 The purpose of this Product is to provide life cover at low costs to groups of economically weaker sections of Society, like people who are funded by Micro financial Institutions or NGO’s or avail loan form Bank/ Financial institutions through SHG. SHG is a group of rural poor who have volunteered to organize themselves into a group for eradication of poverty of members. Grameen Super Suraksha is a low cost Group term assurance plan for rural people who can seek life insurance protection without maturity benefit.
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Key Features:
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Duration of plan: 5 years fixed.
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Age at entry: |
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Minimum 18 years age last birthday. |
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Maximum 50 years age last birthday. |
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Sum assured: As per the Minimum / Maximum premium amount and premium mode.
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Premium frequency: Single premium or Yearly premium as per Group Master policyholder choice.
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Single Premium: 30 times the Single premium amount (exclusive of Service Tax). |
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Regular Premium: 150 times the Yearly premium amount (exclusive of Service Tax). |
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Premium frequency: Single premium or Yearly premium as per Group Master policyholder choice.
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Requirement from the Group Member: Automatic acceptance linked to signature of Membership form containing a Good health Declaration and nomination clause.
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Benefits:
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Death benefits:
First 45 days after the cover start date or after the revival date – No death claim will be accepted (inclusive of accidental death)
From 46th day from the cover start date / revival date – Sum assured is payable.
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Maturity benefits : No maturity benefits payable
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Grace Period:
30 days from the premium payment due date which is common for al Group Members under the same Master policy. During the grace period, claim amount less premium amount due is payable.
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Revival Period:
2 years from the due date of the first unpaid premium and within the term of the cover subject to underwriting decision. All unpaid premiums have to be paid along with interest (9%p.a). A new 45 days exclusion period from the revival date will be applicable.
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Surrender value : No surrender value as it is a pure term assurance product
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Exclusions: |
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45 days from joining the scheme/ revival date: No death claim will be accepted. |
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In the event of there being more than one death claim in respect of the same group Member, death claim only up to the maximum of Rs.50,000/- per group member will be payable.All other claims will be declined and premium net of Service tax and Stamp duty will be refunded to the nominee as stated in the membership form. |
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Suicide within the first policy year:Single premium mode – Premium net of Service tax and Stamp Duty will be refunded to the nominee. Regular Premium mode – No benefit payable. |