APPLICATION AND CONSENT TO BECOME A MEMBER UNDER GROUP INSURANCE POLICY FOR UJJWAL CARD HOLDERS

To,
Home Credit India Finance Private Limited.
3rd Floor, Tower C, DLF Infinity Towers,
DLF Cyber City Phase II, Gurugram, Haryana

I would like to apply for, and accordingly give consent to, voluntarily and unconditionally, membership of group insurance policy, hereinafter referred as “Group Policy” underwritten by respective insurers and proposed by Home Credit India Finance Private Limited (“Master Policyholder”) for the benefit of its customers / borrowers who have specifically opted for insurance.

I confirm that I have read and understood the terms and conditions of Group Policy as available on https://homecredit.co.in/corporate-governance and I have applied for the enrolment under Group Policy with following details only after receiving all information about the Group Policy, including but not limited to, risk cover, insurance premium and claim settlement process of insurer:

This document lays out the terms and conditions which shall be applicable to the package of value added services (named as FIN-SHIELD), mentioned herein below, that you (‘the Customer’) have applied in the Ujjwal Card Enrolment Form and provided by Home Credit India Finance Private Limited (‘HCIN’). By applying, using, availing, or opting for this package, you agree to be bound by these terms and conditions (FIN-SHIELD Terms) as mentioned herein as well as the registered General Terms and Conditions for obtaining Personal Loans & POS Loans from Home Credit India Finance Private Limited (‘GTC’), if applicable. For terms used herein, please refer GTC unless otherwise re-defined herein.

*Rounding of premium amount upto two decimals. Goods & Service Tax and other taxes extra as applicable.

I agree that the premium under this Group Policy will be included in the monthly fee charged by Master Policyholder basis my application for the Ujjwal Card. I hereby authorize Master Policyholder to provide my personal, demographic, business, credit, financial and other information/ data that is reasonably necessary for the Insurer to provide me with insurance coverage.

I have enrolled myself under Group Policy through the Master Policyholder to secure the credit facility under Ujjwal Card availed by me. In consideration of receiving the Ujjwal Card, I hereby authorize insurers to make payment to the extent of Outstanding Amount to Master Policyholder by deducting from the claim proceeds payable on happening of the contingent event covered by the Group Policy referenced above and the remaining to the Nominee. For this purpose, I confirm that ‘Outstanding Amount’ shall mean the dues and repayments payable under Ujjwal card including but not limited to the balance amount of principal, interest, fee and penalties as mentioned in the statement of Ujjwal card submitted by Master Policyholder.

I further declare and confirm that I, or my nominee, and/ or legal heir shall not dispute the right of Master Policyholder to receive the Outstanding Loan Amount out of the proceeds of insurance claim any point of time.

I further agree that all the claims under the Group Policy shall be addressed/ resolved by Insurer only. For queries and clarification on the insurance coverage, terms & conditions of the aforesaid Group Policy as well as any grievances or support related to settlement of insurance claims, Master Policyholder may provide necessary assistance. Master Policyholder shall be under no obligation to settle any insurance claim of the customer. The certificate of insurance shall be provided by the Insurer separately on approval.

I the undersigned hereby declare that the above statements and particulars are true, accurate and complete and I declare and agree that this declaration shall be held to be promissory and shall be the basis of my membership under Group Policy. I also confirm the receipt of copy of the terms and conditions of Group Policy from Master Policyholder.

TERMS AND CONDITIONS FOR VALUE ADDED SERVICES (NAMED AS FIN-SHIELD)

This document lays out the terms and conditions which shall be applicable to the package of value added services (named as FIN SHIELD), mentioned herein below, that you (‘the Customer’) have applied in the Ujjwal Card Enrolment Form and provided by Home Credit India Finance Private Limited (‘HCIN’). By applying, using, availing, or opting for this package, you agree to be bound by these terms and conditions (FIN SHIELD Terms) as mentioned herein as well as the registered General Terms and Conditions for obtaining Personal Loans & POS Loans from Home Credit India Finance Private Limited (‘GTC’), if applicable. For terms used herein, please refer GTC unless otherwise re-defined herein.

GENERAL CONDITIONS APPLICABLE TO ALL SERVICES UNDER FIN SHIELD

• HCIN is a facilitator that allows you/ the Customer to avail and use various options/ services as described herein. For obtaining this package, you have to apply for the same in Ujjwal Card Enrolment Form.
• HCIN shall provide these value added services as a complete package. However, you are free to opt for the insurance under group master policy. The fee for FIN SHIELD shall be payable monthly (hereinafter referred to as FIN SHIELD FEE). The fee for FIN SHIELD shall be payable irrespective of the fact that you have not utilised any or all services/ options under this package. Services/ options under FIN SHIELD are neither transferrable nor negotiable. Any addition of new options/ services in this package by HCIN shall not be available to you.
• One or more services/ options in FIN SHIELD may be provided by other service providers independent of HCIN. Further, HCIN may be required to share your personal details with such service providers in order to provide you necessary services. By applying for FIN SHIELD, you agree to abide by the terms & conditions of such service providers as amended from time to time and grant your consent to HCIN to share your personal details with such service providers. Should you have any issue or concern arising from the services/ options provided by such service providers, you agree to raise such disputes/ concerns directly to such service provider and will not make HCIN responsible for any deficiency or breach whatsoever.
• Cancellation: In case you cancel the FIN SHIELD within 15 days of enrolment in Ujjwal Card, you will not be charged any amounts towards FIN SHIELD. Further, In case you wish to cancel FIN SHIELD only, you may do so by requesting for cancellation of FIN SHIELD. In such case, the FIN SHIELD FEE shall be removed from the subsequent month’s monthly payment. However, any amount previously paid towards FIN SHIELD shall not be refunded. Further, in case you cancel FIN SHIELD, the benefits of the package of value added services shall be ceased from the date of cancellation.

SPECIFIC CONDITIONS FOR ‘PAYMENT HOLIDAY’ OPTION

• You may choose to postpone one monthly payment after completing payment against two consecutive monthly statements of Ujjwal card, provided the loan in respect of which two consecutive monthly instalments have been paid is active on the date of exercise of such option. Such option can be exercised twice during one year provided you have paid all the previous monthly payments duly on time (i.e. before Due Date) and there has been no amount of any nature outstanding for payment by you as on the day of activation of the option basis your request as per Clause 2.2 below. This condition needs to be complied with for availing this option second time as well. This option cannot be exercised for two consecutive months.
• For exercising the option of Payment Holiday, you have to raise a request with HCIN either by calling at 0124-662 -8888 or mailing at care@homecredit.co.in. The request must be raised from your mobile number or e-mail address registered with HCIN. No other mode of request shall be accepted. The request for exercising this option/ service must be raised at least 6 (six) days before the generation of monthly statement of the month for which such option/ service is exercised.
• Once this option is exercised, your Loan Periods of active loans will be extended by one month and you need to make the payment of monthly statement deferred by you in the subsequent month.

SPECIFIC CONDITIONS FOR ‘PERSONAL ACCIDENT INSURANCE’ UNDER GROUP INSURANCE

• At the time of applying for the Ujjwal card, you may specifically opt for personal accident insurance under Group personal accident Insurance Scheme offered by ICICI Lombard Insurance Company for selected customers for a period of 12 months. You have to sign a consent to become a member of group personal accident insurance policy. You are advised to read and understand the terms and conditions of the policy available on the website of HCIN (https://homecredit.co/incorporate-governance) as well as the insurance consent form.

SPECIFIC CONDITIONS FOR ‘LIFE INSURANCE’ UNDER GROUP INSURANCE

• At the time of applying for the Ujjwal card, you may specifically opt for life insurance under Group Life Insurance Scheme offered by Max Life Insurance Company Limited for selected customers for a period of 12 months. You have to sign an application form and consent to become a member of group life insurance policy. You are advised to read and understand the terms and conditions of the policy available on the website of HCIN (https://homecredit.co/incorporate-governance) as well as the insurance application/ consent form.