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Pramerica Life Sampoorna Suraksha-Micro-Insurance Product

Summary Info

Insurance Company	Pramerica Life Insurance Company Ltd
Plan Name	Pramerica Life Sampoorna Suraksha-Micro-Insurance Product
Plan Nature	TRADITIONAL
Plan Category	Protection Plan
UIN No.	140N058V01
About Plan	This is a Non-Linked Non-Participating Single Premium Group Term Micro Insurance Product. This is a comprehensive protection plan that provides financial protection against the risk of death to the members of the group covered under the policy. It is designed to cater to a variety of groups like Micro Finance Institutions (MFIs), various types of Financial Institutions, NBFCs, Banks or Co-operative Societies.

Basic Details

Minimum Entry Age	14 Years - for Education Loan; 18 Years - for all types of groups except Education Loan; (age as on last birthday)
Maximum Entry Age	68 Years (age as on last birthday)
Maximum Maturity Age	70 Years (age as on last birthday)
Minimum Policy Term	2 Years
Maximum Policy Term	10 Years
Premium Paying Term	Single Premium
Minimum Sum Assured	Rs. 1,000/- (per member);
Maximum Sum Assured	Rs. 2,00,000/- (per member)
Minimum Group Size	5 members for schemes

Key Benefits

Benefits

Particulars	Description
Maturity Benefits	There is no maturity benefit available under this policy
Death Benefits	On unfortunate demise of the Insured Member during the Policy Term, the Sum Assured, as per the option chosen, shall be payable to the beneficiary. Option A: Fixed Sum Assured throughout the policy term;Option B: Reducing Sum Assured as per Benefit Schedule fixed at policy inception; Sum Assured Criteria with the Available Options: i) Uniform Cover: Under this type of cover, a flat Sum Assured Will be provided to all the members in the group. ii) Graded Cover: The MPH can choose different Sum Assured for different categories of members based on a pre-defined objective criterion. iii) Loan Linked Cover: Under this type of cover, the coverage Sum Assured will be linked to the loan amount of the respective member.
Surrender Benefit	a) Surrender of Membership by insured member: The membership can be surrendered, the risk cover of the member shall be terminated and applicable surrender value will be payable on surrender of membership. The surrender value will be equal to 85% of Single Premium paid (excluding taxes, if any) * (Unexpired coverage term in completed months/Total coverage term in months) * (Coverage in-force/Initial Coverage Amount). Where, Coverage in-force means the benefit amount as per the benefit schedule as on the monthly plan anniversary immediately before the date of surrender of the policy. b) Surrender of Master Policy by Master Policyholder Master Policyholder can surrender the Master Policy anytime. In case of surrender of Master Policy, the existing members will have an option to either continue the risk cover as per the Benefit schedule or terminate the risk cover and take the applicable surrender value. The surrender value will be equal to X% of Single Premium paid (excluding taxes, if any) * (Unexpired coverage term in completed months/ Total Coverage term in months) * (Coverage in-force / Initial Coverage Amount) The members who choose to continue the risk cover, in such case the company shall continue to be resonsible to serve such members on the existing terms and conditions till their coverage is terminated.h

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