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HomePersonal FinanceGeneral InsuranceSBI Shagun Policy - Personal Accident Policy

SBI Shagun Policy – Personal Accident Policy

SBI Shagun is a new and unique personal accident policy by SBI General Insurance. This policy is also known as “Shagun – Gift an Insurance”. This policy can be gifted to family or non-family members.

SBI Shagun provides financial security to the insured against unexpected accidental death or total disabilities due to an accident. This policy also provides hospital confinement allowance in case of hospitalization due to accident injury. The premium of this plan is very low from Rs.501 to 2001. This means it is a very good gifting option instead of giving an envelope of money you can gift this policy. Here are the key features and benefits of the SBI Shagun Policy.

Shagun Policy

SBI Shagun – Key Features

Shagun is a Personal accident policy that provides complete financial protection to the insured person against uncertainties such as accidental death and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident.

  • This policy can be purchased as a gift. The gift could be for family, friends, extended family, and domestic helpers such as cook, driver, caretaker etc.
  • The Gift receiver should be in the age group of 18 to 65 years.
  • The policy period would be up to 1 Year.
  • The nominee should be an immediate family member. The gift-giver can not be the nominee under this policy.
  • The gift receiver can cancel the policy. The refund will be given based on time period of risk coverage. The refund amount will go to the gift giver. The refund is subject to no claim.
Policy Period on Risk % of Annual Premium Refundable
Not Exceeding 1 Month 75%
Exceeding 1 month but not exceeding 3 months 50%
Exceeding 3 month but not exceeding 6 months 25%
Exceeding 6 months NIL
  •  An accident resulting from Suicide attempted suicide or mental disorder is excluded from the policy coverage.

SBI Shagun Policy – Coverage

#1 Accidental Death (AD) – The nominee will receive a sum assured amount in case of the accidental death of the insured person.

#2 Permanent Total Disablement (PTD) – In case of permanent disablement of body part sum assured percentage will be paid. Additionally, below will also be paid –

  • Education Benefit – 1% of the Sum Insured or Rs. 50,000, whichever is lower is paid towards education benefit of up to a maximum of 2 children
  • Adaption Allowance – 1% of the Sum Insured or Rs. 25,000, whichever is lower is paid towards the cost of modifying house or vehicle

#3 Ambulance Cover – Ambulance coverage amount up to 10% of the Sum Insured subject to a maximum of Rs. 100,000 will be paid towards expenses incurred for availing an Ambulance Service (Including air ambulance) to transfer the Insured Person to a Hospital from the location of Accident or Injury or from one Hospital to other Hospital or from hospital to place of residence in case of Accidental Death or Permanent Total Disablement.

#4 Hospital Confinement Allowance (HCA) – Daily Benefit for each Day insured remains in a Hospital due to Injury or Accident subject to maximum coverage for 15 days for the entire policy period will be paid.

Premium Amount

Premium Amount Coverage – Metro Coverage – Non-Metro
Rs.501 AD + PTD +PPD – Rs. 480,000 HCA – Rs. 1,000 per day up to 15 days, Ambulance – Covered AD + PTD +PPD – Rs. 500,000 HCA – Rs. 2,000 per day up to 15 days, Ambulance – Covered
Rs.1001 AD + PTD +PPD – Rs. 995,000 HCA – Rs. 3,000 per day up to 15 days, Ambulance – Covered AD + PTD +PPD – Rs. 1,075,000 HCA – Rs. 2000 per day up to 15 days, Ambulance – Covered
Rs.2001 AD + PTD +PPD – Rs. 2,080,000 HCA –  Rs. 2,000 per day up to 15 days, Ambulance – Covered AD + PTD +PPD – Rs. 2,235,000 HCA – Rs. 1,000 per day up to 15 days, Ambulance – Covered

How to purchase SBI Shagun Policy Online?

The steps to purchase SBI Shagun Policy Online are given below.

  • Visit SBI General website and go to Shagun Policy Page.
  • Click on Buy Policy Button. You will be taken to a new page asking for various details. In the first step, you need to give Gift Giver details.
  • The next step is to provide Gift details and Gift receiver details.
  • After that, you need to select plan details and provide nominee information.
  • Once you are done you need to make an online payment for buying this policy.

Should you gift this policy to someone?

Looking at key features and benefit it seems to be a very good gift option. You are gifting financial support to someone. It will be surely helpful in case of an accident. The good part is the policy also covers minor accidents and disablement.

No commission is payable as the policy is sold directly without an agent and the premium amount is also low. However, you will not get any tax benefits for paying a premium of this policy.

Do you think it makes sense to gift SBI Shagun to your loved once?

Do share your views in the comment section given below.

Shitanshu Kapadia
Shitanshu Kapadiahttps://moneyexcel.com/
Hi, I am Shitanshu Kapadia founder of moneyexcel.com. I have written 1750+ articles on this blog. I am PGDBA(marketing), engaged in blogging for 5 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. The purpose of this blog is to spread financial awareness and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.
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