Group Secure Plus

Insured Events

Members are covered against Death, Accidental Death, Diagnosis of Critical Illness. There are total of 5 risk coverage options covering some or multiple of these coverages for varying durations.

Plan Option

Reducing Cover: Sum Assured reduces on a monthly basis during the term of the Coverage. The reduction in Sum Assured pattern during the Coverage Term is fixed for the member at the time of issuance of Certificate of Insurance (COI).

Level Cover: Assured remains constant throughout the Coverage Term and is equal to the Initial Sum Assured, irrespective of the outstanding loan amount at the occurrence of covered event.

Moratorium Options

The Master Policyholder has the option to choose one or both of the Moratorium Options where the insurance coverage during the moratorium period may be:

1. Moratorium Period without Interest: The initial Sum Assured shall remain unchanged up to the end of moratorium period, and thereafter it shall reduce on a monthly basis as specified in the COI issued to the Member.
2. Moratorium Period with Interest: The initial Sum Assured shall increase to the extent of the outstanding interest during the moratorium period, and thereafter it shall reduce on monthly basis as specified in the COI issued to the Member.

Joint Life Option

A maximum of 4 joint borrowers are allowed under this plan for a single loan with following two joint borrower options:

• Joint Life Basis: Each of the joint borrowers will be insured for 100% of the Sum Assured.
• Joint Life Loan Share Basis: Each of the joint borrowers is covered up to his/ her share of loan as mentioned in the COI.

All joint borrowers must opt for same Premium Payment Term, Premium Payment Frequency, Coverage Term, Plan Option, Moratorium Option and Coverage Option.

^*All references to age is age as on last birthday.

^**BAUP refers to the Company’s Board Approved Underwriting Policy.

^{^}Minimum Coverage Term will be 1 year for the following Coverage Options under Single Premium Option and maximum will be 5 years:

• Coverage Option 4 – Death & CI Option (with Coverage Term upto 5 years)
• Coverage Option 5 – Death, ADB & CI Option (with Coverage Term upto 5 years) whereas

For Coverage Term less than 2 years under Single Premium Option, running monthly coverage terms are available i.e. 1 month to 23 months whereas for Coverage Terms greater than or equal to 2 years under Single Premium Option, yearly CoverageTerms are available i.e. 2 years to 40 years. The plan offers shorter CoverageTerms with minimum Coverage Term starting from 1 month to cover for shorter duration loans such as personal loan, business loans, agricultural loans, gold loan, term loans, etc, provided by various financial institutions.

^#The minimum group size requirement will not be applicable for existing master policies issued on the currently open for sale credit life products of the Company where such master policyholders choose to switch to this product for their new Members.

*** Family Lifestyle Benefit is not available with:

1. Joint Borrower Options
2. Education Loans where the entry age is below 18 years
3. Coverage Options other than 1 & 2
4. Limited Premium Payment Option

Note: The minimum & maximum Sum Assured limits, age limits and coverage term limits will be based on the scheme level underwriting based on data provided by the Master Policyholder. The member can choose any one of the Coverage Option, Premium Payment Option, Premium Payment Mode option, Moratorium Option/Period, Joint Life Option at inception of Coverage, from the options selected by the Master Policyholder.

The Plan offers 5 Coverage Options. The Master Policyholder can select either one or more coverage options. The member can choose any one of the Coverage Options from the options selected by the Master Policyholder.

ATPD and CI are accelerated benefits. In other words, on claim admission for any of these Insured Events, the applicable Sum Assured will be paid immediately, the insurance coverage will terminate, and no further benefit will be payable on the occurrence of the death of the Insured Member.

Accidental Death Benefit (ADB) is the additional benefit where ADB Sum Assured will be payable in case death is due to an accident. The ADB Sum Assured will be equal to the Sum Assured as applicable based on the chosen Plan Option and as specified in the COI.

The table below summarises the type of benefit payable under each of the insured events other than Death:

Optional inbuilt Family Lifestyle Benefit(FLB)

This product has an optional inbuilt Family Lifestyle Benefit (FLB), which can be added to Coverage Death Only and Death & ADB Option on payment of additional premium over and above the premium payable for the Coverage Option chosen.

An additional benefit in case of Death will be paid to the nominee of the Insured Member in any one of the following ways as opted by the Master Policyholder at point of sale and as chosen by Members from such available options under the Master Policy. In case the Insured Member has to pay the Premium for this Optional Inbuilt Benefit opted by the Master Policyholder, they have a choice to not opt for the same.

1. Term Benefit – An amount equivalent to 25% or 50% of the Initial Sum Assured as chosen, will be given as Lumpsum.
2. Income Benefit – 0.5% of Initial Sum Assured shall be paid as monthly Income for 60 months, starting from monthly coverage anniversary following the date of Death of the Insured Member. Where monthly coverage anniversary means the date corresponding to the Risk Commencement Date occurring after the completion of every coverage month. The Income Benefit Option is available where the Initial Sum assured is more than or equal to 5 lacs.

Please note, Family Lifestyle Benefit is not available with:

• Joint Borrower Options
• Education Loans where the entry age is below 18 years
• Options other than Death Only and Death & ADB Option
• Limited Premium Payment Option