Who can purchase the MGI card?
A person who is an Indian resident and has completed 10 years of age and below 40 years of age can purchase the MGI card.
How much does the customer have to pay for it?
Any person can join the concept by paying Rs. 499/- plus GST towards the cost of the MGI card for males and Rs. 299/- plus GST towards cost of MGI card for females or BPL card holder family member. The Company may revise the cost of the card from time to time.
Does the customer have to pay any charge other than the cost of the card?
Yes, the customer has to pay Rs.1000/- plus GST, one time account maintenance charges within two years from the date of joining the concept.
What will happen if the customer cannot pay the account maintenance charges in time?
All the benefits under this concept will continue even if the customer does not pay the account maintenance charges within stipulated time, the Company will treat these charges as a loan to the customer and will be recovered from any benefit payable to the customer in this concept.
How to get benefits from the MGI card?
If the customer purchases various products & services from affiliated vendors then 20% to 100% amount of purchase value of the products and services (excluding GST and third party insurance premium) will be credited in his/her MGI account.
When can the customer withdraw the amount credited in his/her MGI account?
The Customer cannot withdraw the amount credited in his/her MGI account. It will be payable to their nominee in case of death before 60 years of his/her age, else paid to them as survival benefit after 60 years of their age.
What is the option if the customer needs money for his/her emergency needs?
In case of emergency, the customer can take loan from the company equal to 5% to 10% of the balance in their MGI account, interest @ 18% to 21% will be charged on the loan availed.
How much amount will be payable to nominee in case of death of the customer?
In case of death of the customer, Company will pay to their nominee:
(a) Balance in their MGI account or (b) Rs.20,00,000/- whichever is lower.
How much amount will be payable if the customer survives 60 years of his/her age?
The Company shall pay 120% of balance in his MGI account in A plan, 80% of balance in his MGI account in B plan and 40% of balance in his MGI account in C plan every year, Subject to maximum of Rs. 5,00,000/- every year. For e.g. The amount payable in the 61st year shall be
|Particulars||Plan A||Plan B||Plan C|
|Amount of purchase in the first year of joining is for eg. 1 lac||1.20 lac||0.80 lac||0.40 lac|
|Amount of purchase in the second year of joining is for eg. 3 lac||3.60 lac||2.40 lac||1.20 lac|
|Amount of purchase in the third year of joining is for eg. 2 lac||2.40 lac||1.60 lac||0.80 lac|
And so on…………………
For how many years will the customer get the survival benefits?
Customer will get survival benefits for a period of 60 – completed years of age at the time of entry in the concept or up to death of customer whichever is shorter.
Whether in case death of the customer after 60 years of age, will his/her spouse get any benefits in the concept?
Yes, if the customer dies after the age of 60 years,then the Company will pay 50% of survival benefit eligible by the customer to his/her spouse only and not to any other member of the family.
Is there any compulsion to purchase the products and services from the company's affiliated vendors?
Customers will enjoy 100% freedom to purchase the products or services from the company affiliated vendors or from the market of his/her choice.
Will the customer get any benefits if they purchase the products or services from vendors not affiliated to company?
Customers will not get any benefits in the MGI concept if the customer’s purchases products or services from vendors not affiliated to the Company.
What is the surety that the Company will pay the benefits to customers?
The Company will create a Customer Welfare Fund (CWF) @5% of the total liability to the customers every year under this concept and this will be maintained with an interest rate of 12% p.a. The Company shall utilize this fund to pay all the benefits.
Who will manage the Customer Welfare Fund?
The Customer Welfare Fund (CWF) will be managed by the Customer Welfare Fund Committee (CWFC) which will consist of five members, three will be the company’s representatives and two will be customer representatives.
How will the Customer Welfare Fund (CWF) be utilized?
The Customer Welfare Fund Committee (CWFC) shall utilize the funds as under:
(i) Give loan to the customers (ii) Pay insurance premiums for customers and provide for death benefit (iii) Pay survival benefits to customers (vi) Invest in government bonds, AAA rating bonds and securities (v) Invest in Bank deposits (vi) Invest in any product/s for customers to get better returns on investments (vii) Invest in equity or deposits in NBFC company or credit society promoted by the company to facilitate loan facility to the customers.
How is a customer assured about the benefits in this concept as the company is relatively new?
The Company is not taking any money from the customers, therefore there is zero risk to the customer and the Company is creating a Customer Welfare Fund, and this fund will be a guarantee for the benefits under the concept.
Whether any charges will be deducted from the survival benefits?
Yes, the Company will deduct 5% of the survival benefits payable to the customer or their spouse subject to minimum Rs.1000/- and maximum Rs.2,500/- per annum towards administrative charges plus any govt. levies as applicable from time to time.