CreditAccess Life - Suraksha

About the product

CreditAccess Life - Suraksha is Group, Non-linked, Non-Participating, One year renewable Term Life Product.

The target customer segment for the product is rural and urban consumers of India. The product will be sold on the group platform through Employer-Employee groups, other financial institutions, and other affinity groups.

Key Features

• Death Benefit : Upon death of the insured member during the policy term, the basic Sum Assured will be paid to the nominee.
• Riders : Below Riders are available under this product.
  • CreditAccess Life - Accidental Death Benefit Rider - UIN : 163B001V01
    Master Policy Holder can opt for accidental death benefit rider upto the Basic Sum Assured, subject to maximum of ₹ 50,00,000/-.
  • CreditAccess Life - Accidental Disability Benefit Rider - UIN : 163B002V01
    Master Policy Holder can opt for accidental disability benefit rider upto the Basic Sum Assured, subject to maximum of ₹ 50,00,000/-.

Eligibility

Other Terms and Conditions

• Assignment : The member has right to assign the policy in accordance with Section 38 of Insurance Act, 1938 and ammended from time to time (Applicable to non Employer-Employee groups only).
• Freelook period : A period of 30 days from the date of receipt of policy document to review the terms and conditions of the policy and where the master policy holder / member disagrees to any of these terms & conditions, has an option to return the policy stating the reasons for objection. On receipt of the request, the company will cancel the policy Certificate of Insurance(COI) and will refund the premiums paid.
  In case of Employer-Employee group, on receipt of the request the company will delete the Certificate of Insurance(COI) and premium will be added to the cash deposit balance(CD Balance)
• Nomination : Insured can nominate a person / persons to whom the death benefit will be payable.
• Surrender :
  • For Non Employer-Employee groups : Insured will get back 90 % of the premium for the remaining months as per the policy term, excluding taxes and any rider premium.
  • For Employer-Employee groups : Master Policy Holder will get refund of the premium for the remaining months as per the policy term, excluding taxes and any rider premium.
• Suicide :
  • For Non Employer-Employee groups : If the member commits suicide for any reason, while sane or insane, within one year from the joining the scheme, higher of 100% of the premium paid excluding taxes and rider premium in respsect of the member will be paid to the nominee or beneficiary.
  • For Employer-Employee groups : Sum Assured will be payable in case of suicide of the insured.

Exclusions

• Alterations : No Alterations / Changes are allowed post issuance except error corrections, if any.
• Grace Period : Not Applicable under this policy as this is single premium product.
• Loan Provision : Not Applicable under this policy.
• Lapse : Not Applicable under this policy as this is single premium product.
• Maturity and Survival Benefits : Not Applicable under this policy.
• Partial Withdrawal : Not Applicable under this policy.
• Revival of Policy : Not Applicable under this policy as this is single premium product.

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