Universal Sompo Saral Suraksha Bima

• Premiums as low as Rs12/day for coverage of Rs.4 Lakhs*
• 10,000+ hospitals for cashless treatment
• Claim up to Rs. 55,000 deduction under section 80D**

Universal Sompo Saral Suraksha Bima is a micro insurance policy that provides coverage for the low-income segment of the country. This is a fixed-benefit cover that pays the chosen sum insured amount following an eventuality. This policy provides coverage against various critical illnesses, accidental death, and permanent total disability. The premium for this micro insurance policy is priced low to ensure that people from the low-income segment can easily access this coverage.

Eligibility for Universal Sompo Saral Suraksha Bima

People who meet the following eligibility criteria can be enrolled in this policy:

• The entry age of the proposer must be between 18 years and 65 years.
• Children can be covered from the age of 10 years.
• Unmarried dependents are covered till the age of 25 provided at least one of the parent is also covered alongside.
• This policy can be renewed throughout one’s life when entered within the above mentioned entry age.

Features of Universal Sompo Saral Suraksha Bima

Universal Sompo Saral Suraksha Bima comes with the following features:

• The three options for critical illness sum insured are Rs.10,000, Rs.20,000, and Rs.25,000.
• For personal accident coverage, the three sum insured options are Rs.20,000, Rs.40,000, and Rs.50,000.
• The sum insured amount chosen at the time of enrollment can be increased at the time of renewal provided there were no prior claims on the policy.
• There is a general waiting period of 90 days before any claim can be made under this policy cover.
• For critical illness, there is a survival period requirement of 30 days. In other words, there will be no compensation for death within the first 30 days of diagnosis of a named critical illness.
• Pre-existing conditions are covered under this policy after 48 months of continuous coverage.
• This policy is valid for a period of one year and it must be renewed annually. A grace period of 30 days is allowed from the date of expiry to renew this policy cover.
• In the first 15 days of policy commencement, you can review the terms and return it if you are not satisfied.
• Since this is a fixed-benefit policy, you have the option of nominating a beneficiary. In the absence of a nominee, the benefits will be provided to the legal heir.
• Universal Sompo allows portability to and from other insurers in the market. The company must be notified at least 45 days before the renewal date in order to proceed with the portability option.
• Income tax relief is provided towards the premium amount paid for this policy cover as per Section 80 of the Income Tax Act.

Benefits of Universal Sompo Saral Suraksha Bima

The benefits provided under Universal Sompo Saral Suraksha Bima policy can be given as follows:

Exclusions of Universal Sompo Saral Suraksha Bima

The following list of exclusions apply to Universal Sompo Saral Suraksha Bima policy:

• Intentional self-injuries, suicide or attempted suicide
• Injuries or illnesses caused under the influence of alcohol
• Any consequences arising out of alcoholism or addiction to tobacco
• Treatment for sexually transmitted diseases including HIV and AIDS
• Death or injury resulting from participation in extreme sports
• Death or injury caused while breaching the law with criminal intent
• Injuries that can be attributed to war or warlike activities
• Injuries or illnesses resulting from exposure to ionizing radiation or nuclear waste
• Congenital diseases, birth defects, or anomalies

Claim Procedure

Upon any event (accident or critical illness) that may give rise to a claim, the company must be notified immediately within a maximum of one month. Death claims must also be filed by the nominee within one calendar month. The insured can call the company’s call center about the claim or visit the branch office of Universal Sompo and provide it in writing. Any authorised person in the company can direct you on how to make the claim. The following documents may be requested by the company while filing a claim:

• Duly filled claim form
• FIR copy (accidents)
• Doctor certificate, discharge summary, medical bills (critical illness)
• Death certificate/post mortem report (for death claims)
• Physician certificate for disability (disability claims)
• Diagnostic reports
• Any other documents that may be requested by the insurer

Once these documents are submitted to the company, the company will start with the verification process. The company will announce the acceptance or rejection of a claim within a maximum of 30 days. If the claim is accepted, the reimbursement amount will be provided to the insured person within a maximum of 7 days.