To protect against the risk of death due to any reason during the tenure of the loan. The scheme will be operated as a group insurance scheme at all branches of Kaveri Grameena Bank.
SUM Insured: Equal to the outstanding loan amount including the interest up to the maximum amount .
Benefits: in the event of death of the insured person due to any cause, the sum assured would become payable to the branch.
Period: the terms of the insurance cover is equal to the tenure of the loan, subject to a maximum age of 70 years.
Periodicity of Premium: Single premium payable in advance.
Objective: To extend life insurance coverage at a relatively low cost.
The cover ceases when a member withdraws from the scheme or fails to pay renewal premium.
Coverage: A member of the Group Insurance scheme has two options for life cover.
Premium will be recovered yearly on a fixed date called payment date. At the time of joining, premium is recovered on prorate basis up to the next premium payment date.