Adding Security Benefits to Accounts

If the Life Insured passes away during the policy term, their nominee will receive Rs. 2,00,000 as the death benefit.

The policy does not offer any maturity or surrender benefit to the members.

* You can offer this product to anyone with a valid bank or post office account

* If a customer has multiple bank or post office accounts, they will be eligible to join the scheme through one account only.

* If a customer buys this plan through multiple accounts and pays multiple premiums, they will still get insurance cover of Rs 2,00,000 only. We will forfeit the premium we receive for the duplicate insurance.

* This plan is a one-year contract that a customer can renew at the premium rate and terms prevailing next year.

* New members enrolling into the scheme will not get risk-coverage for the first 30 days from the date of enrolment. This is known as the lien period. If the life insured passes away during the lien period due to any reason other than an accident, we will be unable to process the nominee’s death benefit claim.

* Sum Assured for the member of a scheme cannot be increased or decreased and shall remain unchanged throughout the period of the contract.

* One can add new members to the scheme after the initial enrolment period by submitting a consent form and paying a proportionate premium. 

If an individual member exits from the group for reasons other than death, their nominee will not remain entitled to receive any payment.

Surrender of the master policy - The Master Policyholder can discontinue the scheme by giving one month’s notice. No fresh enrolments shall be allowed after the expiry of the notice period. However, for the existing members, insurance cover will continue till the end of the policy anniversary.

The cover under this Policy cannot be revived once it has been terminated. However, a Member may rejoin if they meet the eligibility criteria. A Waiting Period of 45 (forty-five) days from the Effective Date of Coverage will again be applicable.

The risk coverage of a Member shall terminate, depending on which of the following events happen first:

a. Passing away of the insured member

b. Attaining the age of 55 years (age as on the nearest birthday) on the annual renewal date

c. Closure of account with the Bank/Post Office or insufficiency of balance to keep the insurance in force

d. If a member is covered through more than one bank/post office, and the premium is received by the company inadvertently, insurance cover shall be restricted to Rs. 2 Lakh, and the premium paid for the duplicate insurance(s) shall be liable to be forfeited.