KSFE will waive the liability of the chit, up to a maximum of Rs. 10 lakh, in the unfortunate event of the subscriber's demise. The liability waiver option will act as a de facto, free-of-cost insurance scheme for Pravasi Chitty prized subscribers. One person can receive a maximum liability waiver amount of Rs. 10 lakhs.
In the unfortunate event of the death of a Prized and paid subscriber: KSFE will ensure the continuity of the chitty until its termination using the liability waiver option. The prized amount, if deposited in Fixed Deposit, it will be paid to the nominee, on request. Security documents pledged will be released to concerned mortgagor or nominee.