CreditAccess Sanrakshan Sukshm - Shramik Suraksha (Micro-Insurance Product)

About the product

CreditAccess Sanrakshan Sukshm - Shramik Suraksha (Micro-Insurance Product) is a Group, non-linked, non-participating, pure risk premium product.

The target customer segment for the product is rural and low-income urban consumers. The product will be sold directly to the groups like Co-operative societies, Farmer producer organizations, small scale business merchant aggregators and other groups in the rural and low-income space.

Key Features

• Cover Options: This Option covers Male member aged 18 to 59 years with a sum assured of up to Rs.2,00,000.
• Death Benefit: : If the member passes away during the policy term, the nominee receives the Basic Sum Assured. The policy ends with no other benefits payable.
• Additional Benefits:Accidental Death Benefit will be paid of Rs.50,000, on the submission copy of FIR.
• Easy Issuance:No medicals are required, and the issuance process is simplified and quick.

# Total death benefit includes base cover of Rs 1,50,000 and an Accidental Death Benefit of Rs 50,000.

Terms and Conditions

• Freelook period: Allows members 30 days from receiving the policy document to review its terms and conditions. If any terms are disagreed upon, the member can return the policy, stating objections. Upon receiving the objection, the company will cancel the policy and refund the premiums paid.
• Assignment: The member also has the right to assign the policy in accordance with Section 38 of the Insurance Act, 1938 and amended from time to time.
• Nomination: Member can nominate the person / persons to whom the death benefit will be payable.
• Exclusions for Accidental Death Benefit:
• Influence of any type of drugs and alcohol unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
• Acts of foreign enemy, any war, invasion, rebellion, or civil commotion due to internal or external forces and willful participation in acts of violence.
• Participation by the insured member in a criminal or unlawful act with criminal intent.

Annexure

• Extract from Section 39 of the Insurance Act, 1938: as amended from time to time:

  Nomination and assignment shall be as per section 39 and Section 38 of Insurance Act 1938, respectively as amended from time to time, said details are available on https://creditaccesslife.in/

• Extract from Section 41 of the Insurance Act, 1938: as amended from time to time:

  No person shall allow, or offer to allow, either directly or indirectly as an inducement to any person to take out or renew or continue an insurance ,in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses, or tables of the Insurer.

  Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the Insurer.

  Any person making default in complying with the provisions of this section shall be punishable with a fine, which may be extending to ten lakhs rupees.

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