Group Insurance 122 views August 11, 2021

DHFL Pramerica Sarv Suraksha Plan offers affordable insurance cover to members under a group. It is a yearly renewable group term micro-insurance product with which policyholders can ensure financial protection to the families of group members in case of unfortunate death.

We are showing the key features of the plan below. Please check.

  1. Flexible Sum Insured Options
  2. Protection Against Death
  3. Availability of Joint Basis Coverage
  4. No Limit on the Group Members
  5. Multiple Premium Payment Modes
  6. A Grace Period of 15 or 30 days
  7. A 15-day Free Look Period

Continue reading this page to understand the benefits and features in a detailed manner. Let’s start without any further delay.

Features and Benefits of DHFL Pramerica Sarv Suraksha Plan in Detail

DHFL Pramerica Sarv Suraksha Plan is an affordable group term insurance plan to protect the members under a group. We have talked about the benefits of the plan below.

Multiple Sum Assured Options

Under the Sarv Suraksha Plan, insured members can enjoy multiple sum assured options and choose according to their convenience. The minimum sum assured per member stands at INR 1,000, while the maximum can be INR 2,00,000 per member.

Who Can Avail of the DHFL Pramerica Sarv Suraksha Plan?

Members of the following can opt for the DHFL Pramerica Sarv Suraksha Plan.

  1. Micro Finance Institutions (MFI)
  2. Self-help groups
  3. Co-operative banks
  4. Non-government Organizations (NGOs)
  5. Any such similar organizations (who are operating in the social sector)

This plan also covers members on a ‘Joint Basis’ wherein the borrowers (up to two members) can get joint insurance for the 100% of the benefit. On the first occurrence of the insured event (death of a member), the plan will pay the respective benefit, and the surviving joint borrower’s benefit will cease immediately.

If the insured event occurs simultaneously on the lives of joint borrowers, the plan will pay the benefit in respect of single life only and will terminate immediately.

Who Can be the Master Policyholder?

Under the Sarv Suraksha Plan, master policyholders can be the Micro Finance Institutions (MFI), co-operatives, self-help groups, NGOs, or any such organization operating in the social sector with a group of existing members. A master policyholder will have the following responsibilities.

  1. To provide complete details of the eligible group members and maintain the register of covered members
  2. To ensure that insured members nominate beneficiaries (to receive benefits in case of an unfortunate event)
  3. Collection of premium from group members and deposit the same to the insurer

Death Benefit

In case of an unfortunate demise of the insured group member during the policy period, the plan will provide the sum assured (for which the member is covered).

The insurance coverage will also be available to the members even if the master policyholder hasn’t paid the premium but a member has paid the same and got a proper payment receipt of the insurance.

Who Will Get the Claim?

For Regulated Entities, the following organizations will get the claim as per the IRDAI guidelines.

  1. Reserve Bank of India (RBI)-regulated Scheduled Banks (including Co-operative Banks)
  2. Non-Banking Financial Companies (NBFCs) having a certificate of registration from RBI
  3. Housing Finance Companies (HFCs) regulated by National Housing Bank (NHB)

If a master policy is issued under the lender-borrower category to any of the entities mentioned above, the insured member can issue authorization in favour of the insurer. It ensures that the claim amount (in case of an unfortunate death) will be first utilized for the outstanding loan amount and the nominee or beneficiary will get the remaining amount, if any.

In the case of other entities, the insured member’s beneficiary will get the claim amount if he/she dies during the policy term.

Availability of Multiple Premium Payment Modes

The premium amount towards DHFL Pramerica Sarv Suraksha Plan depends on several factors – Sum assured, age of the insured member and the overall risk profile of the group.

This plan from DHFL Pramerica also provides multiple premium payment modes from which you can choose as per your needs. To know the modal factors for different modes, check the below table.

Premium Payment ModesModal Factors
Annual1
Semi-annual0.52
Quarterly0.265
Monthly0.09

Note: In the case of ‘Joint Basis Cover’, the individual premium rate will depend on their ages. However, the plan will offer a 10% rebate on the premium for the second life.

Grace Period

The plan offers a grace period of 15 days (monthly and quarterly modes) and 30 days (half-yearly mode) from the due premium date. If the insurer does not receive the due premium within the grace period, the policy will lapse.

Note: If a master policyholder has paid the premium of the entire group before the expiry of the grace period, the plan will offer death benefit even if an insured member dies during the grace period.

DHFL Pramerica Sarv Suraksha Plan Eligibility Criteria

Have a look at the important conditions related to the plan mentioned below.

  1. The minimum age at entry can be as low as 18 years.
  2. The maximum age at entry stands at 65 years.
  3. For individuals, the maximum cover ceasing age remains 66 years.
  4. The minimum number of members in a group should be five. However, there is no upper limit on the members to be covered under the plan.

Suicide Clause

If an insured member under the group dies due to suicide within 12 months of the date of the commencement or joining of the scheme, the insurer will refund 80% of the premiums paid.

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