Description

This is a one year single premium term plan targeted at the micro-insurance segment. It provides financial protection against death or total permanent disability due to accident throughout the term of the policy with additional payout in case of accidental death. A benefit to cover funeral expenses is also provided. There is no payment on survival of the policyholder to the end of the policy term.

Benefits

• Death Benefit: Sum Assured is payable on death of the life assured during the policy term to the beneficiary/nominee.
• Funeral expenses: An additional amount equal to 10% of the Sum Assured will be payable to the beneficiary/nominee as cover towards funeral expenses on death of the life assured.
• Accidental Death Benefit: In the event of death of the life assured due to accident, an additional amount equal to sum assured will be payable.
• Permanent Total Disability Benefit: In the event of permanent total disability due to accident of the life assured, an amount equal to the sum assured will be payable to the policyholder. The policy will terminate upon payment of such benefit. The definition of permanent total disability shall be as per the Company’s underwriting policy.

• • • Exclusions/Restrictions in case of death of life assured
      • In case of death (directly or indirectly) of the life assured due to any of the following reasons, the Company shall not cover any risk and no benefit shall be paid:
        • While traveling in any Aircraft which is not a scheduled one or traveling as a non-ticket paying passenger,
        • Participating in any activity which is against the Law of the Land, in any war like action (whether the War is declared or not),
        • Breaking any Civil or Army Law,
        • Suicide
      • The above exclusions are as per the underwriting policy of the company and subject to change to be aligned with the underwriting policy of the company.

Features

• The single premium shall be payable at the inception of the policy term.
• Minimum sum assured is Rs. 10,000 and maximum sum assured is Rs. 3,00,000.
• Minimum age at entry is 18 years (age last birthday) whereas maximum age at entry is 69 years (age nearest birthday).
• The policy term is fixed at 1 year.
• Surrender value is not available under this plan.
• Paid up value is not available under this plan.
• Loan is not available under this plan.