This is SBI Accidental Insurance, (SBI) is among the top banks in the nation that offers a distinct option to safeguard you and your family from insurance for personal accidents. It is designed to suit the requirements of your family, and comes at an affordable price of the sum of Rs. 1000, the SBI’s Personal Accident insurance provides assurance and financial security in the times you’ll need it the most. Find out the advantages of this policy, the benefits it offers, and why it’s the best choice for securing your financial security.
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Why Personal Accident Insurance Cover?
Today’s world is so rapid-paced and enriched by comforts that were thought to be a luxury back in the past the risks of contingencies are not too as far away. Every comfort brings the dread of having to face an eventuality that could result in an economic loss.
Cars and two-wheelers have risen in the context of a growing economy in which individuals can afford a car. As a result, the a risk of injuries both for car owners as well as for pedestrians who are walking along the roads. Accidents can cause permanent or temporary disability or last due to their nature.
All of these situations can impact the financial situation of an individual and, consequently, the need to protect oneself by a Personal Accident Insurance plan is the best way of protecting against losses.
SBI Accidental Insurance Policy RS 1000 Offere
SBI General Insurance Company offers two kinds of personal Accident Plans are Individual Personal Accident plan and an Individual personal Accident Strategy. We will glance at these plans more in-depth to give an understanding of each.
Group Personal Accident Insurance Plan
The program is open to an individual group who are customers of members of the State Bank of India and the banks that it has associated with. This group of people could comprise the holders of the bank’s savings accounts Fixed deposit accounts, current accounts, loan accounts, and so on. The Master Policy will be issued in on behalf of the company that covers all members listed. The benefits of the insurance plan that is covered under the Group Personal Accident cover are in the following order:
- The insurance group plan protects the loss of life that results in an accident
- The amount assured can be chosen by the buyer according to his requirements
Eligibility:
- The plan is available to anyone who is a permanent Indian resident who has a Savings Bank Account or a Current Account at the State Bank of India or one of its affiliated banks.
- The age of the person is between the ages of 18 and 65.
Exclusions:
The insurance plan is not able to cover all contingencies. Certain exclusions are not covered by the scope of coverage. These exclusions are:
- Suicide as well as self-inflicted injuries
- HIV or AIDS disease
- Any person who has been enrolled in any of the branches of police, paramilitary armies, and military in all countries, in peace or war, is not covered under the coverage.
- Incidents that occur when you are under the influence of drugs, alcohol, or other substances that are substances that are intoxicants
- Injuries resulting from involvement in riots, criminal crimes, civil commotion, or riots.
- Safety hazards while flying any plane
- Unexpected accidents in the event of war such as civil wars, military conflict and revolutions, the actions of a foreign adversary, and so on.
- Nuclear damage
- Risks of accidents resulting from participation in hazardous or adventurous sporting activities
- Pregnancy and childbirth problems
- The accident is caused by the willful involvement in any unlawful act, attempt to violate the law, or refusal against the law or resisting
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The following rates of premiums are charged for the respective Sum Assured amount
| Sum Assured | Premium |
| Rs.2 lakhs | Rs.100 |
| Rs.4 lakhs | Rs.200 |
| Rs.10 lakhs | Rs.500 |
| Rs.20 lakhs | Rs.1000 |
Individual Personal Accident insurance Plan
An individual personal accident plan covers death, disability and loss of income suffered by an individual in the event of any accident suffered. The features of the insurance plan are as follows:
- The plan covers death of the insured due to an accident, disability suffered due to an accident and also loss of income due to the accident which impairs the health of the insured individual
- Additional add-on covers are available with the plan which includes Hospital Confinement Allowance and Ambulance Charges
- In case of a Permanent Total Disability, the benefit paid also includes add-on coves like Education Benefit and Adaptation Allowance at no additional cost to the customer
- The facility of cumulative bonus is also available which can be availed by the insured to enjoy greater benefits
- The plan can be taken by an individual alone or for his entire family in which case the benefits enjoyed by the family should always be lower than that enjoyed by the individual
- Accidental Death is a compulsory cover granted to the customer and other covers like Permanent Total Disability, Permanent Partial Disability and Temporary Total Disability cover can be availed by the customer as per his voluntary choice.
- The plan can be taken in any of the following combinations of:
- Accidental Death
- Accidental Death + Permanent Total Disability
- Accidental Death + Permanent Total Disability + Permanent Partial Disability
- Accidental Death + Permanent Total Disability + Permanent Partial Disability + Temporary Total Disability
- The premium charged will depend on the cover opted for as per the above list
- The Permanent Total Disability benefit also offers the options of Education Benefit and Adaptation Allowance at no extra cost to the customer. Under the Education Benefit option, the insured’s child and spouse will be entitled to receive Rs.50, 000 or 1% of the basic Sum Insured whichever is lower for each child or spouse up to a maximum of 2 individuals on proof of enrolment to a Government approved Education facility when the insured suffers a permanent total disability due to the accident
- Under the Adaptation allowance option, the company pays the cost to modify the house or vehicle to deal with the physical disability at 1% of the basic Sum Insured or Rs.25, 000 whichever is lower.
Additional Add-on Covers under the plan
The Personal Accident plan offers two add-on covers which can be opted by the insured by paying an extra amount of premium. The covers are discussed below:
- Hospital Confinement Allowance – if the insured suffers an injury due to an accident in India for which he is hospitalized, the company pays a daily allowance of Rs.1000 / Rs.2000 / Rs.3000 as per the plan option chosen by the individual up to a maximum of 15 days for the entire period of the policy
- Ambulance Charges including Air Ambulance – in case the services of an ambulance, including an air ambulance, is availed by the insured for transportation to the hospital from the site of accident or from the hospital to the insured’s place of residence (only in case of accidental death or Permanent Total Disability) or from one hospital to another hospital, the charges for such ambulance services will be borne by the insurer. The ambulance coverage is available only if the Accidental Death Sum Assured is Rs.5 lakhs and above and the amount of charges admissible will be 10% of the Accidental Death Sum Assured subject to a maximum of Rs.1 lakh per policy period.
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Comprehensive Coverage
The policy provides comprehensive coverage in the event of various incidents and injuries. It doesn’t matter if it’s a bodily accident or disability, as well as an accidental death the insurance from SBI’s Personal Accident Insurance is crafted to offer additional an amount of financial aid in times of need. This coverage covers injuries that occur at home or outside providing 24/7 security wherever you may be.
Accidental Death Benefit
In the event of an unintentional loss of life, the policy will provide the beneficiary with a lump-sum payment the named beneficiary. The money will benefit family members from the financial pressures of immediate need as well as give them security through a stressful moment.
Disability Coverage
The SBI’s Personal Accident Insurance also offers insurance for permanent and temporary injuries caused by accidents. In the event of a disability insured, policyholders receive an agreed percentage of the assured amount, which could benefit paying for medical costs for rehabilitation, as well as help the person’s lifestyle in the time of recovery.
Additional Benefits
In addition to the main protection Alongside the main coverage, in addition to the primary coverage, SBI’s Personal Accident Insurance includes a variety of extra advantages. They could cover reimbursement for medical costs, hospitalization fees as well as ambulance costs as well as education funding to children, subject to the conditions and terms of the policy. The additional benefits bring complete support for family members and policyholders.
Simple Application Process
Making an application for the SBI’s Personal Accident Insurance is an easy procedure. Visit any SBI branch or make an online application via the bank’s official website. This application is a simple process that requires no documentation and is therefore suitable for those who need quick insurance.
Final Thought:
The SBI’s Personal Accident Insurance offers a cost-effective and extensive solution to making sure you and your family are protected against unexpected incidents. Coverage options are designed to satisfy both group and individual requirements, the policy offers crucial financial security in the event the unfortunate event of death or disability. Its more advantages, like hospital confinement allowances as well as ambulance insurance, along with assistance with education for dependents increase the value of the policy. Its simple application procedure makes it easy to apply the policy, which ensures you’re well-prepared for the unexpected while protecting your family’s financial stability.
