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Future Generali Sampoorn Loan SurakshaThis is a Group Non-Linked Life Insurance Plan
UIN: 133N066V01

Future Generali Sampoorn Loan SurakshaThis is a Group Non-Linked Life Insurance PlanUIN: 133N066V01

  • About

    This 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 20,000/-

  • Policy Term

    2 to 30 years

  • Premium Payment Term

    Single premium

  • Cover for Additional Loan

    Yes

  • Minimum Group Size

    20

  • Joint Life

    Yes

  • Tax Benefit

    Yes

WHY BUY THIS POLICY?

  • The plan secures your assets by providing total financial protection to your borrowers by covering contingencies like death, accidental disability, critical illness(CI) as well as terminal illness
  • You can provide coverage to your member’s for a wide range of loans Housing Loan, Education Loan, Vehicle Loan, Personal Loan, Business Loan, etc.
  • The plan can be taken on a single life as well as on a joint life or as a co-borrower. On a joint life cover, a discount of 10% is applicable on each joint life premium.
  • The plan will be covered under the following variants: Reducing Cover and Level Cover.
  • Under this plan, your member gets tax benefits as per prevailing tax laws.

How it Works

Step1Choose your Plan Option
  • Option1: Base Cover:
  • Option 2: Base Cover + Standard CI
  • Option 3: Base Cover + Extended CI
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
;

BENEFITS

The plan comes with 3 options

  • Option1: Base Cover:
    This option provides insurance cover on:
  • Option 2: Base Cover + Standard CI
    This option provides insurance cover for:
  • Option 3: Base Cover + Extended CI
    This option provides insurance cover for:

INSURED BENEFIT

 

Option 1

Option 2

 Option 3

Insured Event

Death, or Accidental and Total Permanent Disability, or Terminal Illness; whichever occurs first

Death, or Accidental and Total Permanent Disability, or Terminal Illness, or 6 conditions of Standard Critical Illness; whichever occurs first

Death, or Accidental and Total Permanent Disability, or Terminal Illness, or 19 conditions of Extended Critical Illness; whichever occurs first

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
  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 Tumour
  8. Coma of Specified Severity
  9. End Stage Liver Disease
  10. End Stage Lung Disease
  11. Open Heart Replacement or Repair of Heart Valves
  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

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 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 event under the plan option.

 

AMOUNT OF COVER

 

Single Life

Co-Borrower

Joint Life Cases

Coverage amount

Loan amount as per the loan schedule given in the certificate of insurance

His/her respective Loan amount as per the loan schedule given in the certificate of insurance

Covered for 100% of loan amount 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 event, the outstanding Loan amount 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 insured event with any one of the co-borrowers, his/her respective Loan amount 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 event with any one the joint borrowers, where both the borrowers are insured on the entire loan amount, the loan amount as on date of occurrence of the insured event as per the loan schedule given in the certificate of insurance is payable

Insurance cover for surviving member

Insurance cover will cease on payment of benefit

The insurance cover on the surviving member will continue for his/her respective loan share for the balance repayment term

No insurance cover for surviving member as the policy terminates on occurrence of insured event for the first life

 

If Master Policyholder is a

To whom the Insured Benefit is payable

  1. Reserve Bank of India (RBI) Regulated Scheduled 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 and its State Channelizing Agencies
  5. Small Finance Banks regulated by RBI

The payment can be made to Master Policyholder on subject to authorization by Insured Member.

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; Benefit amount in excess of outstanding loan amount (if any), will be paid to the nominee/ appointee / legal heir of the Insured Member

Other Master Policyholders

Subject to terms and conditions of the master policy, the benefit will be paid to the nominee/ appointee / legal heir or estate of the Insured Member

Maturity Benefit - There is no maturity benefit under this plan

Target Group
The plan aims to provide death, accidental disability, terminal illness and critical illness cover to all borrowers which in turn secures the credit/loan.

Eligibility

Parameter Criterion
Entry Age Minimum : 14 years (in case of education loan)
18 years (in case of other loans)
Maximum : 70 years
Maximum Maturity Age 75 years
Sum Assured Range Minimum: Rs 20,000
Maximum: No Limit (subject to Board Approved Underwriting Guidelines)
Policy Term Range 2 to 30 years
Premium Payment Term Single Premium only
Minimum Group Size 20 members

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

EXCLUSIONS

Suicide exclusion under Death Benefit:- In case the insured member commits suicide whether sane or insane, within 12 months from the policy inception date or from the date of inception of the member under the group insurance scheme, whichever is later, then higher of 80% of the premiums paid or surrender value in respect of concerned insured member is payable to the nominee/beneficiary.

Exclusions under Accidental Total & Permanent Disability:-
No Benefit will be payable in respect of any condition arising directly or indirectly from, through or in consequence of the following exclusions:

  1. Arising out of self-inflicted injury, suicide, war/invasion, injury during criminal activity with criminal intent or death whilst under the influence of drug unless prescribed by the doctor, alcohol, or narcotic substances;
  2. Arising out of riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeple chasing or racing of any kind, bungee jumping, river rafting, scuba diving, paragliding or any such adventurous sports or hobbies;
  3. As a result of the insured member committing any breach of law with criminal intent;
  4. As a result of accident while the insured member is engaged in aviation or aeronautics in any capacity other than that of a fare-paying, part-paying or non-paying passenger, in any aircraft which is authorized by the relevant regulations to carry such passengers and flying between established aerodromes.
  5. Nuclear reaction, radiation or nuclear or chemical contamination;

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

  1. Pre-Existing Conditions or conditions connected to a Pre-Existing Condition will be excluded. Pre-Existing is any condition for which the insured member had signs, or symptoms, and/ or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the first policy issued by the Company will be excluded.
  2. Existence of any Sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV)
  3. Self-inflicted injury, suicide, insanity and deliberate participation of the insured member in an illegal or criminal act.
  4. Use of intoxicating drugs / alcohol / solvent, taking of drugs except under the direction of a qualified medical practitioner.
  5. 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 wilful participation in acts of violence.
  6. Aviation other than as a fare paying passenger or crew in a commercial licensed aircraft.
  7. Taking part in any act of a criminal nature.
  8. 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.
  9. Failure to seek or follow medical advice or treatment from any registered and qualified Medical Practitioner.
  10. Any treatment of a donor for the replacement of an organ.
  11. A congenital anomaly of the insured.

 

Waiting Period for Critical Illness Benefit 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.

DISCLAIMERS

Future Generali Sampoorn Loan Suraksha (UIN: 133N066V01)

  • 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.

 

Free-Look Period (Master Policyholder and Member)
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. Note: Distance marketing means insurance solicitation by way of telephone calling/short messaging service (SMS)/other electronic modes like email, internet and interactive television (DTH)/direct mail/newspaper

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