Edelweiss Life - Jan Suraksha

Edelweiss Tokio Life - Jan Suraksha is a group term micro insurance plan which is designed to provide a cover against death. The plan broadly offers to cover the members or customers of Micro Finance Institutions, District Co-operative Banks, Self Help Groups, Non- Banking Financial Companies, Regional Rural Banks, NGOs or any other homogenous groups. Through this plan, the Master Policyholder can help it s Members to secure the financial future of their family in case of an unfortunate demise of the member.

Key Features

Flexibility to choose Coverage Type

a. Level Sum Assured
b. Decreasing Sum Assured

Flexibility to choose coverage on Single Life or Joint Life basis

Flexibility to choose Premium Paying Options
a. Single Pay
b. Regular Pay

In the event of death of the Insured Member, while his/her Coverage is In-Force, the Sum Assured as per the Benefit Schedule applicable as on the date of death will be payable. Benefit Amount payable will depend on the Coverage Type opted by the Master Policyholder and as specified in the Certificate of Insurance.

Entry age
Minimum
Maximum
(Last Birthday)
18 years
60 years

Minimum
Maximum
Premium
(per member)
Rs. 50
Single Pay - Subject to Board approved underwriting policy
Regular Pay - 750 per annum

Sum Assured (per member)
Minimum: 1,000
Maximum: 2,00,000

b. Life Coverage
The plan can be taken on Single Life or Joint Life basis. Single Life coverage covers only one Insured Member while under Joint Life, 2 Insured Members can be covered provided there is an insurable interest between them.

In case the Master Policy Holder/ Insured Member does not agree with any of the provisions stated in the Policy Document/Certificate of Insurance as the case may be, the Master Policyholder/Insured Member has the option to return the Policy Document/Certificate of Insurance to us stating the reasons thereof in writing, within fifteen (15) days from the date of receipt of the Policy Document/Certificate of Insurance. On receipt of the letter along with the original Policy Document/Certificate of Insurance, We will refund the premium
received after deducting stamp duty charges, proportionate risk premium for the period of cover and medical expenses (if any).
The Policy/Insurance Cover once returned shall not be revived at any point of time and a new proposal will have to be made for a new Policy/Insurance Cover

The Insured Member has a period of thirty (30) days from the Premium Paying Due Date for the payment of Modal Coverage Premium, without any penalty/late fee. Grace period of 30 days is applicable for all the Premium Paying Frequencies.
The Coverage will remain In-Force during the grace period. In case of death during the grace period, the Death Benefit as applicable will be paid subject to the deduction of the due Modal Coverage Premiums from the benefit.

The Policy can be surrendered by the Master Policyholder. In case of surrender of the Policy, the Coverage of the insured members shall continue till the end of the period for which the Modal Coverage Premiums have been paid, unless expressly surrendered by the Insured Member. An Insured Member may surrender his/her Coverage at any time during their Coverage Term.
The surrender of a Coverage by one or more members does not affect the remaining Insured Members of the policy. The applicable Surrender Value will be based on the Premium Paying Options be as follows:
A. Single Pay Premium Paying Option
Policy will acquire the surrender value immediately after the Premium has been paid. The Surrender Value payable will be:
Premium including extra premium for substandard lives (if any) and exclusive of
applicable tax x 50% x {Number of remaining complete months of cover / Total Coverage Term in months} x {Sum assured applicable as at surrender / Sum assured at inception}
B. Regular Pay Premium Paying Option
No Surrender Benefit is payable.

Premium Discontinuance:
A. Single Pay - Not Applicable
B. Regular Pay - On premium discontinuance the Coverage will lapse and no benefits will be
payable by us under the Coverage.
In case the Modal Coverage Premium with respect of any Insured Member is collected by the Master Policyholder within grace period but is not remitted to us for some reason, then the risk cover for those Insured Members will continue even on expiry of grace period.

If Modal Coverage Premiums are not paid within the Grace Period, the Coverage shall lapse. Any such Coverage may be revived within two years from the due date of the first unpaid Modal Coverage Premium by giving us a written notice to revive the Coverage and payment of all overdue Modal Coverage Premiums with interest, as may be declared by the Company from time to time, for every completed month from the due date of first unpaid Modal Coverage Premium.
The revival will be effected subject to the receipt of the proof of continued insurability of the Insured Member and the acceptance of the risk by the Underwriter. Cost for the medical examination, if applicable shall be borne by the Insured Member. The effective date of revival is when these requirements are met and approved by us. Revival would be as per the Board approved underwriting guidelines of the Company.

Suicide Claim provisions:
In case of death of the Insured Member or either of the joint Insured Members, if Joint Life Coverage is opted, due to suicide within 12 months from the Coverage Commencement Date, 80% of the premiums paid will become payable provided the coverage is In-Force and the Certificate of Insurance will terminate.
In case of death of the Insured Member or either of the joint Insured Members, if Joint Life Coverage is opted, due to suicide within 12 months from the date of revival of the coverage, higher of surrender value as on the date of death or 80% of the premiums paid will become payable provided the coverage is In-Force and the Certificate of Insurance will terminate.