SBI General Insurance Launches ‘Shagun – Gift an insurance’ policy: Check features, benefits

By: |
August 18, 2020 12:35 PM

The policy can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured.

 SBI General Insurance, Shagun, features, benefits, policy gift, irdaiShagun covers personal accident insurance which provides complete financial protection to the insured person.

SBI General Insurance, one of the leading general insurance companies in India, today announced the launch of first-of-its-kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy. This product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations. The key differentiating feature of the policy is that it can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured.

Shagun covers personal accident insurance which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities resulting from an accident.

On the launch of the product, Mr. PC  Kandpal, MD and CEO, SBI General Insurance said, “Shagun is a unique offering by SBI General. In our Indian culture, we often celebrate our milestones or auspicious occasions by gifting either something or an envelope of money. This gesture is synonymous with well wishes and good luck. At SBIG, we ideated “Shagun” as a valued gift of security to be positioned for such kind of gestures. The premium of the product has also been designed at Rs. 501, 1001, 2001. Thus, not just the name “Shagun” but also the premium amount has a touch of our Indian tradition.”

Key Features

  • A Gift giver can gift this “Shagun” to family, friends, extended family and even domestic helpers, chauffeurs, drivers, cook, etc
  • Gift Receiver can be in the age group of 18 years to 65 years
  • Policy Can be availed for up to 1 Year

What it covers

This policy covers the following subject to the terms and conditions:

Accidental Death (AD) – The Sum Insured is paid out to the nominee in case of accidental death of the Insured Person

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 lower is paid towards education benefit of up to maximum of 2 children

Adaption Allowance – 1% of the Sum Insured or Rs 25,000, whichever is lower is paid towards cost of modifying house or vehicle

Permanent Partial Disability (PPD) – If accidental bodily injury causes permanent partial disablement then Sum Insured percentage is paid.

Ambulance Cover – 10% of the Sum Insured subject to maximum of Rs. 100,000 will be paid towards expenses incurred for availing an Ambulance Service (including air ambulance) to transfer the Insured

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