CreditAccess Life - Anantha Suraksha Sukshm

About the product

CreditAccess Life - Anantha Suraksha Sukshm (Micro-Insurance Product) is a Non-linked, Non-Participating Group Term Product. The target customer segment for the product is low-income rural and urban consumers. The product will be sold on the group platform through employer-employee groups, Financial institutions, and other affinity groups.

This product offers both Single and Annual modes of Premium Payments, with minimum term of 1 month, which is helpful for affinity groups with members on short term contracts, who require short term coverage.

• Single Premium : Premium is paid one time at the inception of the policy
• Annual Premium : Premium is paid annually for the entire policy term

Key Features

• Death Benefit : Upon death of the insured member during the policy term, Sum Assured, will be paid to the nominee.
• Joint Life Cover : Option available for Master Policy Holder to have joint live cover of their members.

Eligibility

Terms and Conditions

• Assignment : The insured has right to assign the policy in accordance with Section 38 of the Insurance Act, 1938 and amended from time to time
• Freelook period : The Insured has the option to cancel the policy within 30 days of receiving the policy document if they find the terms and conditions unsatisfactory and receive a full refund.
• Grace period :
  • Single Premium : Not Applicable
  • Annual Premium : 30 days is applicable for annual premium cases under this policy from the last unpaid due date.
• Lapse : Not applicable as it will have a paid-up value.
• Nomination : Insured can nominate a person / persons to whom the death benefit will be payable.
• Paid up value :
  • Annual Premium : Paid up Sum Assured will be calculated as
    ( Total period for which the premiums are paid / Maximum period for which premiums were originally payable ) x Sum Assured
• Revival period :
  • Single Premium : Not Applicable
  • Annual Premium : Period of five consecutive years or the policy term, whichever is earlier, from the date of first unpaid premium.
• Suicide : If the member commits suicide for any reason, while sane or insane, within one year from the risk commencement date, the sum assured on death will be payable.
• Surrender :
  • Single Premium : Surrender value will be calculated as below
    Single premium Paid x (1 – number of months completed / total policy term in months) x 90%
  • Annual Premium : Surrender value will be calculated as below
    Total premium Paid x (1 – number of months completed / total policy term in months) x 90%

Contact us at:

CreditAccess Life Insurance Limited

IRDAI Registration No. 163. CIN - U66020KA2019PLC120540

#595, 1st Floor, 15th Cross,1st Phase, Outer Ring Road, J.P. Nagar, Bengaluru, Karnataka, India – 560078

Email : service@calife.in

Telephone number : +91 80 6997 8070