• 3 Covers to choose from:

  1) Uniform cover- Under this type of cover, a flat Sum Assured will be provided to all the members in the group.

  2) Graded Cover- Master Policy holder can choose different Sum Assured for different categories of members based on a pre-defined objective criterion.

  This option will be chosen by the Master Policy Holder at the inception of the policy with the cover remaining fixed throughout the policy term. For all the members under the scheme, the cover will be based on a pre-defined objective criterion, for example, % of a Loan Amount.

  3) Loan Linked Cover- Under this type of cover, the coverage Sum Assured will be linked to the loan amount of the respective member.

• Death Benefit: On unfortunate demise of the Insured Member during the Policy Term, the Sum Assured, as per the option chosen, shall be payable to the beneficiary.

• For Regulated Entities: The Regulated Entities are following entities in accordance with IRDAI guidelines as amended from time to time:

  1. Reserve Bank of India (RBI) regulated Scheduled Banks (including Co-operative Banks).

  2. NBFC’s having certificate of registration from RBI.

  3. National Housing Bank (NHB) regulated Housing Finance Companies.

  4. National Minority Development Finance Corporation (NMDFC) and its State Channelizing Agencies.

  5. Small Finance Banks regulated by RBI

  6. Mutually Aided Cooperative Societies formed and registered under the applicable State Act concerning such Societies.

  7. Microfinance Companies registered under section 8 of the Companies Act, 2013.

  8. Any other category as approved by the Authority.

  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 beneficiary. In case of absence of such authorization the entire claim amount would be paid to the nominee(s)/beneficiary.

• For Other Entities:

These are Entities other than Regulated Entities as described above. In 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 member.

• A rebate of 5% would be given on the premium chargeable for the younger life for risk cover on “Joint Basis”.

• Maturity Benefit: There is no maturity benefit.