Future Generali India Insurance Co. Ltd has launched a personal accident policy, which is available at all outlets of Big Bazaar.
Called the Monthly Income Protection Plan, it offers to pay Rs10,000 every month for 10 months in the event of death or permanent disability of the policyholder. You need to pay a onetime premium of Rs79 for this policy. The premium would be the same for everyone as such policies are preunderwritten, which means that the premium already accounts for any risks.
This policy is available for a tenure of only one year as of now.
Anup Seth, head (mallassurance), Future Generali India, says: "This policy is only for a year. After a year, depending upon the claim record, we may alter the premium and a policyholder could then renew the policy."
But if convenience is not what appeals to you, look out for a regular personal accident cover available in the market. You can get this policy at an annual premium of around Rs60 for a similar cover.
Future Generali India is also planning to launch a variant of this product, wherein it will increase the monthly income benefit to Rs1 lakh for a premium of Rs7001,000.