Understanding the Standard Personal Accident Cover Introduced by IRDAI

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Accidents are uncertain in nature. Never can you be aware of when an accident might occur causing not only physical injury but also mental stress. In some extreme cases, accidents may result in disability that impairs the body of critical functions. Generally associated with a car crash, accidents are not limited to these situations. It is advisable to be prepared with health insurance plans for such unpredictable situations as no warnings are flashed before they occur. For that purpose, the regulator has introduced the Saral Suraksha Bima cover. This article elucidates on this policy.

What is Saral Suraksha Bima policy?

The regulator, Insurance Regulatory and Development Authority of India (IRDAI), from 1st April 2021 made available a standard personal accident insurance policy known as the Saral Suraksha policy. You can visit the official website of IRDAI for further details. All general and standalone health insurance companies that have a certificate to transact general and health insurance business are required to mandatorily offer this product. Being a standardised product introduced by the regulator, the terms of the policy are same across all insurance companies. The policy aims to enable financial assistance for the treatments required including hospitalisation and compensation in the event of disability or death during an accident.

What is included under the Saral Suraksha Bima policy’s scope?

The Saral Suraksha Policy has two types of coverages, a base cover and an optional one. Both these covers are available with all insurance companies and can be bought as per need.

The base policy covers the following situations:

  • Death: Sum insured based on your policy term shall be paid to the beneficiaries in the event of death due to an accident.
  • Permanent total disability: Not always an accident results in a death, but also disability that can result often impair crucial functions. For such events that result in a permanent total disability are covered under the policy’s base coverage.
  • Permanent partial disability: Even if a partial but disability of permanent nature is sustained, the policy includes it in its coverage.

* Standard T&C Apply

For optional covers to the Saral Suraksha policy, there are following coverages:

  • Temporary total disability: Some accidents are of the nature where disability may occur but only for a temporary duration. For such situations, a compensation if offered under the policy’s scope.
  • Expenses for hospitalisation: More often than not, accident require hospitalisation and with such optional coverage, you need not worry for these treatment costs.
  • Educations grant: Apart from the above coverage either for death or disability, this optional cover is different. Here an education grant is payable to the children of the insured individual as a one-time grant.

* Standard T&C Apply

Other highlight policy features

  • The entry age in any insurance policy is crucial so that young buyers can also avail the necessary coverage. Since accidents are not something solely for a specify age-group, it is best to start early in life. The Saral Suraksha policy has entry age as low as 18 years covering all the way up to 70 years of age.
  • Further, dependent children are also covered under the policy as early as three months to 25 years.
  • The sum insured is also flexible where it starts from ₹2.5 lakhs and goes all the way up to a crore in multiples of ₹50,000. Thus, all types of buyers can purchase deepening on their requirement.
  • Saral Suraksha Bima policy is valid for a tenure of 1 year. Hence, you can renew or even enhance its coverage as need be.

* Standard T&C Apply

With affordable health insurance policies available in the form of Saral Suraksha policy, take advantage and seek coverage against the perils of accidents. Keep in mind that 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.