Future Generali Sampoorn Loan Suraksha

Future Generali Sampoorn Loan Suraksha

  • About

    This loan insurance plan is specifically designed for institutions that offer loans to their members

  • Insured Benefit

    Loan amount as per Loan Schedule given in the Certificate of Insurance

  • Age at Entry

    14 to 70 years

  • Minimum Sum Assured Per Member

    Rs 10,000/-

  • Policy Term

    13 months to 360 months

  • Premium Payment Term

    Single premium

  • Cover for Additional Loan

    Yes

  • Minimum Group Size

    20 members

  • Joint Life

    Yes

  • Tax Benefit

    Yes

Future Generali Sampoorn Loan Suraksha

  • Future Generali Sampoorn Loan Suraksha is a Group, Non-linked, Non-participating (without profits), Pure Risk Premium, Credit Life Insurance Plan which has been designed specifically for the new/existing customers of financial institutions. The Plan secures the credit/loan by providing death and critical illness cover to the borrowers.
  • The Plan covers housing loan, loan against property, education loan, vehicle loan, personal loan, business loan, merchandise loan, consumer durable loan, credit card groups, asset backed loan, agriculture loan and gold loan.
  • The Plan will be offered under the following variants:
    Reducing Cover i.e. Under this variant, the Sum Assured (Life Cover) reduces in line with the Loan Schedule as provided in the Certificate of Insurance.
    Level Cover i.e. Under this variant, the Sum Assured (Life Cover) remains fixed during the Coverage Term.

How SAMPOORN LOAN SURAKSHA POLICY Works ?

Step1Choose your Plan Option
  • Option1: Base Cover:
  • Option 2: Base Cover + Standard Critical Illness Cover
  • Option 3: Base Cover + Extended Critical Illness Cover
Step2Calculate your premium amount

Your premium will depend upon:

  • Loan amount sanctioned
  • Loan duration and interest rate
  • The borrower’s age at the time of applying for the plan
Step3Pay your one time single premium to start your cover
;

Basket of Benefits

The Loan Insurance Plan comes with 3 options

  • Option1: Base Cover :
    This option provides insurance cover on :
    a) Death
  • Option 2: Base Cover + Standard Critical Illness Cover
    This option provides insurance cover for:
    a) Death
    b) 6 Standard Critical Illness conditions, whichever occurs first
  • Option 3: Base Cover + Extended Critical Illness Cover:
    This option provides insurance cover for:
    a) Death or
    b) 19 Extended Critical Illness conditions, whichever occurs first

INSURED BENEFIT

 

Option 1

Option 2

 Option 3

Insured Event

Death

Death, or 6 standard Critical Illnesses, as defined below under list of critical illness conditions, whichever occurs first

Provided diagnosis of any of the covered critical illness occurs within lower of policy term and 10 years.

Death, or 19 extended Critical Illnesses, as defined below under list of critical illness conditions, whichever occurs first

Provided diagnosis of any of the covered critical illness occurs within lower of policy term and 10 years.

List of Critical Illness Conditions

-

  1. Cancer of specified severity
  2. Open chest CABG
  3. Myocardial Infarction (First Heart Attack of specific severity)
  4. Kidney Failure requiring regular dialysis
  5. Major Organ / Bone Marrow Transplant
  6. Stroke resulting in permanent symptoms

Please refer to the Section” Definition-Critical Illness Conditions” for exclusions under the above mentioned critical illnesses

  1. Cancer of specified severity
  2. Open chest CABG
  3. Myocardial Infarction (First Heart Attack of specific severity)
  4. Kidney Failure requiring regular dialysis
  5. Major Organ / Bone Marrow Transplant
  6. Stroke resulting in permanent symptoms
  7. Benign Brain Tumor
  8. Coma of Specified Severity
  9. End Stage Liver Failure
  10. End Stage Lung Failure
  11. Open Heart Replacement or Repair of Heart Valve
  12. Loss of Limbs
  13. Blindness
  14. Third Degree Burns
  15. Major Head Trauma
  16. Permanent Paralysis of Limbs
  17. Loss of Independence Existence
  18. Apallic Syndrome
  19. Surgery of Aorta

Please refer to the Section ”Definition- Critical Illness Conditions “ for exclusions under the above mentioned critical illnesses

Waiting period for Critical Illness Benefit (under Option 2 and 3) is 90 days following the date of commencement of risk:- No benefits shall be payable under this Policy for Critical Illness diagnosed or with the signs or symptoms of which first occurred within 90 days following the date of commencement of risk.

Amount of Benefit payable on occurrence of insured event shall be as per Loan Schedule given in the Certificate of Insurance.

Coverage Term for Critical Illness condition under Option 2 and Option 3 shall be lesser of 10 years and Initial loan coverage term.

Under Option 2 and 3, for loans of tenure greater than 10 years, all benefits other than ‘Critical Illness’ Benefit shall continue as specified in the Certificate of Insurance.

Cover for Insured Member terminates on payment of benefit under any one of the insured events under the plan option.

 

AMOUNT OF COVER

 

Single Life

Co-Borrower

Joint Life Cases

Coverage amount

Loan amount (Sum Assured) as per the Loan Schedule given in the Certificate of Insurance

His/her respective loan amount (Sum Assured) as per the Loan Schedule given in the Certificate of Insurance

Covered for 100% of loan amount (Sum Assured) as per the Loan Schedule given in the Certificate of Insurance

Amount Payable on Occurrence of Insured Event

In case of occurrence of any one of the insured events, the outstanding loan amount (Sum Assured) as on date of occurrence of the insured event as per the Loan Schedule given in the Certificate of Insurance is payable and coverage shall terminate

In case of occurrence of insured event with anyone/ each of the co-borrowers, his/her respective share of loan amount (Sum Assured) as on date of occurrence of the insured event as per the Loan Schedule given in the Certificate of Insurance is payable

In case of occurrence of any one of the insured events with any one the joint borrowers or in case of occurrence of any one of the insured events together for more than one joint borrowers, where all the borrowers are insured on the entire loan amount, only one claim of loan amount (Sum Assured) as on date of occurrence of the insured event as per the Loan Schedule given in the Certificate of Insurance is payable. No other benefit shall be payable and the policy shall terminate and the insurance cover will cease on surviving borrower(s).

Insurance cover for surviving member

Not applicable

The Insurance Cover on the surviving member will continue for his/her respective loan share for the balance coverage term

No Insurance Cover for surviving member(s).

 

If Master Policyholder is a

To whom the Insured Benefit is payable

  1. Reserve Bank of India (RBI) Regulated Scheduled Commercial Banks (including Cooperative Banks)
  2. NBFCs having Certificate of Registration from RBI
  3. National Housing Bank (NHB) Regulated Housing Finance Companies
  4. National Minority Development Finance Corporations (NMDFC)and its State Channelising 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 IRDAI

Subject to terms and conditions of the Master Policy, the insured benefit will be directly payable to the Master Policyholder to the extent of outstanding loan amount, subject to consent / authorization provided by Insured member as part of the Member Enrollment Form; Insured Benefit amount in excess of outstanding loan amount (if any) will be paid to the Insured Member/Nominee/Beneficiary /Legal Heir of the Insured Member

Other Master Policyholders

Subject to terms and conditions of the Master Policy, the insured benefit will be paid directly to the Insured Member/nominee/beneficiary /legal heir or estate of the Insured Member

Maturity Benefit - There is no Maturity Benefit under this Plan

Eligibility

Parameter Criterion
Entry Age Minimum: 14 years (in case of Education Loan)
18 years (in case of other loans)
Maximum: 70 years
Maturity Age Minimum: 15 years and 1 month (in case of Education Loan)
19 years and 1 month (in case of Other loan)
Maximum: 75 years
Sum Assured Range Minimum: Rs 10,000
Maximum: No Limit (Will be based on the loan amount and is subject to Underwriting Policy)
At no point in time the reduced cover shall be less than the minimum Sum Assured of Rs. 10,000
Policy Term Range 13 months to 360 months
Policy term for a member shall not be greater than the initial loan tenure.
Premium Payment Term Single Premium only
Minimum Group Size 20 members

Minor lives can take the group insurance policy only in case of joint life cover.

EXCLUSIONS

Suicide exclusion under Death Benefit:-In case of death due to suicide within 12 months from the date of commencement of risk under the policy, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the surrender value available as on date of death whichever is higher, provided the policy is in force.

Exclusion under the listed Critical illnesses under Option 2 and Option 3-

Exclusions under Critical Illness

No Critical Illness benefit will be payable in respect of any listed condition arising directly or indirectly from, through, in consequence of or aggravated by any of the following:

  • Pre-Existing Diseases or diseases connected to a Pre-Existing diseases will be excluded.
    Pre-existing Disease means any condition, ailment, injury or disease:
    • a) That is/are diagnosed by a physician within 48 months prior to the effective date of the policy issued by the insurer or
    • b) For which medical advice or treatment was recommended by, or received from, a physician within 48 months prior to effective date of the policy
  • Existence of any sexually Transmitted Disease (STD) and its related complications
  • Self-inflicted injury, suicide, insanity and deliberate participation of the insured member in an illegal or criminal act
  • Use of intoxicating drugs/alcohol/solvent, taking of drugs except under the direction of a qualified medical practitioner
  • War – whether declared or not, civil commotion, breach of law with criminal intent, invasion, hostilities (whether war is declared or not), rebellion, revolution, military or usurped power or willful participation in acts of violence
  • Aviation other than as a fare paying passenger or crew in a commercial licensed aircraft
  • Taking part in any act of a criminal nature
  • Treatment for injury or illness caused by avocations/activities such as hunting, mountaineering, steeple-chasing, professional sports, racing of any kind, scuba diving, aerial sports, activities such as hand-gliding, ballooning, deliberate exposure to exceptional danger. Radioactive contamination due to nuclear accident
  • Failure to seek or follow medical advice or treatment from any registered and qualified Medical Practitioner
  • Any treatment of a donor for the replacement of an organ
  • A congenital anomaly of the insured

DISCLAIMERS

Future Generali Sampoorn Loan Suraksha (UIN: 133N066V02)

  • Tax benefits are subject to change as per tax laws.
  • For more details on risk factors, terms and conditions, please read the sales brochure and/or sample policy document on our website carefully and/or consult your advisor before concluding the sale.
  • Insurance is subject matter of solicitation.

 

For Master Policyholder:- In case you disagree with any of the terms and conditions of the policy/coverage, you can return the policy/Certificate of Insurance to the Company within 15 days (30 days if the policy is sold through the Distance Marketing Mode) of its receipt, for cancellation, stating your objections. Future Generali will refund the policy premium after the deduction of proportionate risk premium for the period of cover, stamp duty charges, cost of medical examination, if any.

For Insured Member:- On receipt of the Certificate of Insurance, the Insured Member may review the Terms and Conditions stated herein. In case the Insured Member is not satisfied with Terms and Conditions, he / she has an option to return the Certificate of Insurance to the Company within 15 days of its receipt (30 days if the Policy is purchased through Distance marketing mode), with a request for cancellation, stating reasons for the same. On such cancellation of the Certificate of Insurance, the Company will refund the premium after deducting a proportionate cost of insurance for the period covered; expenses incurred towards medical examinations, if any, and stamp duty.

Note: Distance Marketing means insurance solicitation / lead generation by way of telephone calling / Short Messaging Service (SMS) / other electronic modes like e-mail, internet & interactive television (DTH) / direct mail / newspaper and magazine inserts or any other means of communication other than that in person.

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