CreditAccess Raksha Kavach Sukshm

UIN: 163N001V02

About the product

CreditAccess Raksha Kavach Sukshm is a Non-linked Non-Participating Group Credit Life Micro-Insurance Product with a single premium payable at the time of taking a loan. It covers various types of loans like micro loans, business loans, personal loans etc. The target customer segment for the product is low-income rural and urban consumers. The product will be sold on the group platform through microfinance lenders and other such lending entities.

Key Features

  1. Life cover: Two options are available as mentioned below:
    • Initial loan cover (Level cover): The sum assured, which is equal to the initial/outstanding loan amount remains same throughout the cover term.
    • Outstanding loan cover (Reducing cover): The sum assured decreases as per the loan repayment schedule at the time of inception of the policy. This can be reduced monthly or annually.
  2. Death Benefit: Upon death of the Member during the policy term, Sum Assured, depending upon the cover option chosen is paid to the nominee after settling any outstanding loan amount to the lender. The member has an option to choose separate co-borrower cover or a joint life cover.

Eligibility

Minimum entry age 18 years
Maximum entry age 74 years
Minimum sum assured Rs. 5,000
Maximum sum assured Rs. 2,00,000
Minimum policy term 1 month
Maximum policy term 120 months
Minimum Premium Payment term Single premium
Minimum Group Size 5

Terms and Conditions

  1. Nomination: Each member can nominate the person / persons to whom the death benefit will be payable.
  2. Surrender Value: Surrender benefit is as mentioned below:
    • For Initial loan cover: Single premium * (1 – number of months elapsed/ policy duration in months) * 90%.
    • For Outstanding loan cover: Single premium paid * (1 – number of months elapsed / total policy term in months) * death benefit as on date of surrender according to benefit schedule / sum assured at policy inception * 90%.
  3. Freelook period: In case the Member doesn’t agree with any of the terms and conditions of the policy, member is entitled to freelook period of 30 days from the time member receives the Certificate of Insurance (COI).

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 – 080-6997 8070

Policy Terms & Conditions