Life is full of uncertainties. You can avoid diseases with extreme caution and care, but mishaps can happen anytime and at any place. The Insurance Regulatory and Development Authority of India has introduced a standard personal accident insurance product called Saral Suraksha Bima. From April 1 this year, all insurers are offering this policy with a common coverage. The cover is offered with a tenure of one year. Here are a few key features of Saral Suraksha Bima policy that customers need to know.
The minimum entry age is 18 years and the maximum age at entry is 70 years for all insured members. Dependent children are covered from age 3 months to 25 years.
The minimum sum insured under the cover is Rs 2.5 lakh and maximum limit is Rs 1 crore. However, if this is purchased as a family plan, the sum insured is applicable separately to each family member.
You can pay a premium on a yearly, half-yearly, quarterly or monthly basis.
Nomination facility is allowed under the Saral Suraksha Bima policy.
The policy has three mandatory base covers.
Three optional covers will be included with the policy: temporary complete disablement benefit, education allowance, and hospitalisation expenses.
Cumulative bonus is applicable only in respect of base cover.