SBI General Insurance Co Ltd launched a 1st of its kind offering, ‘Shagun – Gift an Insurance’, a unique gift of Personal Accident policy which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent & temporary disabilities resulting from an accident.
i.This policy can be gifted to anyone like friends, families, domestic helpers in the age group of 18 years to 65 years.
ii.It is not necessary for the policy buyer to be related to the insured. It can be availed for up to 1 Year
Note- SBI General Insurance filed this product under Insurance Regulatory and Development Authority of India’s (IRDAI) Sandbox regulations.
Covers of Shagun
The policy covers the following with subject to terms and conditions:
i.Accidental Death (AD)- In the event of accidental death of the insured person, the sum insured is paid to the nominee
ii.Permanent Total Disablement (PTD)- If accidental bodily injury causes permanent total disablement then, a percentage of sum Insured is paid to the insured person. Additionally, the below covers are also included:
Education Benefit – 1% of the Sum Insured or Rs 50,000, whichever is less is paid to the education benefit of up to maximum of 2 children.
Adaption Allowance – 1% of the Sum Insured or Rs 25,000, whichever is less is paid towards cost of modifying house or vehicle.
Permanent Partial Disability (PPD)– The sum insured percentage is paid if accidental bodily injury causes permanent partial disablement
Ambulance Cover– 10% of the Sum Insured subject to a maximum of Rs. 100,000 will be paid towards expenses incurred to avail an Ambulance Service (including air ambulance) to transfer the Insured.
SBI General Insurance ideated “Shagun” as a valued gift of security to be positioned for kind gestures( with well wishes and good luck), as in Indian culture people often celebrate milestones or auspicious occasions by gifting either something or an envelope of money.
Recent Related News:
i.The Jana Small Finance Bank, a scheduled commercial bank, has launched DigiGen, a digital banking platform which enables the customers to open digitally a savings account & fixed deposit instantly anytime & anywhere.
ii.Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited launched iSelect+ Term Plan to provide a shield against all uncertainties of life at an affordable premium.
About SBI General Insurance Co Ltd:
Headquarters– Mumbai, Maharashtra
MD and CEO– Prakash Chandra(P.C.) Kandpal