Gramin Samuhik Myadi Beema Yojana is a group insurance product specifically designed for Microfinance, NGO, INGO, Group of large number of communities of rural and urban area. It provides affordable protection to groups of people and the organization in case of unfortune demise of policy holder. This policy helps to secure financial liabilities of the organization and supports family to be free from financial burden occurring due to demise of policy holder. This plan is low cost and accessible for policyholders who are working in an organization and their families to secure their future.
Benefits Illustrated
Death Benefit
On the death of life assured (member of the group scheme) during the policy term, SA is payable to the master policy holder who in turn pays the benefits amount to nominee/beneficiary.
Additional Optional Benefit
Under this plan, life insurance death covers up to 50% of SA of the main member can be offered to the second life.
Funeral Benefits
Funeral Benefits can be taken up to 15% of SA or maximum Rs.15,000 by paying additional premium.
Available Riders
Below mentioned Riders can be availed along with this plan by paying additional premium.
- Accidental Death Benefit
- Accidental Permanent Total Disability
Eligibility Conditions for Members
- Only one Master policy will be issued to the Nodal Agency.
- Premium Payment is the responsibility of Nodal Agency.
- Claim amount will be paid to the nodal agency, which will in turn settle the member’s claim amount.
- At inception, at least 75% of the existing members should join the scheme.
- After inception, all new members should be compulsorily covered under the scheme.
- Nodal agency should submit declaration of good health (DGH) of all the members at inception/joining.
- The sum assured can be fixed amount depending on membership, outstanding loan amount etc.
- Scheme can be contributory, non-contributory or both.
