CreditAccess Life - Samunnati Suraksha

UIN: 163N008V01

About the product

CreditAccess Life - Samunnati Suraksha (Micro-Insurance Product) is a Non-linked Non-Participating Group Term product with Return of Premium. It is a product designed for the farmers and low-income population of India, which will be sold through groups like Farmer Producer Organisations (FPOs), Cooperatives, small business merchants, and Self-Help Groups in rural areas, who are located pan India.

Key Features

  • Death Benefit : Upon the death of the insured member during the policy term, the Sum Assured as per the Certificate of Insurance (COI) will be paid to the nominee.
  • Maturity Benefit : Maturity Benefit will be 50% to 60% of the premium, based on Master Policy Holder(MPH) due-deligence and such value will be applicable uniformly for all members under the MPH.
  • Surrender Benefit : The Surrender benefit will be calculated as follows
    Single Premium * 90% * { Outstanding policy Term in years / Policy Term }

Eligibility

Minimum entry Age 18 years
Maximum entry Age 65 years
Minimum Sum Assured ₹ 1,00,000
Maximum Sum Assured ₹ 2,00,000
Policy Term 2 years
Minimum Maturity Age 20 years
Maximum Maturity Age 67 years
Maturity Benefit 50% - 60% of Premium amount

Terms and Conditions

  • 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).
  • Suicide of Member : Death Benefit (Sum Assured on Death) will be payable in case of death due to suicide within the policy term.

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