Universal Sompo Surva Vidyarthi Bima Yojana Health Plan

Universal Sompo Surva Vidyarthi Bima Yojana Plan

Universal Sompo’s Surva Vidyarthi Bima Yojana prepares the insured students of an Educational Institute/Schools from unforeseen calamities resulting in financial debacle. It’s a comprehensive plan that covers every insurance needs of a student, which otherwise is served as different plans.

SECTION A - the company agrees to pay the capital sum insured as compensation on occurrence of any of the listed Insured Events, under different Benefit (Death/ PTD/ PPD).
The following extensions are available under section A

Extension 1	Loss of Personal Belongings
Extension 2	Pedal Cycle- Cover for loss or theft of pedal cycle
Extension 3	Cost of Study in case of Accidental Death/ Permanent Total Disablement of Parent
Extension 4	Ambulance Charges Extension
Extension 5	Compassionate Visit
Extension 6	Reimbursement of Examination Fees

Section B- Medical Cover
Section C- Fire Cover

Benefits of Universal Sompo Surva Vidyarthi Bima Yojana Plan

Benefit under section A

Benefit 1	Death of the Parent resulting from Accident	100% Sum Insured
Benefit 2	Permanent Total Disablement of the Parent resulting from Accident	100% Sum Insured
Benefit 3	Permanent Partial Disablement of the Parent resulting from Accident	Depending on type of disablement
Benefit 4	Death of Student resulting from accident	100% Sum Insured
Benefit 5	Permanent Total Disablement of Student following an Accident	100% Sum Insured
Benefit 6	Permanent Partial Disablement of the Student Resulting from Accident	Depending on type of disablement

Covers the loss/ damage to the personal belongings of the Student against theft, burglary and external accidental damage.

Age of the Instrument/ Component	Depreciation Percentage
Up to 6 months	10%
Up to 1 year	20%
Up to 2 years	40%
Up to 3 years	50%
Up to 4 years	60%
Up to 5 years	70%

Covers loss/ damage to the pedal cycle of the Student on account of contingencies such as theft, burglary, fire and allied risks.

Age of the Instrument/ Component	Depreciation Percentage
Up to 1 year	10%
Up to 2 years	20%
Up to 3 years	30%
Up to 4 years	40%
Up to 5 years	50%

Covers the cost of study of the Student in the unfortunate death/ Permanent total Disablement of the Parent. The cost includes the tuition fees, text books and other fees subject to liability.
Cover the charges incurred by the Educational Institution/ Schools in availing an ambulance if so necessitated on happening of an Accident covered under the Policy.
Provide for reimbursement of return fare subject to Sum Insured as opted in the event if the Student has suffered any Critical Illness and / or fatal accident and is held up at a place other than place at which the Parent is staying. It also covers the cost of Student visiting the Parent if he/ she suffers a Critical Illnesses or has suffered a fatal Accident.

If the Student is unable to attend the Examination conducted due to happening of an Accident, then, we will pay such amount as incurred by the Student towards payment of such Examination Fee.

Details about Premium

Section A	Personal Accident	Risk Category 1	Risk Category 2		Risk Category 3	Sum Insured	Rate applicable on	Default Deductible
Benefit 1	Death of the Parent	0.01350%	0.01620%		0.02025%	To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured of the policy	Sum Insured opted by the insured	Not Applicable
Benefit 2	Permanent Total Disablement of the Parent	0.00270%	0.00324%		0.00405%	To to be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Sum Insured opted by the insured	Not Applicable
Benefit 3	Permanent Partial Disablement of the Parent	0.03150%	0.03780%		0.04725%	To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Sum Insured opted by the insured	Not Applicable
Benefit 4	Death of the Student	0.015%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Sum Insured opted by the insured	Not Applicable
Benefit 5	Permanent Total Disablement of the Student	0.003%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Sum Insured opted by the insured	Not Applicable
Benefit 6	Permanent Partial Disablement of the Student	0.035%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Sum Insured opted by the insured	Not Applicable
Extension 1	Loss of Personal Belongings ( Specified Articles)	Electronics		Non-Electronics		Sum Insured	Rate applicable on	Default Deductible
Extension 1	Loss of Personal Belongings ( Specified Articles)	1.00%		0.200%		Separate Sum Insured to be opted for this extension	Premium Rates to be applied on sum insured opted for this extension	5% of claim amount
Extension 2	Cover for Pedal Cycle	Rate Charged				Sum Insured	Rate applicable on	Default Deductible
Extension 2	Cover for Pedal Cycle	2.005%				Separate Sum Insured to be opted for this extension	Premium Rates to be applied on sum insured opted for this extension	5% of claim amount
Extension 3	Cost of Study upon Accidental Death of Parent	Rate Charged				Sum Insured	Rate applicable on	Default Deductible
Extension 3	Cost of Study upon Accidental Death of Parent	0.019%				Separate Sum Insured to be opted for this extension	Premium Rates to be applied on sum insured opted for this extension	Not Applicable
Extension 4	Ambulance Charges	Rate Charged				Sum Insured	Rate applicable on	Default Deductible
Extension 4	Ambulance Charges	2.00%				Maximum 2% of Sum Insured as opted in Section A (benefits)	Premium Rates to be applied on the maximum limit of indemnity defined for this extension	Not Applicable
Extension 5	Compassionate Visit	Rate Charged				Sum Insured	Rate applicable on	Default Deductible
Extension 5	Compassionate Visit	2.50%				Maximum 2% of Sum Insured as opted in Section A (benefits)	Premium Rates to be applied on the maximum limit of indemnity defined for this extension	Not Applicable
Extension 6	Reimbursement of Examination Fees	Rate Charged				Sum Insured	Rate applicable on	Default Deductible
Extension 6	Reimbursement of Examination Fees	0.20%				Maximum 1% of Sum Insured as opted in Section A (benefits)	Premium Rates to be applied on the maximum limit of indemnity defined for this extension	Not Applicable
		Rate Charged				Sum Insured	Rate applicable on	Default Deductible
Section B	Medical Cover	0.97%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured`	Premium Rates to be applied on sum insured opted for this Section	Not Applicable
Section C	Fire and Allied Perils ( excluding STFI and RSMD)	0.02%-.04%				To be opted by the insured as per the requirement	Premium Rates to be applied on sum insured opted for this Section	5% of clam amount for AOG perils subject to minimum of Rs 10,000. Deductible of Rs 10,000 for other perils.
Extension 1	Staff Secure	Rate Charged				Sum Insured	Rate applicable on	Default Deductible
	(i) Death	0.01%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Premium Rates to be applied on the maximum limit of indemnity defined for this extension	Not Applicable
	(ii) Permanent Total Disablement	0.00%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Premium Rates to be applied on the maximum limit of indemnity defined for this extension	Not Applicable
	(iii) Permanent Partial Disablement	0.03%				To be opted by the insured as per the requirement subject to Minimum & Maximum Sum Insured	Premium Rates to be applied on the maximum limit of indemnity defined	Not Applicable
Extension 2	Library Books	Rate Charged				Sum Insured	Rate applicable on	Default Deductible

*The above rates may change. Please check the policy wordings for more information.

Additional Benefits

On premise Cover (Applicable for Section A): discount of 25% will be offered if insured person opt for the Policy on “On premises basis” On Premises would include and mean:

Accidental Risks to the Students
The policy provides cover against pedal cycle and loss of personal belonging within premises only.
Financial support to help student travel to the premises from the place of residence and then back, if student is not a resident within the Premises, for the purpose engaging in activities carried out by the Educational Institution/Schools.

Content Insurance (Applicable for Section A): The Policy also provides for home content insurance up to Rs 15,000 against burglar and fire and allied perils is taken by all the Parents for the benefit of the Child undergoing studies at no additional premium under the Policy.

Reinstatement Value Clause (Applicable for Section C): On payment of additional premium, the Company shall compensate the Insured Educational Institute for cover against fire and allied perils on reinstatement value basis i.e. there would not be any deduction for depreciation while settling claims.

Universal Sompo Surva Vidyarthi Bima Yojana Policy Details

Free Look period- You will be allowed a period of at least 30 days from the date of receipt of the Policy to review the terms and conditions of the Policy and to return the same if not acceptable

Sum Insured enhancement- The Sum Insured under the Policy can only be enhanced on renewal subject to approval from underwriter.

Renewal- Your Policy shall ordinarily be renewable as long as you / Insured can be defined as Student for purpose of this Policy except on grounds of fraud, moral hazard or misrepresentation or non‐cooperation by the insured person. If the Policy is not renewed within the Grace Period then we may agree to issue a fresh Policy subject to Our underwriting criteria and no continuing benefits shall be available from the expired Policy.

Group Discount- A group discount depending on size of group may be offered as per below

No of Persons	Discount (%)
101-5000	10
5001-15000	15
15001-25000	20
25001-50000	25
50001 and above	30

Hot to Cancellation Universal Sompo Surva Vidyarthi Bima Yojana Policy?

We may cancel this Certificate of Insurance / Policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of Insured Person by sending 15 days written notice by registered post to Policy Holder’s last known address, and then we shall refund a pro-rata premium for the unexpired Cover Period.
You or Policy Holder may cancel this Certificate of Insurance or Policy respectively by giving Us 15 day’s written notice for the cancellation of such Certificate of Insurance or Policy by registered post, and then we shall refund premium on short term rates for the unexpired Cover Period as per the rates detailed below.

Cancellation Period
Cover Period	Within 1 month	From 1 month to 3 months	From 3 months to 6 months	From 6 months to 1 year
1 year	75%	50%	25%	0%

Documents Required to buy Universal Sompo Surva Vidyarthi Bima Yojana Plan

In case of Death

Policy Copy
Post Mortem Report (certified copies) - as applicable
F.I.R. or Death report or Inquest Panchnama (in original or certified copies)
Spot Panchnama (certified copies)- if applicable
Death certificate (in original or certified copy)

In case of Permanent Total Disablement/Permanent Partial Disablement

Policy Copy
Disability certificate - Authorized Medical Practitioner of the district/ units concerned, (certificate) stating percentage of disablement
F.I.R. and Panchnama wherever applicable (original or certified copies)
Medical report
Investigation reports like laboratory test, X-rays and reports essential of confirmation of the type and percentage of disability
Original medical bills

In case of Medical Claims

Policy Copy
Medical Reports
Medical Receipts/ Original Medical Bills
Investigation reports like laboratory test, X-rays and reports essential of confirmation of the type and percentage of disability

In case of Fire Claim

All the particulars, plans, specification, books, vouchers, invoices (where available), duplicates or copies thereof, documents, investigation reports (internal/external), proofs, evidence and information with respect to the claim
First Information Report (FIR) of the Police, wherever required
Fire Brigade Report wherever required

Eligibility

Students/ Staff from age of 3 years to 65 years can be enrolled under this policy. The insured can opt any section/ benefit and extension given in the policy.

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