Accidents are unpredictable. Not only do they cause a physical injury, but also have a mental impact. Further, these accidents can result in serious injuries leading to disability, be it of temporary or even permanent in nature. For such uncertain times that may arise without a warning, preparedness is essential. For that purpose, the regulator has introduced the Saral Suraksha Bima cover. This article provides an overview of this policy.
What is a Saral Suraksha Bima Policy?
April of 2021, the regulator, Insurance Regulatory and Development Authority of India (IRDAI), has introduced this Saral Suraksha Bima which is a standard personal accident insurance
plan. All general and health insurance companies are mandatorily required to offer this policy. Since it is a standard product, the terms of its coverage are similar across all insurers. The primary purpose of this policy is to provide financial assistance to cover the cost of hospitalisation and compensation in the event of disability or death due to an accident.
What is covered under the Saral Suraksha Bima policy?
There are two types of coverage that can be bought – base cover and optional cover. Both these covers are available with all insurance companies and can be purchased according to your need.
The base policy coverage includes financial protection against death and disability. The insurance company pays a specified amount in the event of death or disability. These amounts are specified in the terms of your contract. For situations that lead to death, the legal heir or the nominee shall receive the sum insured. The disability benefit is further divided as permanent total disability and permanent partial disability where the insurance coverage kicks in.
The next type of coverage that can be purchased is the optional cover which come at an additional cost. Although it increases the premium, it is worthwhile to purchase for the additional coverage it offers. The base policy only provides coverage for the events with permanent disability whereas the optional coverage can be sought for temporary disabilities too. Here the Saral Suraksha Bima
policy pays compensation at the rate of 0.2% of the base sum insured per week up to a maximum of 100 weeks. Apart from that, optional cover is available to include the hospitalisation expenses due to accident in its scope. Lastly, education grant is another optional feature that can be opted where 10% of the sum insured is paid for every child of the policyholder.
Other highlights of the Saral Suraksha Bima plan
- The entry age is crucial when buying health insurance in India. The minimum entry age defined under this plan is 18 years whereas the maximum entry age is set at 70. However, insurance companies can modify such maximum entry age beyond 70 years.
- Dependent children are covered under this policy from three moths to 25 years of age.
- The sum insured for this policy starts at ₹2.5 lakhs and goes all the way up to ₹1 crore in multiples of ₹50,000.
- The policy tenure is set at 1 year after which it can be either renewed or enhanced based on your requirements at that time.
These are some benefits of the Saral Suraksha policy. Make sure to take advantage of this affordable insurance product available to insured against perils of accidents. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.