The Universal Sompo Saral Suraksha Bima pledges to offer lump sum amount to the beneficiary, as per happening of an eventuality that is covered under this policy. The payable sum is decided by the policy buyer at the time of policy agreement. It offers onetime payment that is equal to the sum insured for events, like diagnosis of any critical disease (as listed in policy term), accidental death of the policy holder and total permanent disablement due to an unforeseen accident.
Universal Sompo Saral Suraksha Bima policy shall disburse payment, under the following contingencies:
- ✔Stroke resulting in permanent disablement or permanent symptoms
- ✔Failure of kidney – needs regular dialysis
- ✔CABG open chest
- ✔Major organ or bone marrow transplant
- ✔Death due to unforeseen accident – Nominee will receive onetime payment which is equal to the initial insured amount.
- ✔Permanent Total Disablement due to Accident – The insured amount will be disbursed to the beneficiary.
|Benefit||% of CSI|
|Loss of sight (both eyes)||100|
|Physical separation or loss of permanent activeness of both hands or feet||100|
|Physical separation or loss of permanent activeness of one hand and one foot||100|
|Loss of sight in one eye and physical separation or loss of permanent activeness of one hand or one foot||100|
|Loss of sight for one eye only||50|
|Loss of permanent activeness or physical separation of one hand or one foot||50|
|Total or permanent or absolute disablement – certified by qualified doctors||100|
Major exclusions of Universal Sompo Saral Suraksha Bima are discussed below:
1. Waiting period of 90 days –
90 days waiting period is applicable for all claims, barring the following conditions:
- ✔You should be insured under Universal Sompo Saral Suraksha Bima continuously without any gap.
- ✔You were insured at least 1 year under a similar policy that is offered by a certified Indian insurance company. The policy should be similar, bearing identical risks.
- ✔If you renew with the company or migrate from another company with the increased sum of insurance for renewal.
2. Pre-existing diseases –
The policy does not cover death or disablement that took place due to the pre-existing disease of the deceased. However, after continuing the policy for 48 months without any lag or break, the pre-existing diseases will be included.3. Death within 30 days of policy will not come under the coverage4. Claim due to injury or death due to the following conditions:
- ✔Suicidal death or unnatural death
- ✔Injury while committing suicidal attempt
- ✔Death or injury or disablement due to the influence of illegal drugs or toxic liquor
- ✔Alcoholism or addiction towards drugs
- ✔Death or injury due to participation in adventure sports
- ✔Breaching law with criminal intent
1. Waiting period of 90 days –
Eligibility criteria for Universal Sompo Saral Suraksha Bima are as following:
- ✔Minimum age 18 years and maximum age 65 years
- ✔Children aging between 10 year and 25 year will only be covered under this policy, along with one dependent parent. If there is no dependent parent, unlimited number of children can be covered, but they must be lesser than 25years of age.
2. Is canceling policy refundable?
Policy buyers will get 15 days of look-up period. Under this period, canceling policy is 100% refundable unless there will be no refund.
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