Future Generali Sampoorn Loan Suraksha

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 Independent Existence
18. Apallic Syndrome
19. Major 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):

• i. Waiting Period is 90 days from the date of Risk Commencement of the Policy or revival date (whichever is later)
• ii. No Critical Illness Benefit shall be payable under this Policy for the listed critical illness conditions, diagnosed or manifested within 90 days following the date of Risk Commencement of the Policy or revival date (whichever is later) and the Critical Illness Benefit under the Policy will terminate.
• iii. Waiting period in case of revival shall not be applicable if Policy is revived within 90 days of last premium due date and a continuous waiting period of 90 days has been served.

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.

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).

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