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Investment Plans 994 views May 24, 2021
If you are the sole breadwinner in your family, a job loss can bring financial problems in your life. Chola Income Shield Insurance Plan could be a perfect plan to protect your finances (monthly income) in such a situation. This policy offers a lump sum benefit in the event of loss of a policyholder’s monthly income due to job loss during the policy term. By paying an additional premium, you can also get coverage against accidental death or disability.
Want to know more about this plan? You should check the key features of the Chola Income Shield Insurance Plan mentioned below before we will discuss them in detail.
Read through this page to understand these features in detail so that you can purchase this policy without any delay. Let’s start!
Table of Contents
Chola Income Shield Insurance Plan ensures that you manage to keep the same lifestyle (by providing a lump sum benefit) when you are out of a job. We have discussed its features and benefits in detail below.
Chola Income Shield Insurance Plan offers two options – Platinum and Silver Plan. Under the Platinum plan, the minimum unemployment period should be continuous 15 days, while it should be continuous 30 days under the Silver Plan, to get the lump sum benefit.
The policy from Chola MS will pay a lump sum benefit per insured event per person in case of the following situations during the policy period.
Note: The maximum liability under this plan will be a lump sum benefit equal to 3 times the fixed sum insured per month in case of one of the above-mentioned situations (per insured person).
Under the Chola Income Shield Insurance Plan, the minimum fixed sum insured (per month) stands at INR 10,000 per person, while it can go up to INR 10,00,000 per person. Also, the sum insured amount will be in multiples of INR 1,000 as per the maximum of the gross monthly income.
With this plan, policyholders can also protect their finances in case of an accident resulting in death or disablement of the insured person during the policy period. This plan provides the nominee up to 50 times the fixed sum insured per month (chosen under basic cover) up to INR 25,00,000 if an insured person dies due to an accident.
In case of permanent disablement due to an accident, a percentage of the sum insured will be given to the policyholder. To know more, check the below table.
Extent of Disability | % of Sum Insured |
---|---|
Loss of Sight of both eyes | 100 |
Loss of use of or actual loss by physical separation of two entire hands | 100 |
Loss of use of or actual loss by physical separation of two entire feet | 100 |
Loss of use of or actual loss by physical separation of one limb and Loss of sight of one eye | 100 |
Loss of Sight of one eye | 50 |
Loss of use of or actual loss by physical separation of One hand | 50 |
Loss of use of or actual loss by physical separation of One foot | 50 |
Any other form of disablement which permanently, totally and absolutely disable the Insured Person from engaging in any employment or occupation of any description | 100 |
Apart from the accident protection sum insured, policyholders will also get up to INR 10,000 towards the cost of transporting mortal remains from the place of death to the hospital. Also, this policy will pay up to INR 5,000 towards the performance of religious ceremonies incurred up to the time of cremation and any one post-cremation ceremony.
This Income Shield Insurance Plan will also provide coverage for the education of dependent children who are between 5 and 25 years in case of loss of monthly income for the insured. The benefit will be equal to 50% of the fixed sum insured per month (chosen under basic cover) up to INR 50,000 once per insured event.
Note: Dependent children should be studying in an educational institute as full-time students on the date of the occurrence of the insured event.
This policy provides 50% of the fixed sum insured per month up to INR 50,000 so that the policyholder can take care of their parents in case he/she loses a job. This is called Parental Care Benefit.
Have a look at the important conditions related to the Chola Income Shield Insurance Plan eligibility criteria.