WCS is providing life insurance services to its borrowers of micro finance at low premium rate of Rs. 4.65 per loan amount of Rs. 1,000. Under the scheme, all the borrowers are required to get the life insurance policy from Rs. 10,000 to Rs. 10 Lakh according to the loan amount the member gets from WCS. Members from 16 years to 70 years of age are eligible to take life insurance policy. Upon the death of the member, the insurance company pays the remaining due loan amount to WCS and the rest amount is paid to the person specified as per the will of the member. However, any member suffering from specified chronic diseases at the date of issue of insurance policy will not eligible for the claim.This life insurance service is implementing in collatoration with Citizen Life Insurance Co. Ltd.
|
S.N. |
Insurance Service Name |
Premium |
Facilities of the Incident |
|
1 |
Citizen Security Plan |
Rs. 4.65 per Rs. 1,000/- Loan |
In case of any incident that cause death of the borrower, the insured amount is provided to WCS. |