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CML Micro Non-Par Endowment (Single)

It is widely acknowledged that individuals in our nation, particularly those grappling with poverty, low-income circumstances, residents of underdeveloped regions, and marginalized individuals engaged in agriculture, often lack a consistent monthly income. In rural areas, economic activities are primarily sustained through the sale of seasonal products such as herbs, apples, oranges, and more. Recognizing the potential of leveraging this income for financial security, we have introduced the Single CML Non-Par Endowment Plan.

A key feature of this plan lies in its annual guaranteed addition of Rs. 50 for every Rs. 1000 of the sum assured. This plan allows individuals to invest their savings in a singular insurance scheme, ensuring economic security for themselves and their families throughout the insurance period. In the unfortunate event of the insured passing away during the policy term, a lump sum payment, including the sum assured and the accumulated guaranteed addition until that point, will be disbursed. Alternatively, if the insured survives until the plan matures, the sum assured and the guaranteed addition amount will be paid out in a single lump sum.

The Single CML Non-Par Endowment Plan distinguishes itself by requiring a one-time premium payment. This approach alleviates the burden of monthly or yearly premium payments and ensures that the risk coverage persists throughout the policy period. This pioneering micro life insurance plan aims to provide a practical solution for individuals facing irregular income patterns and economic vulnerability, contributing to the overall financial inclusion of marginalized communities.

1) Provision of this Plan:

    Entry Age                    : Min 18 years to Max 60 years

    Policy Term                 : 5 years to 25 years

    Max Maturity Age      : 70 years

    Sum Assured               : 10,000 to 5,00,000

    Mode of Payment       : Single

2) Benefits of the Insurance Plan:

  1.  If the insured remains alive until the maturity of the plan then in accordance with the terms of the policy sum assured and guaranteed addition Rs. 50 for every Rs. 1000 of the sum assured for every year will be paid.
  2. If the insured dies before the maturity of the active policy, then in accordance with the terms of the policy sum assured and guaranteed addition Rs. 50 for every Rs. 1000 of the sum assured for every year until the date of death will be paid.

3) Additional benefits or riders:

By paying some additional premium, following additional benefits can be added.

  1. Accidental Death Benefit
  2. Total Permanent Disability
  3. Premium Waiver Benefit

4) Surrender, Loan and Paid-up value will be provided in this plan.

Last updated on: September 26, 2024 @ 12:24 pm

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