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A personal accident policy not only protects your family in the event of accidental death but also cover disablement, leading to loss of earning capacity at competitive premium rates. But the challenge is how to choose the right policy considering there are so many plans available in the market. This is why Insurance Regulatory and Development Authority of India (IRDAI) directed all health and general insurers to offer a standard personal accident policy by April 1, 2021. The policy will be named as Saral Suraksha Bima, succeeded by the name of the company and comes with a tenure of one year.

Saral Suraksha Bima Coverage

Saral Suraksha Bima will cover the accidental death and any permanent disability arising out of the accident. The base cover will pay 100% sum insured if the insured dies due to an accident. In case of any permanent total disablement, benefit equal to 100% of sum insured gets paid. Following disabilities qualify for permanent total disablement:

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, as a direct consequence thereof, permanently, and totally, disables the insured person from engaging in any employment or occupation of any description whatsoever.

The policy also covers permanent partial disablement. Under this, insured is paid 50% to 1 % of the sum insured if the person suffers from permanent partial disablement ranging from loss of sight of one eye to loss of little finger. Other than the base cover the policy also offers optional covers such as temporary total disablement and hospitalisation expenses due to accident and education grant.

Features of Saral Suraksha Bima 

Sum Insured: Minimum sum insured is Rs 2.5 lakh which can go maximum upto Rs 1 crore.

Modes of premium payment: You can pay yearly, half yearly, quarterly and monthly.

Entry Age: Minimum entry age shall be 18 years and maximum age at entry shall be at least 70. Children are covered from three months to 25 years.

Grace Period: There is a grace period of 30 days for annual premium payment and 15 days for all other modes of payment.

While the features of the standard personal accident policy remains the same across insurers  the premium rate will be decided based on the claim experience, individually.