This is pure cover: it pays your family if something happens during the term, and there is no amount paid back at the end. A non-linked, non-participating one-year group renewable micro term insurance plan that provides cover to affinity groups (cooperatives, NGOs, self-help groups, microfinance loan members) under a master policy issued to a nodal agency.
What's included
Key highlights
- Group micro term insurance
- Master policy
- Additional and funeral benefits available
Features
- Non-linked, non-participating one-year group renewable micro term insurance
- Master policy issued to nodal agency
- Death benefit paid to master policy holder
- Additional cover up to 50% of Sum Assured
- Premium paid by the nodal agency
- Minimum 75% of members must join
- All new members must be covered
Terms and conditions
- Death Benefit
- 1) On death during policy term, Sum Assured is paid to Master Policy Holder, who transfers it to nominee/beneficiary.
- 2)Master Policy issued to Nodal Agency
- 3)Premium paid by Nodal Agency
- 4)Minimum 75% members must join
- 5)All new members must be covered
- 6)DGH required at entry
- 7)Sum Assured based on loan/membership
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
This plan states: Sum Assured paid to Master Policy Holder
If the policy runs to maturity
There is no maturity payout. The premium buys cover for the term, not savings.
Typical for term plans — confirm the exact terms in the brochure.
If death is caused by an accident
With the accidental death rider, an additional amount is paid on top of the sum assured. The rider is optional and carries its own premium.
Typical for term plans — confirm the exact terms in the brochure.
Optional riders
Accidental Death Rider
Additional cover for accidental death
Disability Rider
Cover for disability due to accident
Loan & liquidity
- Policy loan
- Not available
- Partial withdrawal
- No
Questions about this plan
What kind of plan is Gramin Samuhik Myadi Beema Yojana?
Gramin Samuhik Myadi Beema Yojana from Liberty Micro life Insurance is a term plan that is pure life cover for a fixed period, with no savings element, and suits people protecting family income or a loan.
How long does Gramin Samuhik Myadi Beema Yojana run?
The policy term for Gramin Samuhik Myadi Beema Yojana is 1 year (annual renewable group insurance).
What is paid if the insured passes away during the term?
Sum Assured paid to Master Policy Holder
Which riders can be added to Gramin Samuhik Myadi Beema Yojana?
Gramin Samuhik Myadi Beema Yojana can be taken with the following optional riders: Accidental death (ADB), PTD / PWB. Each rider carries its own premium.
Premium
Quote on request