SBI General Insurance is one of the leading general insurance providers in India. SBI General Insurance recently launched a new personal accident insurance policy called ”Shagun”. In this post, let’s discuss the benefits and features of “Shagun – Gift an Insurance”.
Shagun – Gift an Insurance
Shagun – Gift an Insurance is a unique personal accident insurance policy. The best feature of this plan is that you can gift it to anyone you want. You don’t need to be related to the insured person.
Shagun policy provides complete financial protection to the insured against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities due to an accident.
Key Features of Shagun (Personal Accident Insurance)
1. Shagun – Gift an Insurance is a unique offering by SBI General Insurance Company.
2. You can gift this “Shagun” policy to family members, friends, extended family, and even domestic helpers, chauffeurs, drivers, cook, etc.
3. You can gift this plan on any occasion like birthday, marriage, anniversary, etc.
4. The person who is receiving it as a gift can be in the age group of 18 years to 65 years.
5. This insurance policy can be availed for up to 1 year.
6. The premium of this policy is designed at Rs. 501, 1001, 2001.
What Shagun Policy covers?
Shagun policy covers the following subject to the terms and conditions:
Accidental Death (AD)
In case of accidental death of the insured person, the sum insured paid to the nominee.
Permanent Total Disablement (PTD)
In case of permanent total disability due to an accident, a percentage of the sum insured paid to the insured person. Additionally, the below covers are also included:
a) Education Benefit – 1% of the sum insured or Rs 50,000, whichever is lower is paid to the insured person as education benefit for up to 2 children.
b) Adaption Allowance – 1% of the sum insured or Rs 25,000, whichever is lower is paid to the insured person towards the cost of house or vehicle modification.
Permanent Partial Disability (PPD)
In the case of permanent partial disability due to an accident, a percentage of the sum insured paid to the insured person.
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Ambulance Cover
10% of the sum insured up to a maximum of Rs. 100,000 paid towards expenses incurred for an ambulance service (including air ambulance) to transfer the insured person.
Hospital Confinement Allowance (HCA)
Daily benefit for each day insured remains in a hospital due to an accident subject to maximum coverage for 15 days for the entire policy period will be paid.
Benefits and Premium under Shagun Policy
Who can take Shagun policy and for whom?
You can gift this “Shagun” policy to anyone whether your family members or non-family members such as friends, extended family, and even domestic helpers, drivers, cook, etc. The person who is receiving it can be in the age group of 18 years to 65 years.
Nominee under the Shagun policy
The gift receiver’s immediate family member has to be a nominee. The person who is giving the policy as a gift cannot be a nominee under this plan.
Tenure of the policy
The tenure of this plan is annual. That means the insurance policy can be availed for up to 1 year.
Cancellation of the policy
The gift receiver may cancel the policy. In case of cancellation, the refund computed as per the table below. The refund amount will go to the gift giver only. The refund is subject to no claims.
Final Thoughts
Shagun – Gift an Insurance is a personal accident insurance policy. This policy enables the gifting of personal accident cover. You can gift it to anyone whether it’s your family member or a non-family member. For more information visit SBI General Insurance official website
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