On unfortunate demise of the Insured Member during the Policy Term, the Sum Assured, as per the option chosen, shall be payable.
To whom claim is payable?
For Regulated Entities:
The Regulated Entities are following entities in accordance with IRDAI guidelines as amended from time to time:
Reserve Bank of India (RBI) regulated Scheduled Banks (including Co-operative Banks),
NBFC’s having certificate of registration from RBI, and
National Housing Bank (NHB) regulated Housing Finance Companies
In case the Master Policy is issued under Lender-Borrower category to any of the above entities, the Insured Member shall have an option to issue an authorization in favor of the Company to the effect that in the unfortunate event of Insured Member’s death during the Coverage Term, the claim amount, if any payable under the Master Policy shall first be utilized for payment to Master Policyholder for the outstanding loan amount as specified in Master Policyholder’s Credit Account Statement and the balance amount, if any, payable under the Master Policy shall be paid to Insured Member’s beneficiary.
For Other Entities:
These are Entities other than Regulated Entities as described above. On the unfortunate event of Insured Member’s death during the Coverage Term, the claim amount shall be payable to Insured Member’s beneficiary.
The term ‘beneficiary’ mentioned above means nominee/legal heir of the Insured Member.
There is no maturity benefit.