General Insurance filed this product under sandbox regulations of IRDA.
In Indian culture, milestones and auspicious occasions are celebrated by gifting either something or an envelope of money. This gesture is synonymous with good wishes and good luck. Shagun is positioned for such kind of gestures as a valued gift of security.
