SARAL SURAKSHA BIMA |
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No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
- Brad Henry |
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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 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 , 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 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 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 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
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 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 , 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 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 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 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
PREMIUM FOR SARAL SURAKSHA BIMA
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
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
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
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
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 .
FOR IRDAI GUIDELINES ON SARAL SURAKSHA BIMA , CLICK HERE
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 .
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 .
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 .
PLAN N PROGRESS compares premiums quoted by various insurance companies on Arogya Sanjeevani plan : CLICK HERE FOR DETAILS
NEW ARTICLE
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
SECURING HEALTH FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
TO GET ANSWERS FOR FAQs on MANAGEMENT OF POLICIES , CLICK HERE
DO YOU KNOW ?
From a report of Sample Survey Office , it is revealed that 80 percent of Indians , who mainly rely up on private health care , do not have any medical insurance . The government has brought only about 12 % of population under health protection schemes like Rashtriya Swasthya Bima Yojana . In the absence of health insurance , 75 % of Indians use their hard earned savings while 18% have to borrow . In order to escape from financial gloom in the events of medical emergencies , one has to definitely require some form of Health insurance .
KNOW ABOUT TAX ON RETIREMENT BENEFITS , CLICK HERE
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
FOR INCOME TAX NEWS , CLICK HERE NEWS ON INTEREST RATES CLICK HERE
ARTICLE ON INVESTMENT OPTIONS FOR RETIREES , CLICK HERE WHAT IS SYSTEMATIC INVESTMENT PLAN ? CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
WHAT IS NEW ON PLAN N PROGRESS ?
ISSUERS OF HEALTH COVERS
Mediclaim policies are issued by specialized Health / Medical Insurance companies , Life Insurers as well as General Insurers . To get the list and visit their websites , Click Here
Mediclaim policies are issued by specialized Health / Medical Insurance companies , Life Insurers as well as General Insurers . To get the list and visit their websites , Click Here
ARTICLES ON
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
INSURANCE LIFE INSURANCE HEALTH INSURANCE VEHICLE INSURANCE HOUSEHOLD INSURANCE
SMALL FINANCE BANKS PAYMENT BANKS UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
