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Client Insurance

Sahayog has tie ups with BALIC (Bajaj Allianz), which is registered with IRDA, for covering the risk of life of the clients and their co-applicants. Every loan beneficiary is covered by this insurance product on payment of premium as per applicable rate of the company. Coverage shall be done for client and spouse/nominee of loan.  MFO’s are required to explain the insurance coverage in detail to all beneficiaries, and assisting them for smooth processing of death claims.

At centers where members have defaulted prior to the death of any insured person from their center; claim settlement amount will remain under hold till all members of center repays the loan. In case center remain delinquent till the time of write-off of loan; claim will be settled against overdue amount.

  • Charges shall be as applicable at the time of coverage and as per the loan period.
  • This coverage is applicable for beneficiary and spouse/nominee.
  • The insurance coverage that is provided to the client/spouse/nominee is approximately 1.65 times of loan amount (As per latest insurance norms/rates). The insured amount is limited to range from Rs. 1000/- to 300000/-
  • The age of Beneficiary and co-applicant should be in between 18-59 years at the time of enrolment.
  • Insurance coverage starts from the day of loan disbursement.
  • Suicide death is not covered. In case the member commits suicide within one year of the date of commencement of membership, then, the contract of insurance shall be terminated by paying 80% of the premium paid, whether or not any beneficial interest has been created therein.
  • Claimants must comply with documentation requirements such as age and address proof.
  • Insurance cover is applicable for the Mid Term & Repeat Loan also.
  • Insurance cover is applicable only to the extent of insurance coverage taken at the time of disbursement.
 
Claim Process
1. As soon as the branch is informed about the death of a member, on the same day it should be marked in the MIS by BM.
2. In case the death has occurred in the location/place where the client stays; BM will try to go and verify the same day, and also BM will intimate to HO through mail with a CC to AM, Ops & Insurance Dept.
3. If BM is facing any problem while marking death of member in MIS, he/she should log an issue in Issue Tracker on MIS. BM can escalate the issue if the same is not resolve within 24 hrs.
4. No further instalments shall be collected from the beneficiaries after the death of beneficiary/spouse on receiving the information & same must be recorded in MIS.
5. It is mandatory to verify all the death happens by Area Managers. The verification report should be share with Operations/Insurance Dept.
6. Once BM collects the Death Certificate from nominee, he should complete the claim formalities and dispatch the same to HO.
7. BM will keep a copy of the death claim documents and claim settlement payment voucher in their files.
8. All claims documents will be dispatched to respective insurance companies on last working day of every week on receipt of complete documentation at HO and incomplete documents should be returned back to the branch on the same day on rejection of such documents. An e-mail to this effect will also need to go to the Branch Manager with a copy to respective AM & BC.
9. On acceptance/settlement of the claim from insurance company, a claim settlement e-mail will be send to the concerned BM/ABM with a copy to AM & BC.