Liberty Videocon General Insurance Company Limited, a joint venture between India’s Videocon Industries Limited and Liberty Citystate Holdings Pte Limited, part of US-based Liberty Mutual Insurance Group (www.libertyvideocon.com), announced the availability of its Group Personal Accident Product.

This product mainly caters to Corporate / Association / Institution / Group (as defined by IRDA), and fulfills their need for providing personal accident insurance to their employees/group members. This insurance plan is ideal for corporates / groups who are committed towards the financial wellbeing of their Employees/Customers/Group Members.

Commenting on this, Mr. Roopam Asthana, CEO, Liberty Videocon, said, “With Group Personal Accident Policy, our endeavor is to provide comprehensive benefits to our customers. This product supports the growing focus on employee benefits by corporates and inherently fulfills their commitment towards enhancing employee engagement. It enables corporates/groups to provide a safety net to their stakeholders in case of an emergency. With affordable premiums, this protection will enhance the risk mitigating capacity of the Insured person and help ensure financial stability in the unfortunate event of an accident. We want to give viable protection options to our customers through this product. We will shortly bring more products which will cater to various other needs of our customers.”

This product comes with comprehensive features of Death & Disability  and host of add on features like Medical Expenses, Accidental Hospital daily cash, child education support, Family transport benefit, Life support benefit, and many more.

Another key feature of the plan is the family floater option with a provision for restoration in Sum Insured, which is a unique feature as it provides the flexibility to extend the coverage to the employees/group members’ dependents under a single Sum Insured. {The Sum Insured represents the maximum liability for any and all claims made by the Insured person(s) covered under this Family Floater during the Policy period.}

{Primary Insured person means the first Insured Person with other members insured under the Policy being treated as secondary members to this Policy (e.g., spouse &/or dependent child/children)}.

In case of an unfortunate incident of death of a family member other than the primary insured person, and the claim being admitted under Family Floater extension provided under the Policy, there will be one restoration of the Sum Insured so exhausted at no extra cost during the full policy period.

Mr. Asthana added that “We strongly believe that, for any insurance company to sustain in the long run, it has to create enduring propositions. This product is a great example of clearly identifying a product gap and addressing customer needs. Through this product we are offering our customers value-added options and also creating an enduring service delivery mechanism for efficient and robust servicing”

Headquartered in Mumbai, Liberty Videocon General Insurance Company Limited  is a General Insurance company which commenced its operations in January 2013. It is a joint venture between US headquartered Liberty Mutual insurance Group and India’s leading industrial conglomerate, Videocon Group.

Source : Lokesh Shastri