Future Generali Sampoorn Loan Suraksha

FUTURE GENERALI Sampoorn Loan Suraksha

1. AboutThis loan insurance plan is specifically designed for institutions that offer loans to their members

2. Insured BenefitLoan amount as per Loan Schedule given in the Certificate of Insurance

3. Age at Entry14 to 70 years

4. Minimum Sum Assured Per MemberRs 10,000/-

5. Policy Term13 months to 360 months

6. Premium Payment TermSingle premium

7. Cover for Additional LoanYes

8. Minimum Group Size20 members

9. Joint LifeYes

10. Tax BenefitYes

Future Generali Sampoorn Loan Suraksha

1. 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.

2. 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.

3. 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

1. Option1: Base Cover:

2. Option 2: Base Cover + Standard Critical Illness Cover

3. Option 3: Base Cover + Extended Critical Illness Cover

Step2Calculate your premium amount

Your premium will depend upon:

1. Loan amount sanctioned

2. Loan duration and interest rate

3. 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

1. Option1: Base Cover :
This option provides insurance cover on :
a) Death

2. 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

3. 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





AMOUNT OF 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:

1. 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

2. Existence of any sexually Transmitted Disease (STD) and its related complications

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 willful 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

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.