Tata Aig Pens Accident Cover For Commuters

Tata AIG has introduced personal accident cover, Shanti , which offers cover up to Rs 1 crore on loss of life.

Targeted at the millions of daily commuters, the policy covers accident while commuting between home and place of work, driving or riding in public or private vehicles, or while traveling as a passenger in a common carrier anywhere in the world.

For a monthly premium of Rs 99 plus a 5 per cent sales tax, Shanti pays up to Rs 1 crore should the policyholder die on any holiday mentioned under the Negotiable Instrument Act, and as applicable in respective states.

"On holidays, the probability of accidents taking place is lower, and we wanted to pass on this benefit to the customer in terms of higher claim benefits," said senior vice-president (marketing) Raj Raman.

Should the fatal accident take place not on a holiday in a common carrier, his beneficiary will be given Rs 5 lakh, and Rs 3 lakh if the accident took place in a private vehicle. This is in addition to Rs 2 lakh payable as a result of accidental death during traveling to and from work.

Should death take place accidentally at home, the policyholder's family will get Rs 1 lakh.

Shanti is a comprehensive, cumulative product, where benefits get added up. The cover does require any medical examination. The policy excludes settlement of claims as a result of war or warlike operations, civil disorders, suicide or intentional self-injury, sickness or disease.