ABSLI Group Bima Yojana is a comprehensive group term insurance plan tailored for Microfinance Institutions (MFIs). This non-linked, non-participating, single premium, group micro life term insurance plan provides crucial protection against financial liabilities that may arise due to the unfortunate death of a member.
Key Features:
- Level Death Benefit: Provides a fixed sum assured in the event of death.
- Single or Joint Life Cover: Option to choose coverage for either a single life or joint lives.
- Single Premium Policy: Requires payment of a single premium.
Benefits:
- Death Benefit:
- If a member or the first of the joint life assureds passes away, the sum assured as specified in the Policy Contract or Certificate of Insurance (CoI) will be payable.
- Surrender Benefit:
- If the policy is surrendered due to the prepayment of the entire loan or for other reasons, a surrender benefit is payable.
- Calculation: 50% × Single Premium × (Outstanding Term) / Policy Term
- Joint Life Cover:
- For joint life coverage, if the first of the joint lives passes away, the sum assured is paid, and coverage for both joint lives will end.
- A discount of 10% is offered on the premium for the younger life. Co-borrowers, guarantors, or spouses can be covered jointly with the member.
- Coverage Continuation:
- In case of loan prepayment or foreclosure of a savings scheme, the member can choose to surrender the coverage or continue it for the remaining term.
- If the member opts for surrender, coverage ends, and any applicable surrender benefit is paid. If no choice is expressed, coverage continues as per the terms.
Eligibility:
- The scheme is designed for members of MFIs and is subject to the eligibility criteria specified in the policy documentation.
Additional Resources:
For more detailed information, please download the brochure or visit our website.