This kind of policy is issued on the basis of per person sum insured. In this policy, sum insured of each person is provided separately. For example, if there are four members in a family i.e. Proposer, Spouse, Son and Daughter. Now, Proposer can opt for Sum Insured Rs. 5 Lac, Spouse can opt for Rs. 5 Lac, Son and Daughter can opt Rs. 5 Lac each. Hence, total Sum Insured will become Rs.20 Lac but Insurers liability to provide claim to each person will be restricted to their individual sum insured that is Rs.5 Lac. In case of hospitalization , no one can claim more than specified sum insured of Rs.5 Lac. It is not compulsory for a person to take equal sum insured for each person. A person can opt equal or less sum insured for dependent members.
There are many options available in market, wherein a person can opt sum insured from Rs.50,000/- to 50 lac or more as per insurance plan.
The benefits of this kind of policy is that insured can avail benefit of maximum sum insured. It does not affect other persons sum insured in case of a claim. Also, benefits like Cumulative Bonus or No Claim Bonus discount does not affect other family members Sum Insured or Premium in case of a claim.
If a dependent person becomes independent, he/she can get a separate policy at the time of renewal and existing benefits will be carry forwarded to new policy.
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