SBI General Insurance Company is a leading name in the general insurance industry. Backed by the State Bank of India, one of the largest banks in India, the company enjoys a good reputation in the industry. SBI General Insurance Company offers a range of general insurance policies for both individuals as well as corporates. Personal accident policies are also offered by the company to its customers. Let’s understand the personal accident policy offered by the company in details –
SBI Accidental Insurance – overview
SBI General Insurance offers two types of personal accident insurance plans. One is the individual personal accident policy which covers individuals and the other is the group personal accident policy which covers a group of individuals. SBI accidental insurance plans cover accidental deaths and disablements. If the insured dies in an accident or becomes disabled in an accident, the policy would pay a fixed specified benefit. This is a fixed benefit plan which pays a fixed amount of claim in the event of a contingency and the claim amount does not depend on the actual financial loss that you suffer.
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Why choose personal accident insurance?
A personal accident policy proves to be useful because of the following reasons –
- The policy pays a lump sum benefit in case of accidental death. This benefit helps the family deal with the financial loss suffered when the breadwinner of the family dies
- In the case of permanent disablement, whether total or partial, you get a lump sum benefit. This benefit allows you to adjust your lifestyle after the disability. Moreover, the loss of income due to disability can also be tackled through the benefit that you receive
- Accidents have become very common and the plan allows you peace of mind knowing that any accidental contingencies would not cause you any financial loss
- The premiums of personal accident insurance plans are very low. This makes the policies easily affordable and the coverage also provides financial security.
Given these reasons, a personal accident insurance policy proves to be quite useful.
List of SBI accidental insurance plans
As mentioned earlier, SBI General Insurance offers two types of personal accident plans. These plans are as follows –
1. SBI General Individual Personal Accident Insurance Policy
This SBI accidental insurance plan is a comprehensive personal accident policy which not only covers accidental deaths and disabilities but also the loss of income that you suffer consequently. The salient features of Individual Personal Accident Insurance Policy are as follows –
- There are four coverage options under the policy and you can choose a coverage that suits your needs
- The plan can be taken on an individual basis and also on a family floater basis
- Coverage for permanent total disability also includes a children education allowance benefit and a benefit for adaptation allowance. Both these benefits are inbuilt under the policy without any additional premium
- Add-ons are also available with the policy which you can avail at an additional premium for a wider scope of coverage
- If you don’t make claims in a policy year, you get a no claim bonus. The sum assured is increased by 5% through no claim bonus and you can enjoy the increase every claim-free year up to a maximum increase of 50%
- You can buy the policy without undergoing any type of medical check-ups
Coverage under Individual SBI General Personal Accident Insurance Plan
Coverage under the policy is allowed for the following contingencies –
- Table A – Accidental death in which case 100% of the selected sum insured is paid
- Table B – Accidental death and permanent total disability. 100% of the sum insured is paid in either case
- Table C – Accidental death, permanent total disability and permanent partial disability. 100% of the sum insured is paid in case of accidental death and permanent total disability. In case of permanent partial disability, though, a part of the sum insured is paid depending on the severity of the disability suffered
- Table D – Accidental death, permanent total disability, permanent partial disability and temporary total disability. 100% of the sum insured is paid in case of accidental death and permanent total disability. In the case of partial disability, a percentage of the sum insured is paid. In the case of temporary total disability, 1% of the sum insured is paid every week.
Add-ons under Individual Personal Accident Insurance Plan
The coverage under this SBI accidental insurance plan would depend on the coverage table that you choose. Moreover, in addition to the coverage provided by the chosen table, you can also opt for additional coverage benefits through policy add-ons. The add-ons available under the SBI accidental insurance plan are as follows –
- Hospital confinement allowanceUnder this add-on, a daily allowance of INR 1000 to INR 3000 would be paid if you are hospitalised due to an accident and your hospitalisation exceeds 24 hours.
- Ambulance charges including air ambulanceThis add-on covers the cost of a road ambulance or an air ambulance which might be needed to transport you to the hospital after an accident or to transport a dead body from the hospital to the residence of the insured. Coverage is allowed for up to 10% of the sum insured subject to a maximum of INR 1 lakh
Eligibility conditions of Individual Personal Accident Insurance Plan
|Entry age||Adults – 18 years to 65 years|
Children – 3 months to 23 years provided that at least one parent is also covered under the plan
|Sum insured||Minimum – INR 1 lakh|
Maximum – INR 1 crore
|Term of the plan||1 year|
|Premium||Depends on age, coverage amount and the coverage benefits selected|
2. SBI General Group Personal Accident Insurance Policy
This SBI accidental insurance policy is for a group of individuals who are members of recognized groups. The salient features of the policy are as follows –
- The policy covers accidental deaths and pays a lump sum benefit in such contingencies
- The policy can be taken by individuals holding a Savings Account or current account with SBI Bank or any of its associate banks
- The coverage offered by the policy is optimal and can go up to INR 20 lakhs per insured member
- Premiums for the policy are extremely low and can be easily afforded
Eligibility conditions of SBI General Group Personal Accident Insurance Policy
|Entry age||18 years to 65 years|
|Sum insured||INR 2 lakhs, INR 4 lakhs, INR 10 lakhs or INR 20 lakhs|
|Term of the plan||1 year|
|Premium||Sum insured INR 2 lakhs – INR 100|
Sum insured INR 4 lakhs – INR 200
Sum insured INR 10 lakhs – INR 500
Sum insured INR 20 lakhs – INR 1000
Exclusions under SBI accidental insurance plans
Under both SBI accidental insurance plans, there are specific exclusions in which cases the claim is not paid. If the insured faces accidental death or disability due to such exclusions, the claim would not be paid. The common exclusions under SBI accidental insurance plans include the following –
- Death or disablements suffered due to self-inflicted injuries, suicides and attempted suicides
- Any type of deliberate and intentional injury
- Accidents suffered because of being employed in the army or defence services
- Accidents suffered when participating in acts of criminal nature
- Accidents suffered due to participating in adventure sports or any hazardous activity
- Accidents suffered when participating in aviation or sailing
- Deaths or disablements suffered due to war, riots, nuclear perils or associated perils
- Deaths or disablements caused due to contamination from biological or chemical contaminants
- Accidents suffered when under the influence of alcohol, drugs or any other kind of intoxicating substances
- Any type of accident suffered during childbirth, pregnancy or maternity
- Death or disablements suffered due to infections or diseases
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How to buy SBI accidental insurance plan?
SBI accidental insurance plans are available on the offline mode. You can buy the policy offline through any of the following ways –
- By visiting the branch of the company
You can visit the branch of the company which is nearest to your home or your office and apply for an SBI accidental insurance policy from the company. You would have to fill up a policy proposal form, provide all the relevant details, submit some relevant documents and pay the premium. Once the proposal form is submitted with the premium, the insurance company would underwrite the policy. After successful underwriting, the policy would be issued.
- Through the agent of SBI General
SBI General Insurance Company has numerous agents tied-up with it who sell SBI general insurance plans. You can, therefore, find and get in touch with any agent of the company. The SBI accidental insurance policy can then be bought from the SBI agent. You would have to fill up a proposal form with your details and provide your documents to apply for the policy. The policy premium should also be paid at the time of application. Once the policy is applied, the company would underwrite the application and issue the policy if everything is found to be in order.
- Through the website of the company
Though SBI accidental insurance policy cannot be bought online, you can request for the company’s assistance online to buy the plan offline. Just visit https://www.sbigeneral.in/portal/personal-accident-insurance/individual-pa-insurance to arrange for a call back from the company. Fill up the online callback form stating your personal details. The company’s executives would, then, get in touch with you and help you in buying the SBI accidental insurance policy easily.For group personal accident policy, however, you would have to apply for the policy through your SBI bank account.
Documents required for buying SBI accidental insurance plan
To buy SBI accidental insurance, the following documents would be required to be submitted –
- Identity proof
- Age proof
- Address proof
- Income proof
- Aadhar Card
- PAN Card
How to make a claim under SBI accidental insurance policies?
In case of any accidental contingency, when you face a claim under the policy, you can get the settlement of your claim easily. Here’s the claim settlement policy that you should follow for the settlement of your claims –
- Immediate inform SBI General Insurance Company of your claim. To inform the company, you need to call the company’s toll-free number 1800 22 1111 or send an SMS writing ‘CLAIM’ to 561612. Upon intimidating the company of your claim, the claim would be registered and you would get a claim reference number
- The company’s claim team would also inform you of the documents required for the processing of your claim. You should arrange for the documents so that the claim is processed at the earliest
- The claim manager or executive of the company would, then, get in touch with you within 24 hours of registration of your claim. You should submit your claim related documents to the claim manager and verify the documents with the original documents
- When the documents are submitted, SBI General Insurance Company will process your claim. The claim would then be settled within 30 days of submission of all the relevant documents pertaining to the claim
Documents required for claims
In order for the claim to get processed, you would have to submit the following documents –
- Claim form
- Policy bond
- Police FIR
- Police inquest report
- Coroner’s report in case of death
- Identity proof of the insured
- Hospital and medical reports
- Doctor’s reports for disability claims
- Disability certificate
- Death certificate
- Any other documents as required by SBI General Insurance Company
Yes, a grace period of 30 days is allowed by the insurance company after the renewal date so that you can pay the premium and renew your policy.
If you have chosen coverage Table D wherein temporary total disablement is covered, there would be deductible on this coverage.
The sum insured is determined based on your income. It is limited to 120 times monthly gross income or 10 times the annual income from employment or occupation.
Yes, accidents occurring outside India are also covered.