InvestorQ : Can you share the details of Saral Suraksha Bima announced by IRDAI?
Dawn Cherian made post

Can you share the details of Saral Suraksha Bima announced by IRDAI?

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Dilmini Mercia answered.
1 month ago
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IRDAI has come up with a new standardized personal accident cover called ‘Saral Suraksha Bima’. This shall be offered by all health and general insurers from 1 April 2021. The minimum sum assured under the said plan is Rs 2.5 lakh and the maximum amount shall be Rs 1 crore.

IRDAI directed that insurers can offer the product on their own beyond the specified range by using the same name if the terms and conditions remain the same.

This product will have a basic cover under which the policyholder’s family could be able to claim the entire sum assured on the death of the insured due to injury sustained in an accident provided, the death occurred within 12 months from the date of the accident.

Any hospitalization expenses due to the accident shall also be subject to claim and will be indemnified up to 10 percent of the base sum assured. Benefit also involves a one-time educational grant of 10% of base sum insured, payable to all dependent children till the age of 25. For every free policy year, the sum insured under the policy shall increase by 5% per year.

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