Micro Insurance


Micro Insurance


Micro Insurance

Group Term Life Insurance
In the micro-insurance part of G U Financial Services Pvt. Ltd., Rs. 4 per Rs. 1000 of the loan per annum is the premium charged for the insurance given to clients. Apart from this, if a client pays Rs. 6 in connection to her husband, then his life will also be covered in the insurance. 


Premium (p.a)

for borrower and spouse both








 Rs 320


Rs 400


Rs 480

Sum Assured Natural Death

Rs 10000

Rs 20000

Rs 30000

Rs 40000

  Rs 50000

   Rs 60000


 Premium Details
 The proposed flat rate of Rs. 4 per Rs. 1000/- sum assured inclusive of service tax. 
 Minimum sum assured opted is Rs. 1000 and Maximum Sum Assured would be Rs. 60000.
2. Review of Premium  
We believe in being transparent, and as a philosophy, we will share all the relevant information on our Experience with you. Based on our experience on claims every year, we will review the premium rates as and when the claim ratio exceeds 70%.

3. Eligibility
    All members between the ages of 18 to 59 will be covered.

4. Claims
Claim will be settled within 10 working days from the date of receipt of complete documentation.
The following are to be complied with by G U Financial Services Pvt. Ltd. to BALIC to process every claim:
      -Claim form
      -Proof of membership and date of commencement of cover
      -Certified copy of Enrollment form
      -Death certificate – original and certified copy and
      -Verification from G U Financial Services Pvt. Ltd. signed off by an authorized official that deceased was a member of G U Financial Services Pvt. Ltd. and the date loan was taken.


5. Life Insurance

In case of death of any member of the group, only the Basic Sum Assured selected for that particular member will be paid to the Nominee.

6. Exclusions
Death due to suicide is not covered for 1 year.

7. Condition
     a) The policy will be valid only for one year and will be renewable annually.
     b) If the quote has been finalized, an acceptance from the client would be required via E-Mail or on a Hard copy and the same should be forwarded along with the duly filled and signed proposal form & scheme rules.
     c) At the time finalization of the quote, the Nominee details would be required where ever policy

         Moneys were payable to other than MPH (Master Policy Holder).
     d) Rates are subjects to change during the current term in case of any change in the member

         Statistics received from the client or in case of adverse claims experience.
     e) At the time of renewal, rates would be finalized only after reviewing the previous claims experience

         of the group.
     f)  Compulsory participation for all future members.
     g) There would be a waiting period of 45 days for natural death, from the date of remittance of


        Amount into BALIC’s account by MPH (Master Policy Holder).
     h) Spouse will be treated as separate members.
     i)  This quote is valid for 1 month from the date of issuance of the quote.
     j)  Copy of membership and age Proof is mandatory.
     k)  BALIC has considered the claims statistics as furnished by the client/the intermediary/reported to us till date.