The Insurance Regulatory and Development Authority (IRDAI) has launched a standard personal accident cover called Saral Suraksha Bima. This accident cover will be mandatorily offered by the general and health insurers from April 1, 2021 Saral Suraksha Bima This product has assured maximum sum of Rs 1 crore while the minimum assured sum of Rs 2.5 lakh. Beyond this specified range, insurers are free to offer the sum assured on their own. For such sum assured, same name can be given if all terms and conditions are same. The product also comprises of a basic cover for which entire sum assured will be paid by the insurance company after the death of insured person because of injury sustained in accident. In such cases, death occurs within 12 months from the date of accident. In cases of the permanent total disablement, similar benefit will be paid by insurance firm. In the partial disablement condition, benefit equal to the sum assured of up to 50 % will be paid in accordance with the...
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