Insurance | KSFE Pravasi Chits

 



INSURANCE

 

One of the major features of KSFE Pravasi Chitty is that it ensures to cover every non-default subscriber through a unique group life insurance scheme to continue their chitty, in case of an emergency. KSFE in collaboration with Life Insurance Corporation of India (LIC), will cover the chitty from the period of chitty registration to the end of the chitty. KSFE will bear the premium charges of the chitty.

Additionally, KSFE also offers its subscribers accidental insurance coverage and body repatriation, in the untoward death of a subscriber, in collaboration with the Kerala State Insurance Department (KSID).


Life Insurance

In the untoward event of death of a non-default,

  • Non-Prized subscriber, KSFE will ensure the continuity of the chitty until its termination using the Insurance. The chitty prize money will be paid in full to the nominee,after deducting the Foreman’s commission.
  • Prized and paid subscriber, KSFE will ensure the continuity of the chitty until its termination using the Insurance. The prized amount, if deposited in Fixed Deposit or Pension funds will be paid to the nominee, on request. Security documents pledged will be released to concerned mortgagor or nominee.
  • Prized and unpaid subscriber, KSFE will ensure the continuity of the chitty until its termination using the Insurance. The prized amount will be paid to the nominee.


Accident Insurance


Accident Insurance is designed to protect your chit continuity, in case of an accident or emergency. The subscriber will be entitled to an Insurance claim, depending on the percentage of disability occurred due to the accident.


Repatriation Charges


In the untoward event of death of a subscriber, the nominee can claim a refund of airfare upto INR 100,000, for transporting the dead body of the unfortunate subscriber to the homeland along with a companion.

The KSFE availing the insurance support shall undertake the responsibility of the chit payment in the event of the insurance covered death and disability.