The life cover would provide financial compensation to the beneficiary in case of natural death of the insured whereas the personal accident cover would be
applicable in case of accidental death.
This rider safeguards your family's financial
future in case of an accidental death, and the reason you should have this rider is because accidents aren't usually covered in the base plans.
The Plan basically covers Accidental Death, Permanent Disability - Total as well as Partial, Temporary Total Disability, Children's Education
Bonus in case of Accidental Death or Permanent Total Disablement of parent and Reimbursement of Medical Expenses and Charges for Hospital Confinement as additional expense.
There are other riders available with a child insurance plan like Critical Illness rider (provides cover for specific illness during the policy term) and accidental death benefit (cover
in case of accidental death during the policy term), which you can add as per your need and requirement.
Under Accidental benefit rider, accidental death benefit along with the basic sum assured amount is payable to the beneficiary of the
policy in case of accidental death of the policyholder.
Benefits increase 5X
in case of accidental death If you die as the result of an accident (as defined in your policy) before age 85, your beneficiary will be eligible to receive five times your coverage amount.
Benefits increase
5X in case of accidental death If you die as the result of an accident (as defined in your policy) before age 85, your beneficiary will be eligible to receive five times your coverage amount.
There is an inbuilt Accidental Death Benefit feature under
which in case of accidental death of the insured, an additional Accidental Sum Assured is paid which is equal to the base Sum Assured subject to a maximum of Rs. 50 lakhs
The Guaranteed Maturity SA is equal to the sum of total premiums payable and Guaranteed Death SA is equal to 100 % of the SA or 150 % of SA in case of accidental death
However it can be added as a rider to a traditional life insurance plan so the beneficiaries receive both the benefits from the life insurance and the death and dismemberment insurance
plan in case of an accidental death.
c. Death Benefit (death due to Accident)-- No waiting period is applicable: This is an in - built cover under this Plan
where In case of Accidental death of the Life Insured during the Policy term, total Death Benefit payable will be equal to two times of the Sum Assured on Death (as defined above) provided such death was caused directly by such Accident and independently of any physical or mental illness within one hundred twenty (120) days of the date of Accident.
Some policies will pay out the full - face amount during the graded benefits
period in the case of an accidental death (such as a car crash), but not all guaranteed issue policies offer this feature and the definition of «accidental causes» is usually quite limited.
This means that your beneficiary will likely not be entitled to the full death benefits for the first 2 years, although some insurers will pay on the policy
in case of accidental death in those first 2 years.
Group Personal Accident policy covers the Insured
person in case of Accidental Death, Loss of limbs / eyes, Permanent Total Disablement / Permanent Partial Disablement and so on.
Sponsor
Protection In case of Accidental death or permanent disablement of your sponsor Future Generali reimburse your tuition Fee incurred for the remaining period of your education up to specified maximum limit under policy.
I'm 35 years (Male) and I have decided to go for Life Option with Extra Life for 1 Crore and I believe as per your
input in case of accidental death my nominee will get 2 Crore.