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Group Insurance 394 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.
Continue reading this page to understand the benefits and features in a detailed manner. Let’s start without any further delay.
Table of Contents
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.
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.
Members of the following can opt for the DHFL Pramerica Sarv Suraksha Plan.
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.
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.
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.
For Regulated Entities, the following organizations will get the claim as per the IRDAI guidelines.
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.
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 Modes | Modal Factors |
---|---|
Annual | 1 |
Semi-annual | 0.52 |
Quarterly | 0.265 |
Monthly | 0.09 |
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.
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.
Have a look at the important conditions related to the plan mentioned below.
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.