SBI General Insurance, one of India's largest general insurance providers, has recently launched a unique gift of Personal Accident policy called ''Shagun - Gift an Insurance". SBI General has issued this product under the Insurance Regulatory and Development Authority's (IRDAI) Sandbox regulations. The key highlight of the scheme is that it can be gifted to anyone whether it's one of your family member or a non-family member.
Shagun covers personal accident insurance that delivers the insured person with financial security against unexpected accidental death or total disabilities due to an accident. Often we embrace our milestones or enchanting occasions in our Indian culture by gifting a precious product or by offering an envelope of money. But 'Shagun' is going to be your perfect greeting as the premium product is tailored at Rs. 501, 1001, 2001. But this is not the end, it also comes with multiple benefits that you must need to know such as:
- One can gift this 'Shagun' to anyone starting from family members to household helpers, drivers, etc.
- The gift receiver must be in the age limit of 18 years to 65 years
- 'Shagun' can be availed for up to 1 year
What 'Shagun' covers?
The below-listed subjects are covered by 'Shagun', T&C applied.
1. Ambulance cover: 10% of the insured amount, up to a limit of Rs. 100,000, would be compensated in consideration of costs associated with the transfer of the insured's ambulance service (including air ambulance).
2. Adaption Allowance: 1% of the insured amount, or Rs 25,000, whichever is lower, is compensated in respect of the value of the property or car modifications
3. Permanent Total Disablement: A percentage of the sum insured is paid to the Insured person in case of total disability due to an accident
4. Accidental Death: In case of unnatural death of the insured person, the sum insured will be paid to the nominee
5. Education: The insured person will get education benefit of 1% of the sum insured or Rs 50,000, whichever is lower for up to 2 children
6. Permanent Partial Disability: The sum insured percentage is paid to the insurer in case of permanent partial disability due to uncertainties such as accidental death