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What is the Saral Suraksha Bima Policy?

The Saral Suraksha Bima Yojana is basically a standardised personal accident insurance plan that most insurance service providers in the country offer. Conceptualised by the Insurance Regulatory and Development Authority of India (IRDAI), the benefits under this insurance plan are the same across all insurers.

Being a personal accident insurance policy, the Saral Suraksha Bima plan provides a lump sum amount as compensation in the event of the policyholder’s permanent partial disability, permanent total disability, or death due to an accident. This lump sum payment that the policyholder or the policyholder’s family receives from the insurer can be used by them to cover treatment costs or their day to day expenses.

Key Features

Now that you know what the Saral Suraksha Bima policy is, let’s take a look at a few of its key features.

1. Customisable Sum Insured

The insurance coverage under the Saral Suraksha Bima plan can be customised according to your needs and requirements. The minimum sum insured that you can opt for under this plan is Rs. 2.5 Lakhs and the maximum sum insured that you can choose is Rs. 1 Crore.

2. Flexible Premium Payment Frequency

The frequency of the Saral Suraksha Bima premium payment can be chosen by you at the time of purchase. You can choose to pay the premium either on a monthly, quarterly, semi-annual, or annual basis.

3. Renewable annual coverage

The tenure of the Saral Suraksha Bima policy is 1 year, with the ability to renew the plan each year.

Benefits

The benefits offered by the Saral Suraksha Bima insurance plan are aplenty. Here’s a quick glimpse of a few key advantages that you get to enjoy by opting for this plan.

No Claim Bonus

If you haven’t made any claim during the previous policy year, the sum insured amount gets increased by 5% in the following year, provided you renew the plan within the due date. This bonus is cumulative, which means that the 5% bonus will continue to be added to the sum insured amount on each year of renewal (subject to a maximum of 50%), provided you don’t make any claim in the previous year and renew your policy within the due date without any breaks.

Ability to cover an entire family

The Saral Suraksha Bima plan provides coverage for an entire family including yourself, your spouse, your parents, your dependent children, and your parents-in-law. That’s not all. The sum insured under this plan is applicable to each individual separately. For instance, if the sum insured is Rs. 5 Lakhs, you can make a claim of Rs. 5 Lakhs for every individual separately.

Ability to enhance the coverage through optional add-ons

With the Saral Suraksha Bima, you can opt for optional riders at the time of purchase. These riders are basically add-ons that provide additional benefits over and above the base sum insured under a plan. However, keep in mind that opting for these add-ons can increase the Saral Suraksha Bima premium that you would have to pay.

Inclusions

Knowing the kind of scenarios that this personal accident insurance plan covers is essential to be able to make an informed decision. Here are the scenarios that are covered by the plan.

1. Death

In the event of death, the family of the deceased individual would get the entire sum insured as compensation.

2. Permanent Partial Disability

In case of permanent partial disability, however, the affected individuals will only receive a percentage of the sum insured depending on the kind of disability sustained.

3. Permanent Total Disability

In the event of permanent total disability, the affected individual would get the entire sum insured as compensation.

Exclusions

Just like how it is important to know what the Saral Suraksha Bima policy covers, it is equally crucial to know what it doesn’t cover as well. Here’s a quick glimpse of the scenarios that are not covered under this personal accident insurance plan.

  1. Death or permanent partial/total disability due to suicide or attempted suicide.

  2. Accidents due to being under the influence of alcohol or drugs.

  3. Death or permanent partial/total disability due to an incident with criminal intent.

  4. Accidents or death of the insured during mounting, dismounting, or travelling in aeroplanes or balloons.

  5. Death or disability arising from the insured taking part in hazardous activities or adventure sports.

  6. Death or disability due to exposure to radioactive materials.

Conclusion

The Saral Suraksha Bima policy is a comprehensive personal accident insurance plan that you should consider purchasing. It not only provides coverage to you, but also extends it to your entire family.

That’s not all. The sum insured under the policy applies for each individual in your family separately, making it one of the best personal accident insurance policies that you can get right now. Here’s a tip. Before you go ahead with your purchase, make sure to use a premium calculator. This way, you can make a more informed purchase decision.

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FAQs on Saral Suraksha Bima

  • ✔️Does the Saral Suraksha Bima plan offer coverage for the entire family?

    Yes. The Saral Suraksha Bima insurance plan covers your entire family including you, your spouse, your dependent children, your parents, and your parents-in-law.

  • ✔️Can you enhance the coverage offered under the Saral Suraksha Bima policy?

    Yes. You can enhance the coverage over and above what’s offered under the base insurance plan by opting for optional add-ons at the time of purchase.  

  • ✔️What is the maximum sum insured that you can opt for under Saral Suraksha Bima?

    The maximum sum insured that you can choose under this personal accident insurance plan is Rs. 1 Crore.

  • ✔️Is death or permanent disability due to adventure sports covered under the Saral Suraksha Bima policy?

    No. Any accidents that occur due to the policyholder partaking in adventure sports are not covered under the insurance plan. 

  • ✔️How much of a No Claim Bonus is the policyholder entitled to each year?

    If there aren’t any claims during a particular year, the policyholder is entitled to a bonus of a 5% increase in the sum assured in the next year. This bonus is cumulative, with a cap of 50%.