What is SUD Life Group Micro Term Insurance Plan?

The plan is renewable annually and provides life cover to group members as long as premiums are paid regularly. Coverage begins when the policy is issued and remains active until the end of the policy term. 

The sum assured is paid to the beneficiary in case of the member's unfortunate demise during the policy term.

There is no maturity or surrender benefit available under this plan for the master policyholder or group members. However, if the group policy is surrendered, individual members can choose to continue their coverage as an individual policy until it expires.

Actively at Work –
The group members should not be absent on the grounds of ill health at the time of joining the Group Master Policy or should not have availed any leave on grounds of ill health for a continuous period of 15 days or more in the year preceding his admission into the Group Master Policy, otherwise coverage under the Group Master Policy will not begin until the group members return to work and satisfy the requirements as per the Board Approved Underwriting Policy.
 

Termination of Risk Cover -
Risk Cover for the member shall automatically cease on occurrence of any one of the following events:
• Termination of the master policy
• On expiry of the date of the insurance cover term for the member.
• On intimation/settlement of claim of the Death of the Member
• On expiry of the grace period for the payment of the premium due