1 min read.Updated: 24 Aug 2021, 04:17 PM ISTLivemint
One of the key highlights of the plan is the temporary total disablement benefit which provides 2% of base sum insured per week to policyholders in case of temporary loss of income following an accident
Niva Bupa Health Insurance Company Limited, earlier known as Max Bupa Health Insurance Company Limited, has introduced a standalone personal accident plan to financially secure policy owners and their family members in case of death, partial, temporary, or permanent disability.
The policy offers a sum insured of up to 25 times of annual income, according to the Niva Bupa press release. The product has been launched with a ‘live it up’ campaign which encourages customers to live life to the fullest.
As per the company, the premium for this plan starts from ₹962 (inclusive of taxes) and provides coverage starting from ₹5 lakh to up to ₹10 crore.
One of the key highlights of the plan is the temporary total disablement (TTD) benefit which provides 2% of base sum insured per week (maximum of ₹1 lakh per week) to policyholders in case of temporary loss of income following an accident.
The company is also providing TTD for non-earning members at 1% of base sum insured per week (maximum ₹25,000 per week) as well. This benefit will be provided even for incidents such as coma and burns. The plan also offers loan protector as an additional benefit which will protect people from the outstanding principal amount of the loan in case of death of the policyholder. This will ensure protection of financial liability & assets, providing security to the families.
The company has provided a monthly needs benefit feature that will cover the cost of immediate household expenses in the event of death, permanent total disability (PTD)/permanent partial disability (PPD), coma or burns.
Under this benefit, the plan will provide an additional lump sum amount for 3 months after the accident to provide financial assistance. The plan has very comprehensive benefits for family members like - education for children (up to maximum ₹5 lakh), marriage expenses for children (up to maximum ₹10 lakh), benefits for elderly parents (up to maximum ₹5 lakh), along with offering guidance support like education counselling and placement assistance to children, so that they get the right guidance to shape up their future, said the press release.
Krishnan Ramachandran, MD and CEO, Niva Bupa, said, “Our intent is to provide peace of mind to our customers and enable them to live a carefree fulfilling life."