This loan insurance plan is specifically designed for institutions that offer loans to their members
Loan amount as per Loan Schedule given in the Certificate of Insurance
14 to 70 years
10,000/-
13 months to 360 months
Single premium
Yes
20 members
Yes
Yes
Your premium will depend upon:
The Loan Insurance Plan comes with 3 options
INSURED BENEFIT
|
Option 1 |
Option 2 |
Option 3 |
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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 |
- |
Please refer to the Section” Definition-Critical Illness Conditions” for exclusions under the above mentioned critical illnesses |
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. |
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Amount of Benefit payable on occurrence of insured event shall be as per Loan Schedule given in the Certificate of Insurance. |
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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. |
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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 |
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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
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.
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:
Future Generali Sampoorn Loan Suraksha (UIN: 133N066V02)
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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