One of leading general insurance companies, SBI General Insurance, on August 18 announced the launch of first-of-its-kind offering: ‘Shagun – Gift an Insurance”, a unique gift of personal accident policy.
The product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations. “The key differentiating feature of the policy is that it can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured,” a statement from the company said.
Shagun covers personal accident insurance which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities resulting from an accident.
On the launch of the product, PC Kandpal, MD and CEO, SBI General Insurance said: “Shagun is a unique offering by SBI General. In our Indian culture, we often celebrate our milestones or auspicious occasions by gifting either something or an envelope of money. This gesture is synonymous with well wishes and good luck. At SBIG, we ideated ‘Shagun’ as a valued gift of security to be positioned for such kind of gestures. The premium of the product has also been designed at Rs 501, 1001, 2001. Thus, not just the name ‘Shagun’ but also the premium amount has a touch of our Indian tradition.”
He further added: “Shagun can be gifted to anyone viz your family, friends, extended family and even domestic helpers, drivers, cooks etc., and on any occasion like passing an exam, buying a new car, new home, birthdays, marriage, anniversary, buying a new bike, college admission, etc.”