Max Life Group Saral Suraksha Plan

(Micro Insurance Product)

Max Life Group Saral Suraksha Plan

(Micro Insurance Product)

Max Life Group Saral Suraksha Plan (Microinsurance Product) (A Non-Linked Non-Participating Group Pure Risk Premium Life Insurance Plan; UIN: 104N114V01) is a Group Micro Insurance product, which aims to secure the socially and economically weaker sections of society against life’s uncertainties.

Under this Group Microinsurance product for providing coverage to the group members of microfinance businesses, NBFCs, or even affinity groups, the members can choose cover options as per their financial needs and requirements. This microinsurance product extends to cover different types of requirements, i.e.

  • Provide coverage to borrowers against the financial burden of loan liabilities that borrowers' families may face, in case of an unfortunate event.
  • Provide level cover to your group members and secure their families against any unfortunate events

Offers Coverage to the members/borrowers of:

  • MFIs (Microfinance Institutions)
  • NBFC (Non-Banking Financial Company)
  • Co-operative banks
  • Self Help Groups
  • NGOs (Non-Government Organisations)
  • SFBs (Small Finance Banks)
  • Payments Bank
  • Other Affinity Groups

Key Features of Max Life Group Saral Suraksha Plan (Microinsurance Product)

Key Features of Max Life Group Saral Suraksha Plan (Microinsurance Product)

Max Life Group Saral Suraksha Plan (Microinsurance Product), primarily focuses on providing financial security to the members/borrowers of a group to secure the future of the group members and their loved ones, in case of an unfortunate incident, through this group microinsurance.


1) Coverage for Loan Borrowers and Affinity groups

Under this group micro finance plan, MFIs, NBFCs, NGOs, small finance banks, and other affinity groups can choose the type of cover for their members. Thus, small- and medium-scale businesses can protect their members, including daily wage workers and different economically weaker segments, against unfortunate incidents under this micro insurance product.

Types of Covers

Max Life Group Saral Suraksha Plan (Micro Insurance Product) offers two cover options to choose from, out of which the Master Policyholder/Member may get the option of:  

  • Level Cover: Under this option, the Sum Assured chosen at the inception will remain the same throughout the tenure and be offered to all types of groups to cover up to ₹ 2 lakhs.
  • Reducing Cover: Only available under the Single Pay option; sum assured is as per the loan schedule.

  i) This cover option under the micro insurance plan will be available for Lender – Borrower relationships; coverage is available against loans taken by the group members.

 ii) The micro insurance plan also offers the option of the mode of reducing Cover:

         a) Monthly reducing option - the cover amount shall change monthly 

         b) Annually reducing option - the cover amount shall change annually

2) Flexibility to decide the premium payment option

With Max Life Group Saral Suraksha Plan, the master policyholder/member has the freedom to choose a premium payment option that suits their financial disposition. This group microinsurance plan allows the master policyholder/members to personalise different aspects of protection as per their requirements. Different premium payment options available under Max Life Group Saral Suraksha Plan are:

a. Regular pay – Pay at regular intervals:

  • Policy Term in Level Cover - Minimum 1 to Maximum 10 years in multiple of 1 year

b. Single pay

  • Pay once and cover the group members for:

i) Policy Term in Level cover – Master Policyholders can choose insurance coverage for their members, extending from 1 month to 120 months, in multiples of one month. Thus, small-scale businesses can protect even contractual and daily wage workers with comprehensive insurance coverage starting from as low as one month.  

ii) Policy Term in Reducing Cover – Under this variant of the group micro-insurance product, group members can choose insurance coverage for a period extending between 3 months to 120 months, in multiples of one month

3) Provide coverage to the group members for:

a. Single Life

b.  Joint Life

c. Co-borrower / Co-applicant (for loan borrowers only)

4) Coverage for Loan Borrowers and Level Cover for Affinity groups such as MFIs, NBFCs, NGOs, and small finance banks, under one micro-insurance plan. Thus, the socially and economically weaker mass segments can get protection against any unfortunate events under this micro insurance plan.

1) Benefit Payable:

a. Max Life Group Saral Suraksha Plan (Micro Insurance Product) provides insurance cover benefits on the demise of the insured members, due to both accidental and natural causes. Thus, this group micro insurance plan offers to pay the death cover benefit as per the following criteria:  

  • In case the member has opted for the level cover variant of this group insurance policy, the payout will be made according to the schedule mentioned in the certificate of insurance
  • In case the member has opted for the reducing cover variant of this group micro insurance plan, the payout will be made as per the loan schedule

b. In case the insured member is involved in an accident leading to total and permanent disability, Max Life Group Saral Suraksha Plan will pay 100% of the insurance cover benefit under the base benefit.

2) Flexibility to cover even small groups, with a minimum group size of five, at the inception of this micro insurance policy. Thus, micro finance institutions and other eligible group types with five or more members can opt for Max Life Group Saral Suraksha Plan (Micro Insurance Product) and avail the coverage benefits.

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Eligibility Criteria for Max Life Group Saral Suraksha Plan

Eligibility Criteria for Max Life Group Saral Suraksha Plan

 

Max Life Group Saral Suraksha Plan (Micro Insurance Product) Max Life Insurance

 

Max Life Group Saral Suraksha Plan (a Microinsurance Product) has set specific eligibility criteria, which are to be considered while purchasing this group micro product. The eligibility criterion for Max Life Group Saral Suraksha Plan is as under:

S. No Item Modification
1 Minimum Entry Age (last birthday)   18 Years (age last birthday) for all members other than education loan borrowers 14 years (age last birthday) for education loan borrowers
2 Maximum Entry Age (last birthday)-   Base Benefit: 80 Years (age last birthday) ATPD Benefit: 75 Years (age last birthday)
3 Maximum Maturity Age (last birthday) Base Benefit: 81 years (age last birthday) ATPD Benefit: 76 years (age last birthday)
4 Premium Payment Term Single Pay Regular Pay (Premium Payment Term of 1 year to 10 years in multiple of 1 year)
5 Target Group This micro insurance product will be offered to a group of members/borrowers of MFIs/NBFC/Co-operatives/Self Help Group/ NGOs/SFBs/Payments Bank/ Other Affinity Groups
6 Mode of Payment Single Annually Semi-Annually Quarterly Monthly
7 Policy Term

For Single Pay:

  • Level Cover 1 to 120 Months (in multiple of 1 month)
  • Reducing Cover 3 to 120 Months (in multiple of 1 month)

For Regular Pay:

  • Level Cover 1 to 10 Years (in multiple of 1 year)
  • Reducing Cover – No Available
8 Minimum/Maximum Group Size Minimum: 5 members at inception Maximum: No limit
9 Minimum Sum Assured Rs. 1000 for a member at cover inception
10 Maximum Sum Assured Rs. 2,00,000 per member throughout the policy term (the maximum Sum Assured shall be as per the micro-insurance regulations and shall be revised as and when the maximum Sum Assured is revised by the IRDAI)
11 Risk Coverage

Level Cover - Cover/ sum assured remains constant throughout the policy term

Reducing Cover – Cover reduces as per loan schedule (outstanding loan amount)
12 Death Benefit The sum assured as per the death benefit schedule in respect of the specific member of the group as mentioned in the Certificate of Insurance is payable. After payment of the death benefit, the micro insurance  cover terminates
13 Maturity Benefit Not Available

What is Moratorium Period and How does it Work in Max Life Group Saral Suraksha Plan?

A Moratorium Period for Max Life Group Saral Suraksha Plan (a Microinsurance Product) is defined as a time during the coverage term when the borrower does not make any payment towards the principal component of the loan. During the Moratorium Period, the borrower may choose whether to make a payment towards the interest component of the loan. The moratorium period must always be less than the Coverage Term.

Here are a few aspects of the Moratorium Period under this plan:

1) The Life Insured/Scheme Member has the option to choose the Moratorium Period under this loan-linked group insurance policy

2) The Life Insured/Scheme Member has the option to choose Moratorium Period: Available from 1 (one) month to 60 (sixty) months, in multiples of 1 month. Note: Where the loan schedule is annual, a moratorium period in multiple of 1 year shall only be available.

3) The option to service or not service interest payments during the Moratorium Period is available for a minimum of 1 month and a maximum of 60 months.

ARN: 13072023/WB/GSSP

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