Insurance | KSFE Pravasi Chits

 



LIABILITY WAIVER

 

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 subscribers. One person can receive a maximum liability waiver amount of Rs. 10 lakhs.

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).


Liability Waiver

In the unfortunate event of the death of:

  • Non-Prized subscriber: KSFE will ensure the continuity of the chitty until its termination using the liability waiver option. 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 liability waiver option. 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 liability waiver option. 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.