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Microinsurance Jeevan Madhur From LIC - Microfinance India - http://www.indiamicrofinance.com

India Microfinance
India Microfinance

This document describes a micro insurance policy called Jeevan Madhur that provides affordable life insurance coverage to low-income individuals. Key features include small premium amounts starting at Rs. 25 per week, death benefits of 12 times the annual premium plus bonuses, and automatic coverage for 2 additional years after paying premiums for 2 full years. The policy aims to provide basic financial security to the poor through scientifically designed plans with benefits tailored for this demographic.

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JEEVAN MADHUR (TABLE NO-182) A MICRO INSURANCE POLICY WHICH PROVIDES SECURITY WITHIN THE REACH OF THE POOR 1
SCIENTIFICALLY DESIGNED SMALL DENOMINATION POLCY WITH SMALL CONSIDERATION AMOUNT FOR A GROUP OF PERSONS AGED BETWEEN 18 TO 60 YEARS. S.A. MAX MAT AGE MIN 5000/- MAX 30,000/- 65 YEARS. 2
MINIMUM PREMIUM PRESCRIBED WEEKLY Rs 25/- FORTNIGHTLY Rs 50/- MONTHLY Rs 100/- QLY/HLY/YLY Rs 250/- 3
FURTHER, THE PREMIUM CHOSEN BY THE PROPOSER SHALL BE SUBJECT TO THE MIN & MAX DEATH BENEFIT S.A. UNDER THE POLICY. TERMS AVAILABLE MIN 5 YEARS MAX 15 YEARS 4
BENEFITS NEW CONCEPTS OF BENEFITS INTRODUCED DEATH BENEFIT S.A. TOTAL PREMIUM PAYABLE DURING THE ENTIRE TERM OF THE POLICY ALONG WITH VESTED BONUSES i.e.12XnXMLY PREM,WHERE n IS THE TERM OF THE POLICY. THE DEATH BENEFIT S.A. IS INDEPENDENT OF AGE. 5
MATURITY BENEFIT S.A. IS A FUNCTION OF AGE AT ENTRY AND IT VARIES FOR DIFFERENT TERMS. IT INCREASES WITH THE TERM OF THE POLICY. IT IS PAID ALONG WITH BONUS. 6
ACCIDENT BENEFIT FREE OF COST EQUIVALENT TO DEATH BENEFIT S.A. EXCLUSION SNAKE BITE IS EXCLUDED FOR THE PURPOSE OF ACCIDENT BENEFIT. 7
BONUS ACCRUAL PROVIDED THE POLICY REMAINS IN FORCE FOR THREE YEARS. . 8
AUTO COVER IF TWO FULL YEARS PREMIUMS HAVE BEEN PAID FREE RISK COVER IS PROVIDED FOR A FURTHER PERIOD OF TWO YEARS FROM F.U.P. DURING THE AUTO COVER L.A. CAN PAY ONE OR MORE PREMIUM IN PIECEMEAL. 9
THE AUTO COVER WILL BE AVAILABLE FROM NEW F.U.P. AGAIN. FOR DEATH CLAIM CASES DURING AUTO COVER ALL UNPAID PREMIUMS AND UNEXPIRED PREMIUMS TO COMPLETE POLICY ANNIVERSARY ALONG WITH INTEREST TO BE RECOVERED. 10
BONUS IS PAYABLE ALSO FOR THE PREMIUMS SO RECOVERED. BUT ACCIDENT BENEFIT IS NOT AVAILABLE DURING AUTO COVER PERIOD. 11
DAYS OF GRACE ONE CALENDAR MONTH BUT NOT LESS THAN 30 DAYS FOR YLY, HLY & QLY MODES. 15 DAYS FOR OTHER MODES 12
LOAN NOT ALLOWED 13
LET US JOIN HANDS TOGETHER FOR THE SOCIAL CAUSE OF UPLIFTING THE POOR AND GRADUALLY BRINGING THEM UNDER THE MAIN STREAM OF ECONOMIC ACTIVITY. SO AS TO MAKE INDIA A MORE STRONG ECONOMIC POWER. 14
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Microinsurance Jeevan Madhur From LIC - Microfinance India - http://www.indiamicrofinance.com

  • 1. JEEVAN MADHUR (TABLE NO-182) A MICRO INSURANCE POLICY WHICH PROVIDES SECURITY WITHIN THE REACH OF THE POOR 1
  • 2. SCIENTIFICALLY DESIGNED SMALL DENOMINATION POLCY WITH SMALL CONSIDERATION AMOUNT FOR A GROUP OF PERSONS AGED BETWEEN 18 TO 60 YEARS. S.A. MAX MAT AGE MIN 5000/- MAX 30,000/- 65 YEARS. 2
  • 3. MINIMUM PREMIUM PRESCRIBED WEEKLY Rs 25/- FORTNIGHTLY Rs 50/- MONTHLY Rs 100/- QLY/HLY/YLY Rs 250/- 3
  • 4. FURTHER, THE PREMIUM CHOSEN BY THE PROPOSER SHALL BE SUBJECT TO THE MIN & MAX DEATH BENEFIT S.A. UNDER THE POLICY. TERMS AVAILABLE MIN 5 YEARS MAX 15 YEARS 4
  • 5. BENEFITS NEW CONCEPTS OF BENEFITS INTRODUCED DEATH BENEFIT S.A. TOTAL PREMIUM PAYABLE DURING THE ENTIRE TERM OF THE POLICY ALONG WITH VESTED BONUSES i.e.12XnXMLY PREM,WHERE n IS THE TERM OF THE POLICY. THE DEATH BENEFIT S.A. IS INDEPENDENT OF AGE. 5
  • 6. MATURITY BENEFIT S.A. IS A FUNCTION OF AGE AT ENTRY AND IT VARIES FOR DIFFERENT TERMS. IT INCREASES WITH THE TERM OF THE POLICY. IT IS PAID ALONG WITH BONUS. 6
  • 7. ACCIDENT BENEFIT FREE OF COST EQUIVALENT TO DEATH BENEFIT S.A. EXCLUSION SNAKE BITE IS EXCLUDED FOR THE PURPOSE OF ACCIDENT BENEFIT. 7
  • 8. BONUS ACCRUAL PROVIDED THE POLICY REMAINS IN FORCE FOR THREE YEARS. . 8
  • 9. AUTO COVER IF TWO FULL YEARS PREMIUMS HAVE BEEN PAID FREE RISK COVER IS PROVIDED FOR A FURTHER PERIOD OF TWO YEARS FROM F.U.P. DURING THE AUTO COVER L.A. CAN PAY ONE OR MORE PREMIUM IN PIECEMEAL. 9
  • 10. THE AUTO COVER WILL BE AVAILABLE FROM NEW F.U.P. AGAIN. FOR DEATH CLAIM CASES DURING AUTO COVER ALL UNPAID PREMIUMS AND UNEXPIRED PREMIUMS TO COMPLETE POLICY ANNIVERSARY ALONG WITH INTEREST TO BE RECOVERED. 10
  • 11. BONUS IS PAYABLE ALSO FOR THE PREMIUMS SO RECOVERED. BUT ACCIDENT BENEFIT IS NOT AVAILABLE DURING AUTO COVER PERIOD. 11
  • 12. DAYS OF GRACE ONE CALENDAR MONTH BUT NOT LESS THAN 30 DAYS FOR YLY, HLY & QLY MODES. 15 DAYS FOR OTHER MODES 12
  • 13. LOAN NOT ALLOWED 13
  • 14. LET US JOIN HANDS TOGETHER FOR THE SOCIAL CAUSE OF UPLIFTING THE POOR AND GRADUALLY BRINGING THEM UNDER THE MAIN STREAM OF ECONOMIC ACTIVITY. SO AS TO MAKE INDIA A MORE STRONG ECONOMIC POWER. 14
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