1. Introduction and Purpose of the Scheme
Mayra Scheme is a community welfare and financial assistance scheme, the objective of which is to provide financial assistance to eligible policy holders for the Mayra ceremony on the occasion of the marriage of their eligible nephew or niece.
This scheme is based on the principle of community mutual assistance, under which members participating in the scheme contribute towards eligible Mayra assistance according to the applicable rules of the scheme and the prescribed contribution amount. The assistance amount payable under the scheme shall be determined in accordance with the applicable rules and conditions of the scheme, eligibility criteria, contribution amount received, and other provisions mentioned herein.
The objective of this scheme is to provide financial assistance to the policy holder (maternal uncle or maternal aunt) for the Mayra ceremony on the occasion of the marriage of the insured person (nephew or niece) and to promote a system of collective assistance among the members of the community participating in the scheme.
In addition to the Mayra assistance provided under the scheme, the policy holder may be provided life insurance or accident insurance coverage through the relevant third-party insurance provider according to the selected insurance option. Such insurance coverage shall be subject to the terms and conditions, exclusions, eligibility requirements, required documents, and claim approval process of the relevant insurance policy.
The Mayra Scheme shall be operated in accordance with these terms and conditions, and membership and participation in the scheme shall be subject to fulfilling the eligibility, registration, contribution amount, and other applicable requirements specified in these terms.
2. Objective of the Scheme
The objective of the Mayra Scheme is to provide financial assistance to eligible policy holders for the Mayra ceremony on the occasion of the marriage of their eligible nephew or niece through a system of community mutual assistance.
The objective of this scheme is to establish a system of collective financial assistance among the members participating in the scheme so that an eligible maternal uncle or maternal aunt can receive Mayra assistance at the time of the marriage of the insured person. This assistance shall be subject to the eligibility criteria, membership requirements, prescribed contribution amount, waiting period, and other applicable rules and conditions specified under the scheme.
The assistance amount shall be determined and payable according to the applicable provisions of the scheme and, unless expressly specified in these terms and conditions, shall not be considered a fixed or guaranteed amount.
3. Definition of Persons Included in the Scheme
3.1 Policy Holder
Policy Holder means the person who registers under the Mayra Scheme, pays the prescribed registration fee and contribution amount, and whose membership is registered and approved under the scheme. The policy holder may be eligible to receive assistance under the scheme for the Mayra ceremony on the occasion of the marriage of the insured person, i.e., their eligible nephew or niece. The applicable life or accident insurance coverage under the selected insurance option shall be provided for the policy holder.
3.2 Insured Person
Insured Person means the eligible nephew or niece of the policy holder, for whose marriage the policy holder has registered under the Mayra Scheme for the Mayra ceremony and in relation to whose eligible marriage the applicable Mayra assistance may be provided under the scheme.
3.3 Nominee
Nominee means the eligible nearest family member nominated by the policy holder under the scheme. In the event of the death of the policy holder, the nominee may be eligible to receive Mayra assistance in relation to the Mayra ceremony on the occasion of the eligible marriage of the insured person, subject to the applicable rules and conditions of the scheme. The nominee may also be eligible to receive applicable life or accident insurance benefits in the event of the death of the policy holder or another insured event, subject to the terms, conditions, exclusions, required documents, and claim approval process of the relevant insurance policy.
4. Eligibility and Membership Conditions
Mayra Scheme shall be available to eligible persons from all social categories, including General, OBC, SC/ST and Minority categories. Separate groups may be created for each category according to the applicable rules of the scheme.
A person wishing to obtain membership shall be required to complete the prescribed registration process, deposit the prescribed registration fee of ₹12,500/- for each policy, and submit the necessary information and documents as prescribed by the institution.
Membership shall become effective only after successful registration and approval by the institution. The benefits of the scheme shall become applicable only after completion of 18 months from the date of successful registration and approval of membership, provided that all applicable conditions of the scheme have been fulfilled.
The policy holder shall be required to deposit the prescribed contribution amount of ₹200/- per month for one year from the date of registration.
The policy holder shall be required to provide correct and complete information and comply with all applicable registration, contribution amount, document, and other requirements related to the scheme.
Eligibility to receive Mayra assistance shall be subject to the marriage of the insured person, i.e., nephew or niece, taking place after completion of the prescribed period of 18 months and fulfillment of all other applicable rules and conditions of the scheme.
The policy holder shall be required to inform the institution about the proposed marriage of the insured person at least 30 days prior to the date of marriage and comply with the requirements related to the prescribed Mayra assistance contribution amount.
The institution shall have the right to verify the information and documents submitted by the policy holder and, in the event that applicable eligibility or membership conditions are not fulfilled, to approve, reject, suspend, or terminate the membership.
5. How the Scheme Works
The Mayra Scheme operates on the principle of mutual financial assistance among the members of the community participating in the scheme. The working mechanism of the scheme shall be as follows:
An eligible person joins the scheme by completing the prescribed registration process, depositing the applicable registration fee, and obtaining membership approval from the institution.
The policy holder shall be required to deposit the prescribed contribution amount of ₹200/- per month for one year from the date of registration.
After completion of the prescribed 18-month waiting period from the date of successful registration and membership approval, the eligible marriage of the insured person, i.e., nephew or niece, may become eligible for Mayra assistance under the scheme.
For each eligible marriage under the scheme, policy holders participating in the scheme shall be required to deposit the prescribed ₹300/- Mayra assistance contribution amount within the prescribed period.
The contribution amount received from eligible members shall be used as the basis for providing Mayra assistance to the eligible policy holder for the Mayra ceremony on the occasion of the marriage of their nephew or niece, subject to the applicable rules and conditions of the scheme.
In the event that Mayra assistance becomes payable for an eligible marriage, the applicable assistance amount shall be determined according to the rules of the scheme and the contribution amount received. After deduction of the applicable 20% institutional charge from the total assistance amount, the remaining eligible assistance amount shall be provided to the policy holder or eligible person in accordance with these terms and conditions.
Irrespective of the number of active members at the relevant time, a minimum Mayra assistance amount of ₹1,00,000/- shall be applicable after completion of the 18-month waiting period, provided that the eligibility and all other applicable conditions of the scheme have been fulfilled.
The policy holder shall be required to inform the institution about the proposed marriage of the insured person at least 30 days prior to the date of marriage and submit the required contribution amount and documents within the prescribed time.
6. Registration Process
A person wishing to join the Mayra Scheme shall be required to apply for membership through the form prescribed by the institution or through the prescribed registration process.
The applicant shall be required to submit complete and correct information relating to the policy holder, insured person, and nominee, along with all necessary documents and information requested by the institution for registration and verification.
The applicant shall be required to deposit the prescribed registration fee of ₹12,500/- for each policy and fulfill other applicable payment or contribution-related requirements under the scheme.
The institution shall verify the information and documents submitted by the applicant and, if required, may ask the applicant to provide additional information or documents.
Membership shall be considered valid only after successful completion of the registration process and approval of membership by the institution.
After membership is approved, the policy holder shall be issued a membership certificate containing the relevant membership and scheme details. The policy holder should obtain the membership certificate within 15 days from the date of registration.
If the membership certificate is not received within the prescribed period, the policy holder may seek assistance through the concerned agent, the designated helpline number of the institution, or the official website of the institution.
7. Eligibility of Nephew / Niece
The insured person shall be the eligible nephew or niece of the policy holder, for whose marriage the policy holder has registered under the Mayra Scheme for the Mayra ceremony.
The details of the nephew or niece must be declared and registered as the insured person at the time of membership or according to the process prescribed by the institution.
Mayra assistance shall be applicable only on the occasion of the marriage of that insured person whose details have been duly registered and verified under the scheme.
The marriage of the insured person must take place after completion of 18 months from the date of successful registration and approval of the membership of the policy holder; only then shall such marriage be eligible for Mayra assistance under the scheme.
The policy holder shall be required to submit the necessary information and supporting documents requested by the institution relating to the insured person and the proposed marriage for verification and the Mayra assistance process.
The institution may verify the identity of the insured person, relationship with the policy holder, eligibility, and documents related to the marriage before approving the applicable Mayra assistance.
8. Conditions for Receiving Mayra Assistance
Mayra assistance under the Mayra Scheme shall be provided only when all the applicable conditions given below have been fulfilled:
The membership of the policy holder must have been successfully registered and approved and at least 18 months must have been completed from the date of such registration and approval.
The marriage must be of the same registered and eligible insured person, i.e., nephew or niece, whose details have been duly recorded under the scheme.
The policy holder shall be required to inform the institution about the proposed marriage at least 30 days prior to the date of marriage and submit the necessary information and supporting documents within the prescribed time.
The policy holder shall be required to deposit the prescribed ₹300/- Mayra assistance contribution amount for the eligible marriage at least 15 days prior to the date of marriage.
All applicable membership requirements, contribution amounts, documents, verification, and other prescribed conditions related to the scheme must have been fully complied with.
Before proceeding with the assistance process, the institution shall verify the eligibility of the policy holder and insured person, the proposed marriage, and the documents submitted.
In the event that Mayra assistance becomes payable, the applicable assistance amount shall be determined according to the rules of the scheme and the collected contribution amount. 20% of the total collected Mayra assistance amount shall be deducted as institutional charges and the remaining eligible amount shall be provided in accordance with these terms and conditions.
Subject to fulfillment of all applicable conditions, a minimum Mayra assistance amount of ₹1,00,000/- shall be applicable for an eligible marriage after completion of the 18-month waiting period, irrespective of the number of active members at the relevant time.
If any mandatory contribution amount, information, document, or other applicable requirement is not fulfilled within the prescribed time, the assistance amount may be delayed, withheld, or rejected, or the membership may be terminated in accordance with these terms and conditions.
9. Mayra Assistance Amount and Contribution Amount
The policy holder shall be required to deposit the prescribed contribution amount of ₹200/- per month for one year from the date of registration under the scheme.
For each eligible marriage under the scheme, every participating policy holder shall be required to deposit a ₹300/- Mayra assistance contribution amount. The prescribed contribution amount must be deposited within the period specified in these terms and conditions.
The Mayra assistance amount shall be determined on the basis of the applicable rules of the scheme and the Mayra assistance contribution amount received from participating members for the eligible marriage.
If the marriage of the insured person takes place after completion of the prescribed 18-month waiting period and all applicable conditions of the scheme are fulfilled, a minimum Mayra assistance amount of ₹1,00,000/- shall be applicable irrespective of the number of active members at the relevant time.
20% of the total Mayra assistance amount collected for the eligible marriage shall be deducted as institutional charges. The remaining amount shall be the net Mayra assistance amount payable subject to the applicable rules and conditions of the scheme.
The policy holder shall be required to deposit the prescribed ₹300/- Mayra assistance contribution amount at least 15 days prior to the date of marriage of the insured person. If the required contribution amount is not deposited within the prescribed time, the Mayra assistance amount may be withheld or rejected and the membership may be terminated at the discretion of the institution.
All payments and contribution amounts to be made under the scheme shall be subject to the applicable payment rules, timelines, and other conditions prescribed by the institution.
10. Mayra Assistance Amount Payment Process
The policy holder shall be required to inform the institution about the proposed marriage of the insured person at least 30 days prior to the date of marriage and submit all necessary information and supporting documents within the prescribed time.
Before approving Mayra assistance, the institution shall verify the membership and eligibility of the policy holder and insured person, details related to the marriage, applicable contribution amount, and documents submitted.
The policy holder shall be required to deposit the prescribed ₹300/- Mayra assistance contribution amount at least 15 days prior to the date of marriage. The assistance process shall proceed only after fulfillment of the applicable contribution amount and other requirements.
After successful completion of verification and approval, the applicable Mayra assistance amount for the eligible marriage shall be determined according to the rules of the scheme and the collected contribution amount.
20% of the total collected Mayra assistance amount shall be deducted as institutional charges and the remaining eligible amount shall be payable as Mayra assistance.
The approved assistance amount shall generally be provided to the policy holder through the payment method prescribed or approved by the institution. If the policy holder has died, the assistance amount shall be provided to the eligible nominee, subject to fulfillment of the applicable conditions and verification requirements.
If the eligibility requirements, prescribed contribution amount, documents, verification, or other applicable conditions are not fulfilled, the institution may withhold, postpone, or reject the Mayra assistance amount.
The actual payment shall be made only after completion of the applicable verification and approval process and shall be subject to the provisions of these terms and conditions.
11. Rights of the Nominee
The nominee must be the eligible nearest family member of the policy holder and their details must be duly registered in the records of the scheme.
Merely being nominated shall not automatically or unconditionally entitle a person to receive any benefit. The nominee shall be eligible to receive the applicable benefit only after fulfillment of the conditions specified under the scheme and, where applicable, the relevant insurance policy.
In the event of the death of the policy holder, the eligible nominee may receive applicable Mayra assistance in relation to the Mayra ceremony on the occasion of the eligible marriage of the registered insured person, subject to fulfillment of the eligibility, membership, contribution amount, documents, verification, and other applicable requirements of the scheme.
The nominee shall be required to submit proof of the death of the policy holder, their identity, relationship with the policy holder, and other necessary documents and information prescribed by the institution for processing the applicable assistance.
In the event of the death of the policy holder, the applicable Mayra assistance amount payable to the nominee shall be determined and provided according to the rules and conditions of the scheme, applicable deductions, and verification requirements.
The nominee may also be eligible to receive applicable life or accident insurance benefits in the event of the death of the policy holder or another insured event. Such benefit shall be entirely subject to the terms, conditions, exclusions, eligibility requirements, required documents, and claim approval process of the relevant third-party insurance policy.
Approval of a third-party insurance claim or determination of the claim amount shall not be made by the institution. The final insurance benefit shall be determined and provided according to the relevant insurance policy and the decision of the relevant insurance provider.
If the nominee does not fulfill the applicable requirements or is found to be ineligible, the applicable benefit may be withheld or rejected in accordance with the applicable rules and conditions.
12. Required Documents
For registration and verification under the Mayra Scheme, the policy holder shall be required to submit the following documents:
12.1 Policy Holder
Recent photograph
Aadhaar Card
Bank Passbook
12.2 Nominee
Recent photograph
Aadhaar Card
Bank Passbook
12.3 Insured Person
Recent photograph
Aadhaar Card
Documents Required for Mayra Assistance
For the Mayra assistance process, the policy holder or, where applicable, the eligible nominee shall be required to submit the necessary documents requested by the institution for verification of the marriage, relationship with the insured person, eligibility, identity, and other applicable conditions of the scheme.
If required for verification, processing, or approval of Mayra assistance, the institution may request additional documents, declarations, certificates, or other supporting information.
All documents submitted by the policy holder, nominee, or insured person must be valid, correct, complete, and genuine. In the event of submission of false, forged, altered, or misleading documents, the application or assistance may be rejected and the membership may be terminated in accordance with these terms and conditions.
13. Claim / Mayra Assistance Request Process
The policy holder shall be required to inform the institution about the proposed marriage of the insured person at least 30 days prior to the date of marriage through the prescribed medium or assistance request process.
The policy holder shall be required to submit, along with the prescribed assistance application/request, all necessary documents and information relating to the policy holder, insured person, nominee where applicable, and proposed marriage.
The policy holder shall be required to deposit the prescribed ₹300/- Mayra assistance contribution amount at least 15 days prior to the date of marriage. The assistance request process shall proceed only after the required contribution amount and other applicable conditions have been fulfilled.
In the event of the death of the policy holder before the eligible marriage, the nominee may submit a Mayra assistance request subject to fulfillment of the applicable eligibility and document-related requirements.
The institution shall examine and verify the submitted application, documents, membership status, contribution amount records, marriage-related details, relationship between the policy holder and insured person, and other relevant information to determine eligibility for Mayra assistance.
If required for verification and processing of the Mayra assistance request, the institution may request the policy holder or, where applicable, the nominee to submit additional documents, information, declarations, or explanations.
The Mayra assistance request process shall proceed only after the applicable verification and approval process has been satisfactorily completed. Mere submission of an application or documents shall not be considered approval of assistance and shall not create an automatic or unconditional right to receive assistance.
If the applicable eligibility conditions, contribution amount, documents, verification requirements, or other rules and conditions of the scheme have not been fulfilled, the institution may decide to reject, postpone, or withhold the Mayra assistance request.
14. Verification and Approval
Before approving any Mayra assistance, the institution shall verify the information, documents, membership records, contribution amount records, and other relevant details submitted by the policy holder or, where applicable, the nominee.
The institution may verify the identity and eligibility of the policy holder, insured person, and nominee, their relationship with each other, membership status, contribution amount history, and eligibility of the proposed marriage and Mayra assistance under the scheme.
If required to complete the verification process, the institution may request the policy holder or nominee to submit additional documents, information, declarations, or explanations.
All documents and information submitted for verification must be genuine, correct, complete, and valid. In the event of any discrepancy, incorrect information, forged documents, or concealment of any material fact, the assistance request may be rejected and the membership may be suspended or terminated in accordance with these terms and conditions.
Mayra assistance shall be approved only when the institution is satisfied that the applicable eligibility, membership, contribution amount, documents, and all other necessary conditions of the scheme have been fulfilled.
Information regarding approval of the assistance request may be provided by the institution through the communication medium prescribed by it. If the required conditions or verification requirements are not satisfactorily fulfilled, the institution may postpone or reject the assistance request.
Verification and approval of Mayra assistance carried out by the institution shall be limited only to the benefits provided under this scheme. Any life, accident, health, or other insurance claim shall be evaluated and approved separately by the relevant third-party insurance provider according to its applicable insurance policy.
15. Waiting Period and Membership Period
The membership of the policy holder shall be considered effective only after successful registration and approval by the institution.
Benefits of Mayra assistance under the Mayra Scheme shall not be available immediately after registration. The policy holder shall be required to complete an 18-month waiting period from the date of successful registration and approval of membership.
The marriage of the insured person, i.e., nephew or niece, shall be eligible for Mayra assistance under the scheme only when the marriage takes place after completion of the prescribed 18-month waiting period and all other applicable conditions of the scheme have been fulfilled.
The policy holder shall be required to deposit the prescribed ₹200/- per month for one year from the date of registration according to the scheme. Merely completing the period of this contribution amount shall not end or reduce the applicable 18-month waiting period.
After completion of the 18-month waiting period, the policy holder may be eligible to receive Mayra assistance subject to fulfillment of the prescribed contribution amount, documents, verification, and other applicable requirements of the scheme.
The applicable insurance coverage, including its commencement, continuity, validity, renewal, and termination, shall be separately determined by the terms and conditions of the selected third-party insurance policy.
16. Pre-existing Condition / Prior Event
Any illness, medical condition, disability, or other related condition existing in the policy holder prior to registration shall be subject to the rules, conditions, exclusions, and eligibility provisions of the applicable third-party insurance policy.
If the policy holder already has any illness or medical condition and subsequently dies due to the same condition, the applicable life or accident insurance benefit shall be payable only if the claim is admissible according to the terms and conditions of the relevant insurance policy.
The existence of a pre-existing condition or rejection of an insurance claim due to such condition shall, by itself, not affect eligibility for Mayra assistance on the occasion of the marriage of the insured person, provided that all applicable conditions of the Mayra Scheme have been fulfilled.
Any such condition or event existing prior to registration, disclosure of which is required under the relevant insurance policy, must be disclosed correctly. Concealment of material information may affect insurance coverage or claim eligibility.
17. Multiple Marriages / Multiple Benefits
Under the Mayra Scheme, Mayra assistance shall be payable only once on the occasion of the marriage of each registered insured person.
No policy holder or nominee shall have the right to claim or receive Mayra assistance more than once for the same marriage or the same insured person.
If the policy holder has more than one eligible nephew or niece, Mayra assistance on the occasion of the marriage of another registered insured person may be considered separately subject to fulfillment of the applicable eligibility, waiting period, contribution amount, and other rules and conditions of the scheme.
No duplicate or additional benefit shall be payable on the basis of more than one application, claim, or nomination for the same marriage.
18. Conditions of Ineligibility
The policy holder or nominee may become ineligible for Mayra assistance under the scheme in the following circumstances:
The policy holder or insured person does not fulfill the eligibility, membership, or 18-month waiting period requirements of the scheme.
The prescribed contribution amount or payment is not deposited within the applicable time period.
The marriage details of the insured person do not match the information recorded in the records of the institution or the insured person is not duly registered under the scheme.
Required documents or information are not submitted or the submitted documents are found to be false, forged, invalid, incomplete, or misleading.
Any material information is intentionally concealed or incorrect information is provided during registration, verification, or the Mayra assistance process.
The policy holder or nominee does not cooperate with the verification or approval process of the institution or does not fulfill any mandatory requirement of the scheme.
The Mayra assistance request is found to be a duplicate, fraudulent, or otherwise ineligible claim.
The membership has already been suspended or terminated in accordance with these terms and conditions before Mayra assistance becomes payable.
19. Incorrect Information and Fraud
The policy holder, nominee, and insured person shall be required to provide correct, accurate, complete, and genuine information and documents at the time of registration and during membership in the scheme.
Submission of false, misleading, forged, altered, or fraudulent information or documents, or intentional concealment of any material fact, shall be considered a violation of these terms and conditions.
If such information or documents are found during verification or after payment of the Mayra assistance amount, the institution may reject, withhold, suspend, or recover the relevant Mayra assistance amount and may suspend or terminate the membership.
Mayra assistance obtained through fraud, misrepresentation, or concealment of material facts may be recovered from the concerned person, and any other rights and remedies available to the institution under applicable law shall also remain unaffected.
If incorrect or fraudulent information affects a third-party insurance claim, such matter shall be subject to the terms and conditions of the relevant insurance policy and the applicable decision of the insurance provider.
20. Membership Cancellation / Termination / Completion
The policy holder may request cancellation of their membership by submitting a written request to the institution according to the prescribed process.
The institution may suspend or terminate membership in the following circumstances:
Failure to deposit any mandatory contribution amount or payment within the prescribed time;
Submission of false, misleading, forged, or fraudulent information or documents;
Failure to fulfill the eligibility, document, verification, or other mandatory requirements of the scheme; or
Violation of any material provision of these terms and conditions.
If, after verification, the institution determines that the policy holder or insured person is not eligible to participate in the scheme, the institution may terminate the membership.
If the membership is terminated before the policy holder becomes eligible for Mayra assistance, the policy holder shall not be eligible to claim Mayra assistance on the basis of the terminated membership.
Completion of Membership: After Mayra assistance applicable on the occasion of the eligible marriage of the insured person has been successfully provided, the relevant policy shall be considered complete and terminated. Thereafter, all benefits and facilities available under the Mayra Scheme shall cease and the institution shall have no obligation to provide any additional benefit or assistance in relation to such completed policy, provided that the policy holder and nominee have complied with all applicable rules and conditions of the scheme and no fraud, misrepresentation, or concealment of material facts has been established.
After completion of the policy as per the above Clause 5, the institution shall not demand or recover any additional amount from the policy holder or nominee in relation to the completed policy, except in circumstances where recovery of an amount is permitted under these terms and conditions due to fraud, misrepresentation, concealment of material facts, or any other unlawful act.
If at any stage it is established that the policy holder or nominee has obtained Mayra assistance by submitting false or forged documents, providing incorrect or misleading information, concealing material facts, committing fraud, or through any other unlawful means, the institution shall have the right to cancel the relevant benefit and recover the amount incorrectly paid.
In the event of Mayra assistance being obtained fraudulently or improperly, the institution shall have the right to recover the wrongly paid assistance amount along with applicable interest, costs, and expenses and take appropriate legal action or adopt any other available remedies under applicable law.
Termination or completion of membership shall not affect any right or obligation arising before the effective date of termination or completion, including any amount legally recoverable by the institution under these terms and conditions.
Any insurance coverage related to membership shall be separately subject to the terms and conditions of the relevant third-party insurance policy, including provisions relating to cancellation, termination, continuation, and validity of the insurance.
21. Death of Participant
In the event of the death of the policy holder before the eligible marriage of the insured person, the registered nominee may proceed with the applicable Mayra assistance process and receive Mayra assistance subject to fulfillment of the eligibility, waiting period, contribution amount, documents, verification, and other applicable conditions of the scheme.
For processing the applicable assistance, the nominee shall be required to submit the death certificate, identity proof, relationship proof, and other necessary documents prescribed by the institution.
In the event of the death of the insured person before the eligible marriage, no Mayra assistance shall be payable in relation to the marriage of such insured person and the applicable membership benefits related to that marriage shall cease.
In the event of the death of the nominee, the policy holder may request registration of another eligible nearest family member as the new nominee, subject to the applicable rules and verification requirements.
Any life, accident, health, or other insurance benefit payable due to the death of the policy holder shall be payable to the eligible nominee only according to the terms, conditions, exclusions, required documents, and claim approval process of the relevant third-party insurance policy.
The mere death of the policy holder, insured person, or nominee shall not make any other or additional benefit payable apart from the benefits expressly specified under the scheme or applicable insurance policy.
22. Change in Nominee / Beneficiary
The policy holder may request a change in nominee by submitting a written request to the institution according to the prescribed process, subject to the applicable rules and verification requirements.
The new nominee must be the eligible nearest family member of the policy holder and shall be required to submit the prescribed identity, relationship, and other necessary supporting documents.
Any change in nominee shall become effective only after verification and approval by the institution and the necessary amendment has been made in the official membership records.
A change in nominee shall not affect any benefit or claim that has been duly approved or paid before the effective date of the change.
In the event of the death of the current nominee, the policy holder may request a change of nominee according to the applicable process.
For any life, accident, health, or other third-party insurance benefit, the nominee shall be determined according to the requirements of the relevant insurance policy and insurance provider. A change of nominee in such insurance policy shall have to be made separately according to the process prescribed by the relevant insurance provider.
The institution shall not be responsible for any delay, rejection, or non-payment of an insurance claim caused by failure to update the nominee details with the relevant insurance provider.
23. Suspension / Rejection of Mayra Assistance Amount
If the policy holder or nominee does not fulfill the applicable eligibility, membership, contribution amount, documents, verification, or other requirements of the scheme, the institution may suspend, withhold, postpone, or reject the Mayra assistance request.
If the prescribed ₹300/- Mayra assistance contribution amount is not deposited within the prescribed time or the policy holder does not provide notice of the marriage within the prescribed time, the Mayra assistance amount may be withheld or rejected.
If the marriage of the insured person takes place before completion of the prescribed 18-month waiting period or does not fulfill the other eligibility conditions of the scheme, the Mayra assistance amount may be rejected.
If the submitted documents or information are found to be false, forged, incomplete, invalid, misleading, or inconsistent with the records of the institution, the institution may withhold or reject the Mayra assistance amount.
If additional documents, information, explanations, or verification requested by the institution are not submitted within the prescribed time, the Mayra assistance amount may be withheld.
Upon confirmation of fraud, misrepresentation, concealment of material facts, or any other unlawful activity, the institution shall have the right to reject Mayra assistance, cancel the relevant benefit, and recover the amount already paid along with applicable interest and costs, subject to these terms and conditions and applicable law.
Mere submission of an application for Mayra assistance or completion of the required documents shall not create any automatic or unconditional right to receive Mayra assistance. Payment shall be made only after satisfactory verification and approval by the institution.
24. Accuracy of Information and Documents
The policy holder, nominee, and insured person shall be required to provide correct, accurate, complete, valid, and updated information and documents at the time of registration and whenever required by the institution.
All personal, identity, relationship, bank, marriage, and other information submitted to the institution must correspond with the relevant official records and documents.
The policy holder shall be required to immediately inform the institution of any change, error, or discrepancy in the information or documents submitted.
If any information is found to be incomplete, incorrect, invalid, or inconsistent, the institution may request clarification, correction, or updated documents.
Any false, forged, altered, misleading, or materially incorrect information or documents may result in suspension or rejection of the Mayra assistance amount, termination of membership, and recovery of any amount wrongly paid, subject to these terms and conditions and applicable law.
25. Right to Amend the Scheme
The institution reserves the right, subject to applicable law, to amend, change, or update the rules, conditions, contribution amount, Mayra assistance process, eligibility requirements, or other provisions of the scheme from time to time.
Notice of any such amendment shall be provided to the policy holder through the communication methods prescribed by the institution and the amendment shall become effective from the date specified in the amendment notice.
Any amendment shall not affect duly approved and paid benefits before the effective date of such amendment.
Any change in the terms, coverage, premium, exclusions, or benefits of a third-party insurance policy shall be determined by the relevant insurance provider and applicable insurance policy and shall not be considered an amendment made by the institution to the scheme.
26. Exceptional Circumstances
The institution shall not be responsible for any delay, suspension, or inability to process or pay Mayra assistance due to circumstances beyond its reasonable control, such as natural disaster, pandemic, war, riot, government restrictions, legal or regulatory orders, strike, technical failure, banking-related disruption, or other unforeseen circumstances.
If the Mayra assistance process or payment is affected due to such circumstances, the institution may temporarily postpone or suspend the relevant process until normal operations are restored or a reasonable alternative arrangement becomes available.
After the exceptional circumstances cease, the institution shall make reasonable efforts to restart the Mayra assistance process as soon as possible and complete payment of the eligible Mayra assistance amount.
No valid benefit shall be rejected without reasonable cause on the basis of any exceptional circumstance, and all assistance shall remain subject to these terms and conditions and applicable law.
27. Dispute Resolution
Any dispute, complaint, or disagreement relating to the scheme shall first be submitted to the institution in writing for resolution.
The policy holder or nominee shall be required to submit the relevant policy details, facts, documents, and necessary supporting information for examination of the dispute.
The institution shall review the dispute and make reasonable efforts to resolve it in accordance with these terms and conditions within a fair and reasonable period.
If the dispute cannot be resolved through the internal process of the institution, the concerned party may seek appropriate legal remedy before the competent authority or court having jurisdiction in accordance with applicable law.
No provision of these terms and conditions shall deprive the policy holder, nominee, or any other eligible person of any statutory right or legal remedy available under applicable law.
Any dispute relating to a third-party insurance policy or insurance claim shall be resolved according to the complaint, claim, and dispute resolution process prescribed by the relevant insurance provider and applicable law.
28. Governing Law and Jurisdiction
All matters relating to or arising from these terms and conditions, membership, and the Mayra Scheme shall be governed by the laws applicable in India and shall be interpreted accordingly.
Any dispute or legal matter relating to the scheme shall be subject to the jurisdiction of the competent courts having jurisdiction over the registered office of the institution, subject to applicable law.
No provision of these terms and conditions shall deprive the policy holder, nominee, or any other eligible person of any mandatory right, legal remedy, or protection available under applicable Indian law.
Matters relating to any third-party insurance policy or insurance claim shall also be subject to the applicable insurance laws and regulations along with the terms and conditions of the applicable insurance policy of the relevant insurance provider.
29. Third-Party Insurance Benefits
The policy holder may select any one of the two available insurance options, namely a life insurance policy or a personal accident insurance policy, according to their choice and applicable eligibility requirements. The selected insurance facility shall be subject to the rules, conditions, exclusions, required documents, and claim approval process of the relevant insurance provider.
The institution shall provide the benefit of either the life insurance policy or personal accident insurance policy selected by the policy holder. If the policy holder wishes to take both policies, the premium or amount prescribed according to the applicable rules for the second policy shall be paid separately by the policy holder.
All benefits under the life insurance policy and personal accident insurance policy shall be subject to the terms, conditions, exclusions, required documents, and claim approval process of the relevant insurance policy. The actual payable amount shall be limited to the amount approved under the relevant insurance policy.
The institution shall bear, on behalf of the policy holder, the applicable premium of either the life insurance policy or personal accident insurance policy selected by the policy holder for the first year. After completion of the first year, if the policy holder wishes to continue the selected insurance policy, the policy holder shall be required to deposit the applicable further premium themselves, subject to the prevailing rules and conditions of the relevant insurance provider.
29.1 Life Insurance Policy
Under the Life Insurance Policy option, the policy holder shall be provided with insurance coverage of up to ₹1,00,000/-.
In the event of the death of the policy holder, the registered nominee may receive an insurance benefit of up to ₹1,00,000/- subject to the applicable rules, conditions, exclusions, required documents, and claim approval process of the relevant life insurance policy.
29.2 Personal Accident Insurance Policy
Under the personal accident insurance policy option, the policy holder shall be provided with accident insurance coverage of up to ₹5,00,000/- subject to the terms and conditions of the applicable policy.
In the event of the death of the policy holder due to an accident, the registered nominee may receive an accident insurance benefit of up to ₹5,00,000/- subject to the terms, conditions, and claim approval process of the applicable personal accident insurance policy.
In the event of permanent disability of the policy holder due to an accident, financial assistance of up to ₹5,00,000/- may be provided subject to the terms and conditions of the applicable policy and claim approval process.
In the event of the death of the policy holder due to an accident, financial assistance of up to ₹50,000/- may be provided for the education of their son or daughter, subject to the applicable rules and approval process.
If the policy holder is hospitalized due to an accident, financial assistance of up to ₹50,000/- may be provided towards hospital expenses, subject to the terms of the applicable policy, required documents, and approval process.
If the policy holder dies due to an accident outside their city of residence, financial assistance of up to ₹10,000/- may be provided for bringing the mortal remains to the place of residence, subject to the applicable rules and approval process.
30. Contact and Grievance Redressal
The policy holder, nominee, or any other eligible participant may contact the institution for any question, assistance request, complaint, or clarification related to the scheme.
Any complaint or issue should be submitted through the official contact channels prescribed by the institution along with the relevant policy/membership details and, where required, supporting documents.
The institution shall receive and review the complaint and make reasonable efforts to provide an appropriate response or resolution within a reasonable period.
If additional information or documents are required for resolution of the complaint, the complainant shall be required to submit them within the prescribed time so that the complaint can be resolved in a timely manner.
For assistance related to the membership certificate, if the certificate is not received within 15 days of registration, the policy holder may contact the concerned agent or the institution.
Any complaint or insurance claim related to life insurance, personal accident insurance, or any other third-party insurance policy should be submitted through the applicable complaint or claim process of the relevant insurance provider.
The contact details and grievance redressal channels of the institution may be updated from time to time. Members should use only the latest contact details officially published by the institution.