 The purpose of this product is to provide life insurance protection to the weaker sections of the society, like people who are funded by Micro Financial Institutions or NGO’s or avail loan from 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. We have designed ’Grameen Shakti’ which is a Group Micro insurance product with refund of premiums at maturity. |
Key Features: |
| • | Duration of plan: 5 years or 10 years as per the Group Master policyholders choice. |
| • | Age at entry: |
| | • | Minimum 18 years age last birthday. |
| | • | Maximum 50 years age last birthday. |
| • | Sum assured: Rs.5,000/- to Rs.50,000/- (in multiples of 5,000) as per choice of Master Policyholder |
| • | Premium frequency: Yearly. |
| • | Requirement from the Group member: Automatic acceptance linked to signature of Membership form that includes Good health declaration and nomination clause. |
Benefits: |
| • | Maturity benefits:
Depending on term chosen by the Master Policyholder, on survival of the policy term a percentage of total premiums paid would be refunded.
5 years - 50% of premium paid net of service tax.
10 years - 100% of premium paid net of service tax. |
| • | 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)
Form 46th day from cover start date / revival date - Sum assured is payable |
| • | Surrender value:
The surrender value will be payable if at least 3 years premiums have been paid and is payable as follows:
For a 5 year term - 35% of (total premiums paid net of service tax less the first year premium)
For a 10 year term - 65% of (total premiums paid net of service tax less the first year premium) |
| • | Grace Period:
30 days from the premium payment due date which is common for all Group Members under the same Master policy. |
| • | Revival Period:
3 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 the applicable interest (at 'RBI Repo rate + 2.5%'). A new 45 days exclusion period from the revival date will be applicable. |
| • | Exclusions: |
| | • | 45 days from joining the scheme/ revival date: No death claim will be accepted. |
| | • | In the event of there being more than one death claim in respect of the same group Member, death claims 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. |
| | • | Suicide within the first year: Premium net of Service Tax and Stamp Duty will be refunded to the nominee |