microinsurance jeevan madhur from lic - microfinance india -
DESCRIPTION
http://www.indiamicrofinance.comLIC has a new micro insurance product for the microfinance sectorTRANSCRIPT
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JEEVAN MADHUR(TABLE NO-182)
A MICRO INSURANCE POLICY WHICH PROVIDES SECURITY
WITHIN THE REACH OF THE POOR
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• SCIENTIFICALLY DESIGNED SMALL DENOMINATION POLCY WITH SMALL CONSIDERATION AMOUNT FOR A GROUP OF PERSONS AGED BETWEEN 18 TO 60 YEARS.
• S.A.• MIN 5000/-• MAX 30,000/-
MAX MAT AGE
65 YEARS.
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• MINIMUM PREMIUM PRESCRIBED
Rs 250/-QLY/HLY/YLY
Rs 100/-MONTHLY
Rs 50/-FORTNIGHTLY
Rs 25/-WEEKLY
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• FURTHER, THE PREMIUM CHOSEN BY THE PROPOSER SHALL BE SUBJECT TO THE MIN & MAX DEATH BENEFIT S.A. UNDER THE POLICY.
• TERMS AVAILABLE • MIN 5 YEARS• MAX 15 YEARS
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• BENEFITS• NEW CONCEPTS OF BENEFITS
INTRODUCED• DEATH BENEFIT S.A.• TOTAL PREMIUM PAYABLE DURING THE
ENTIRE TERM OF THE POLICY ALONG WITH VESTED BONUSES i.e.12XnXMLY PREM,WHERE n IS THE TERM OF THE POLICY.
• THE DEATH BENEFIT S.A. IS INDEPENDENT OF AGE.
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• MATURITY BENEFIT S.A.
• IS A FUNCTION OF AGE AT ENTRY AND IT VARIES FOR DIFFERENT TERMS.
• IT INCREASES WITH THE TERM OF THE POLICY.
• IT IS PAID ALONG WITH BONUS.
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• ACCIDENT BENEFIT
• FREE OF COST
• EQUIVALENT TO DEATH BENEFIT S.A.
• EXCLUSION• SNAKE BITE IS EXCLUDED FOR THE
PURPOSE OF ACCIDENT BENEFIT.
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• BONUS ACCRUAL
• PROVIDED THE POLICY REMAINS IN FORCE FOR THREE YEARS.
• .
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• AUTO COVER• IF TWO FULL YEARS PREMIUMS HAVE
BEEN PAID FREE RISK COVER IS PROVIDED FOR A FURTHER PERIOD OF TWO YEARS FROM F.U.P.
• DURING THE AUTO COVER L.A. CAN PAY ONE OR MORE PREMIUM IN PIECEMEAL.
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• THE AUTO COVER WILL BE AVAILABLE FROM NEW F.U.P. AGAIN.
• FOR DEATH CLAIM CASES DURING AUTO COVER ALL UNPAID PREMIUMS AND UNEXPIRED PREMIUMS TO COMPLETE POLICY ANNIVERSARY ALONG WITH INTEREST TO BE RECOVERED.
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• BONUS IS PAYABLE ALSO FOR THE PREMIUMS SO RECOVERED.
• BUT• ACCIDENT BENEFIT IS NOT
AVAILABLE DURING AUTO COVER PERIOD.
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• DAYS OF GRACE
• ONE CALENDAR MONTH BUT NOT LESS THAN 30 DAYS FOR YLY, HLY & QLY MODES.
• 15 DAYS FOR OTHER MODES
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•LOAN
•NOT ALLOWED
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• LET US JOIN HANDS TOGETHER FOR THE SOCIAL CAUSE OF UPLIFTING THE POOR AND GRADUALLY BRINGING THEM UNDER THE MAIN STREAM OF ECONOMIC ACTIVITY.
• SO AS TO MAKE INDIA A MORE STRONG ECONOMIC POWER.
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