Terms and conditions
- The Company shall mean MGI Concepts (OPC) Pvt. Ltd.
- The Customer shall mean any person who joins the Mission Great India (MGI) Concept run by our company.
- Eligibility: A person who has attained the age of 10 years and below 40yrs can join the concept by paying the cost of MGI card plus GST.
- Type of plans: There will be three types of plans based on the age of customers at the time of joining the concept. Plan – A (from10yrs to 20 yrs), plan – B(above 20yrs to 30 yrs), Plan – C (above 30 yrs to 40 yrs)
- The customer has to pay Rs1000/- plus govt. levies as applicable from time to time towards ‘one time account maintenance charges’ which can be paid within two years from the date of joining but if the customer wants to avail any benefit under this concept in that case the account maintenance charges will be collected from the benefit. If the customer fails to pay account maintenance charges within the stipulated time in that case the company will treat Rs.1000/- as loan to the customer from the date of two years’ completion from the joining the concept and will charge interest on it @ 18% pa.and the same will be recovered from the benefits payable to the customer/nominee in future. Benefits to customer under this concept will be continue even the customer does not pay the account maintenance charges.
- E.V. means Eligible Value which will be credited to the customer’s MGI account and it will be calculated @ 20%, 40%, 60%, 80% and 100% of the selling price(excluding GST and third party premium in case of motor vehicle insurance) of the different products and services purchased by the customers from the affiliated vendors. The company will classify different products and services in the above five categories. The company reserves the right to increase or decrease the E.V. by 10% either ways.
- MGI Cash: MGI Cash will be the E.V.Value of the amount credited to customer’s MGI account which will be payable to the customer as per terms and conditions of the concept. The value of one MGI cash will be equivalent to one rupee.
- Benefits Schedule : The benefits under this agreement will be as under:
- Death Benefit Period: The death benefit period will commence after 30 days from the date of joining the concept and will continue up to the 60 yrs of the age of the customer.
- Survival benefit period: It will commence from the 61styear age of the customer.
- Commencement of Accidental Death Benefit: The accidental death benefit will commence only after 30 days from the date of joining the concept.
- Normal Death Benefit : The normal death benefit will commence only after one year from the date of joining the concept.
Death during the Death benefit period: In the event of the customer’s death during the Death benefit period,the company will pay to his/her nominee a sum whichever is lower of the followings:
- a. Balance in his/her MGI account,
- b. Rs20,00,000/-(less purchases made during last six months prior to the death of the customer in case of normal death)
- Death benefit during the survival benefit period:In case death of the Customer during the survival benefit period, the benefit will be payable to customer’s spouse only if he/she is alive (not to anyone else)and it will be equivalent to 50% of the survival benefit.
Survival Benefit:The Company will pay to the customer every year a sum equal to:
Plan Survival benefit payable A 120% of Balance in Customer’s MGI A/c in each year B 80%of Balance in Customer’s MGI A/c in each year C 40% of Balance in Customer’s MGI A/c in each year
The Pension payable will be subject to maximum ofRs. 5,00,000/- annually. This benefit will be payable annually over the next number of years equal to the term of concept (60-completed yrs of age at the time of joining) and beginning from 61styear of the age of the customer. The payment will be paid at the end of each relevant year. All such payment shall be subjected to TDS or any other government levies as applicable time to time and an additional deduction equal to 5% of the amount payable to the customer subject to the minimum deduction of Rs.1000/- and the maximum deduction of Rs.2500/- towards the administrative charges every year.