SARAL SURAKSHA BIMA
A STANDARD ​ ACCIDENT INSURANCE PLAN / PRODUCT
​ISSUED BY ALL GENERAL INSURANCE COMPANIES

WHAT IS SARAL SURAKSHA BIMA ?

A STANDARD ACCIDENT INSURANCE POLICY

26.02.2021 : Presently both General Insurance companies and health insurance companies are issuing accident insurance policies . There are number of such policies issued by various insurance companies and each policy is uniquely created by the insurance company. Each policy has its terms and conditions as well as its own inclusions & exclusions . Benefits covering such policies are defined by each insurance company as per their likings .

If you want to buy a accident insurance plan , it is difficult for you to compare the premiums as there are innumerable differences . It is very difficult to know whether you are paying the right price for the policy .

In order to mitigate the problem, the Insurance Regulatory & Development Authority of India ( IRDAI ) has come out in the last one year with various standard insurance policies for each type of the insurance. For health insurance , it's the Arogya Sanjeevani plan . For term insurance , it's Saral Jivan Bima Yojana while for covid insurance , there are two such policies called Corona Kavach policy & Corona Rakshak Policy . Even for annuity scheme or pension scheme , it has come out with the Saral Pension yojana . Now in this series , IRDAI has come out with a standard accident insurance policy called Saral Suraksha Bima .

​The prime objective of the policy is to provide basic accident insurance for the general public with transparent common features .

The policy will be issued by 1st , April , 2021 by all the general / health insurers .

PS : There are insurance products with the same name in the market already and they are being issued by some insurance companies and are different from that proposed by IRDAI . For example Universal Sompo general Insurance company has a product called SARAL SURAKSHA BIMA - (MICRO INSURANCE)​ It's a critical illness policy .

Similary Maxlife Insurance comapany has a plan called Max-life-group-saral-suraksha which is a group insurance plan

PREMIUMS FOR SARAL SURAKSHA BIMA WILL BE DECIDED BY INDIVIDUAL INSURANCE COMPANY

Individual Insurer will disclose applicable premium rates in the prospectus and other relevant documents issued by them . You may compare the premium quoted by various insurance companies before buying the cover . You may make the premium payments in yearly , half yearly , quarterly or monthly modes

SARAL SURAKSHA BIMA :

BASIC FEATURES :
1. Policies issued by General and Health insurance companies will comply with IRDAI Notification on Saral Suraksha Bima
2. All policies will have same terms & conditions
3. No policy will have variant .
4. Policy will be issued for a period of one year only .
5. Minimum sum insured : Rs.2.5 lakhs and in multiples of Rs 50,000 with maximum sum insured Rs.1 Crore.
Beyond Rs 1.00 crore cover , individual insurers may offer on their own .
6. Minimum entry age 18 years and maximum of 70 years ( However Insurers are permitted to fix the maximum
age at entry beyond 70 years, subject to their underwriting policy. )
Dependent Child / children shall be covered from the age of 3 months to 25 years subject to the definition of ‘Family’ and
underwriting policy.
7. No deductibles are allowed .
8. : Sum insured (excluding CB) shall be increased by 5% in respect of each claim free policy year, provided the policy is renewed without a
break subject to maximum of 50% of the sum insured. If a claim is made in any particular year, the cumulative bonus accrued may be reduced at the same rate at which it has accrued. The cumulative bonus is applicable only in respect of base covers .
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​ FOR IRDAI GUIDELINES ON SARAL SURAKSHA BIMA , CLICK HERE

WHAT THE POLICY WILL COVER ?

Base Covers:
a) Death: Benefit equal to 100% of Sum Insured shall be payable on death of the insured person, due to an Injury sustained in an Accident during the Policy Period, provided that the Insured Person’s death occurs within 12 months from the date of the Accident.
b) Permanent Total Disablement: Benefit equal to 100% of Sum Insured shall be payable if an insured Person suffers Permanent Total Disablement of the nature specified below, solely and directly due to an Accident during the Policy Period, provided that the Permanent Total Disablement occurs within 12 months from the date of the Accident:

a) Total and irrecoverable loss of sight of both eyes or
b) Physical separation or loss of use of both hands or feet or
c) Physical separation or loss of use of one hand and one foot or
d) loss of sight of one eye and Physical separation or loss of use of hand or foot
e) If such Injury shall as a direct consequence thereof, permanently, and totally, disables the Insured Person from engaging in any employment
or occupation of any description whatsoever.

c) Permanent Partial Disablement: Sum Insured specified below shall be payable if the Insured Person suffers Permanent Partial Disablement of the nature specified below solely and directly due to an Accident during the Policy Period provided that the Permanent Partial
Disablement shall occur within 12 months of the date of the Accident.
Loss of Use/ Physical Separation:
One entire hand 50 % , One entire foot 50 % , Loss of Sight of one eye 50 % , Loss of toes – all - 20 %
Great both phalanges 5 % , Great – one phalanx 2 % Other than great if more than one toe lost 1 %
Loss of Use of both ears 50 % , loss of one ear 20 % , loss of four fingers & thumb 40 % , loss of four fingers 35 %

( For other partial loss , go through IRDAI NOTIFICATION .

OPTIONAL COVERS ( with additional premiums ) can be taken for Temporary Total Disablement , ) Hospitalisation Expenses due to Accident​ ( maximum of 10 % of sum insured ) , Educational grant for the children of the deceased in the accident .

FAMILY FLOATER POLICIES WILL BE AVAILABLE
Family may consist of the proposer and any one or more of the
family members as mentioned below:
(i) legally wedded spouse.
(ii) Parents and Parents-in-law.
(iii) dependent Children (i.e. natural or legally
adopted) between the age 3 months to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible for coverage in the subsequent renewals