LOSS OF MONEY PLAN Terms and Conditions
These Terms outline how the Jupiter Loss of Money Plan (“Loss of Money Plan” or “Plan”) works, including who can get a Subscription, how to file a claim, coverage, cancellations, and more.
The services described herein are offered through Assurekit and its Partners, and/or their affiliates (in these Terms, “Provider”, “we”, “us” “our”, “Company” as the context may require) to its subscribers who use any of the Platforms and/or procure services from our Partners (“Subscriber(s)” or “you”).
1. SUBSCRIBING TO THE PLAN
1.1. Placing an order: You can place an order to subscribe to the Plan from Assurekit’s or the relevant Partners’ platforms, websites and/or mobile apps, from which you avail loans and/or loan-related services (collectively, “Platform”).
1.2. Subscriptions: Subject always to the requirements set out in these Terms (including but not limited to Section 2), we will accept your order and we will issue a certificate confirming your purchase (“Subscription”), for the period commencing from the date on which you place an order on the Platform, and expiring upon the repayment, waiver, and/or completion of the tenure of the loan and/or loan-related services availed by you on the relevant Platform (“Plan Term”).
1.3. As consideration for purchasing the Subscription for the Plan, a one-time flat fee shall be payable on or before the first day of the Plan Term (“Subscription Fee”).
1.4. The Subscription Fee is inclusive of all applicable taxes.
1.5. The Subscription Fee is calculated based on the Subscription to the Plan opted by you.
2. ELIGIBILITY FOR SUBSCRIBING
2.1. You can purchase a Subscription if you are:
a. natural person and a resident of India;
b. competent to contract and purchase the Subscription under applicable law, including but not limited to the Indian Contract Act, 1872; and
c. a customer or borrower availing loans and/or loan-related services from our Partners, or on a relevant Platform.
2.2. You cannot purchase the Subscription if you are an affiliate, agent, officer, director, partner, member, representative and/or employee of the Provider, or an employee or relative of an affiliate, agent, officer, director, partner, member, or representative of the Provider.
2.3. In addition to this Section 2, your Claim will be subject to certain additional requirements and criteria set out in Section 3 below and/or the Plan benefits described in the Schedule I, subject to the relevant covered incident (“Loss Event”) pursuant to which the Claim is being made.
2.4. Notwithstanding anything contained herein, (a) we reserve the right to seek additional information, reject an order for Subscription, and/or decline or suspend any right to claim benefit (or any part thereof), in the event that the Subscriber is ineligible or found to have been ineligible at any time during the Plan Term, in our reasonable determination, and (b) our Partners may seek additional information, and/or reject, decline or suspend any claim for benefits or coverage, or any right to claim benefits or coverage (or any part thereof), in the event that the Subscriber is not eligible as per their respective terms and conditions, in their reasonable determination.
3. ELIGIBILITY FOR CLAIMING BENEFITS
3.1. The benefits of the Plan for ID protect and health and wellness will be available during the Plan Term on or through the Platform, and the benefits of the Plan for fixed payouts and/or coverage against EMI (equated monthly instalment) liabilities (each, a “Loss Payout”) will be available when you make a claim with us, as per the terms described in Section 3 and the Claims Process set out in Section 4 (each, a “Claim”).
3.2. You will be eligible to Claim and avail Loss Payout benefits (“Beneficiary”), if you (a) fulfil the criteria set out in Section 2 and are not declared or found to be ineligible under this Section 2 or 3; (b) if you use the Platform or procure services from our Partners; and (c) have done all things necessary to avoid, reduce or otherwise mitigate a Loss Event and a Claim under this Plan (including demonstrating on request by the relevant Partner that the Loss Event is not a result of fraud, wilful misconduct, or gross negligence).
3.3. Notwithstanding anything contained herein, you are NOT eligible to be a Beneficiary, in the event of any breach or default of the terms of Subscription and/or terms and conditions of the respective benefits set out in Section 4, as determined by the relevant Partner, or on the occurrence or existence of any of the following events or conditions:
a. commission, allegation or threat of any illegal, criminal, tortuous, or violent acts;
b. breach of any fiduciary duties or disclosure confidential or proprietary information, including but not limited to any fraudulent acts, misconduct, negligence, acts of moral turpitude, theft, misrepresentation, falsification of any records or information, or any other acts of a similar nature, whether or not resulting in a criminal offense or misdemeanour;
c. any allegation, framing of charges and/or conviction for any crime falling within the ambit of the Indian Code of Criminal Procedural, 1973, the Indian Penal Code, 1860, or any similar statute, regulation, notification, ordinance, direction, or order having the authority of a legislative, judicial or quasi-judicial authority, whether within the jurisdiction or territory of India or otherwise;
d. occurrence of any events in the nature of force majeure (including but not limited to war, civil unrest, labour disputes, pandemics, epidemics, natural disasters, and events of a similar nature).
3.4. Notwithstanding anything contained herein, you will not be entitled to Claim any Loss Payout against Loss Events arising from Personal Accidents and/or Hospitalisation, where the Personal Accidents and/or Hospitalisation occurs for any of the following reasons (or a combination thereof):
a. you had knowledge at the time of availing this Plan of any circumstances which can result in a Claim, including (i) any pre-existing conditions, injuries, diseases, Personal Accidents, Hospitalisation, or any events which may cause Personal Accidents or Hospitalisation; or (ii) any information which can reasonably be construed as knowledge or deemed knowledge of any pre-existing conditions, injuries, diseases, Personal Accidents, Hospitalisation, or any events which may cause Personal Accidents or Hospitalisation;
b. you inflict intentional self-harm or injury;
c. you suffer any injury or accident whilst under influence of alcohol or illicit substances;
d. you commit criminal or fraudulent activities, breach of the contractual terms of this Plan, or any breach of applicable law (including trespassing, driving without permit / license, transport of hazardous or dangerous goods other than in compliance with best industry standards, etc;
e. you are involved in any fraud, misrepresentation or concealment;
f. injuries or accidents resulting from or as a consequence of out-patient treatment;
g. there is an actual or threatened war, invasion, act of foreign enemies, terrorism, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, etc.;
h. there is damage, contamination, radiation, explosion, combustion, seepage, or any other detrimental or hazardous impact from carriage, transport, or handling of any goods knowingly being carried, transported, or handled; or
i. there is any communicable disease or threat or fear of communicable disease (whether actual or perceived) which leads to: (i) the imposition of quarantine or restriction in movement of people or animals by any national or international body or agency; or (ii) any travel advisory or warning being issued by a national or international body or agency.
3.5. Notwithstanding anything contained herein, you will not be entitled to Claim any Loss Payout against Loss Events arising from Loss of Money Events (defined below in section 4) for the following reasons:
a. Phishing and spoofing in purely verbal form. Verbal forms are calls and other communications which are conversational and leave no record.
b. a fund transfer initiated or supported with a fraudulent intent by the customer, or a member of the customer's family, or any person acting in tandem with or without the permission of the customer;
c. a fund transfer from any business or commercial account;
d. an instance where a customer’s stolen money has been reimbursed or recovered from any other source, including but not limited to the third-party entity that has issued access to the account from where the money was stolen, and/or the third-party entity that holds such account;
e. Investment losses, trading losses;
f. Any crypto/web3/blockchain related losses are excluded;
g. Any losses arising due to intellectual property
h. Any claim relating to, or arising from, or connected to an event that is not reported to the Company within 48 (forty-eight) hours from the occurrence of such event.
i. Any loss, expense, or damage for which a third-party is legally liable.
j. Any loss, damage, liability, claim, cost or expense of whatsoever nature that is, directly or indirectly, caused by or contributed to by, resulting from, arising out of or in connection with any loss of use, reduction in functionality, repair, replacement, restoration, or reproduction of any data, including any amount pertaining to the value of such data, unless such losses arise directly from the Stolen ID Events (defined below) which are covered under this Plan.
k. Any loss that is covered or would, in absence of this Plan, be covered under any other insurance policy or plan of any nature, including, without limitation, homeowner’s or renter’s insurance, cyber insurance, or insurance covering the any equipment of the customer, or the customer (collectively “Other Insurance”). If there is any Other Insurance that applies to a loss under this Plan, the insurers of the Other Insurance will have no recourse to costs or payments under this Plan.
l. Any fines of penalties imposed due to breach in observance of duties of a data principle, as defined under the Digital Personal Data Protection Act, 2023.
4. YOUR BENEFITS & CLAIMS
4.1. The Plan offers (a) well-structured and useful value-added benefits, and (b) fixed payouts and/or coverage against EMI (equated monthly instalment) liabilities, in the event of Business Shut Down, Personal Accidents, and/or Hospitalisation (described below), through us and/or business partners engaged by us (each a “Partner” and collectively the “Partners”). Subject to verification of the relevant Claim documents and the Plan you subscribe to (as set out in the Schedule), you will be eligible for the benefits described in this Section 4.
4.2. Job Loss: coverage against EMI (equated monthly instalment) liabilities in the event of Job Loss, as described in and up to the limits set out below. Subscribers will be entitled to make a Claim for Loss Payout, in the event of termination or cessation of their employment without cause, as a result of:
a. business or corporate restructuring,
b. closing and winding up of the business,
c. down-sizing, company-wide lay-offs,
d. retrenchment (each, a “Job Loss”). The Loss Payout for any such Loss Event will be as per the limits and terms set out below:
4.3. Money Loss Protection: You can gain access to ID protect benefits and related services during the Plan Term (subject to the terms and conditions of the relevant Partner). These benefits include:
a. Dark Web Monitoring Report: By subscribing to this Plan, you consent to us / our Partners checking your data against known breaches and generating a dark web monitoring report for you. This report will identify where personal data has been breached and provide a detailed list of compromised data points by checking your information (including but not limited to email and phone number). The report will contain details about when and where the data was leaked, where it was sourced from, and will monitor sources for prevention of further breaches. The report will also recommend basic corrective actions to be taken for prevention of further breaches.
b. Credit Bureau Monitoring: By subscribing to this Plan, you consent to us / our Partners checking your credit score and related information. This benefit helps you to monitor your credit score across 3 (three) bureaus and stay informed of any discrepancies or instances of ID theft. This benefit is not available on this plan.
c. ID Recovery Costs in case of Stolen ID Events: An event where (a) a Customer loses a Government-issued photo ID, or (b) a Customer’s Government-issued photo ID is stolen and/or fraudulently used to establish credit accounts, secure loans, enter into contracts or commit crimes, is known as a “Stolen ID Event”. If a Customer loses his/her Government-issued photo ID on account of a Stolen ID Event, the costs of procuring a new ID will be reimbursed to the customer, up to a specified amount. This benefit is not available on this plan.
d. Loss of Money Events: An event where a Customer loses money on account of any unauthorized transactions from their bank account, and the bank deems such loss as unredeemable, is referred to as an “Loss of Money Event”. If a Customer loses any amounts on the occurrence of an unauthorized Loss of Money Events, then the amount lost, up to a specified sub-limit, will be covered under this Plan. The sub-limit for Customers will vary, based on the Subscription selected by them.
i. Plan will indemnify the Customer up to specific limits and sub-limits, based on the Subscription selected by the Customer, against any specific and identified amounts of the customer’s stolen money which constitutes an unauthorized Loss of Money Event, at the discretion of the Company, provided that such amounts are incurred as a direct result of an unauthorized Loss of Money Event during the period of the Subscription opted for by the customer (“Plan Period”). It is clarified that ‘stolen money’ does not include any interest or fees charged.
ii. Loss of Money Event includes:
a. Any theft of funds by a third party from your bank account or wallet
b. All unauthorized losses of money are covered, where the user has not given any authorization (OTP, etc) of any kind. This includes NFC scanning, device take over or cloning, SIM cloning etc.
c. Any loss of money by phishing or email spoofing is covered
d. Email spoofing is any forgery or wrongful manipulation of an email so that the receiver of such a message is misleading to believe that the email is real and therefore trusts the faked origin of the message. This applies to all electronic communication of which there is a record.
e. Phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details (and sometimes, indirectly, money), often for malicious reasons, by masquerading as a trustworthy entity in an electronic communication but does not include any verbal forms of electronic communication.
4.4. Health and Wellness Benefits: You can gain access to health and wellness benefits offered by our Partners during the Plan Term, including teleconsultation services with general physicians, network discounts for services such as medicine delivery, diagnostic services, lab tests, fitness memberships, and more, in accordance with the Partners’ terms set out at https://www.ekincare.com/about/terms-of-use. This benefit is available on select Plans only.
4.5. Accidents, Injuries, & Hospitalisation: fixed payout and/or coverage against outstanding loan obligations or EMI (equated monthly instalment) liabilities) in the event of Personal Accidents, Injuries and/or Hospitalisation, as described in and up to the limits set out below: Subscribers will be entitled to make a Claim for Loss Payout, in the event of:
- any accident or injury which results in accidental death, or accidental permanent disability (whether total or partial) (each, a “Personal Accident”), and/or
- the Subscriber being admitted to a hospital for in-patient treatments for at least 24 hours for any sickness or injury, other than as a result of any wilful misconduct and/or gross negligence of the Subscriber (“Hospitalisation”). The term hospital will mean and include clinical establishments registered as hospitals under The Clinical Establishments (Registration and Regulations) Act, 2010 (as amended from time to time).
- The Loss Payout for any such Loss Event will be as per the limits and terms set out below:
4.6. The benefits under this Section 4 are provided in accordance with the terms and conditions of service of the relevant Partner providing the benefits, as amended from time to time. The benefits under Section 4.2, 4.3 (d) and 4.5 are provided in accordance with the terms of the policy cover obtained under the insurance policy from IRDAI licensed insurance company, Royal Sundaram General insurance company, vide policy no. LPAK000001000100
4.7. Subject to these Terms and availability, we may make additional benefits available to Subscribers who purchase the Subscription after such additional benefits becoming available.
5. HOW TO CLAIM YOUR BENEFITS?
5.1. You can make a Claim in the manner and subject to the Terms described in this section and above sections. Once you make a Claim, you may be required to provide the supporting documents as may be required by the relevant Partner, including without limitation proof of business shutdown, proof of injury / Personal Accident / Hospitalisation, proof of losses incurred, proof of EMI liabilities to be covered (as applicable), etc.
5.2. Subject to the Terms of this Plan and upon verification of the submitted documents and acceptance of the Claim, our Partners will provide the applicable benefits to the Subscriber in accordance with their respective terms and conditions.
5.3. In addition to verification of the submitted documents, we and our Partners shall reserve the right to investigate the facts and request additional information from the Subscriber.
5.4. In addition to the other benefits, the Subscriber will be entitled to make an aggregate of 1 (one) claim in relation to any and all Loss Events (and cannot make separate Claims for different Loss Events) during the Plan Term.
5.5. You can avail the benefits offered under your Plan (as described in the Schedule 1) and/or initiate Claims through:
a. The Platform from which you purchased the Plan;
b. Email to: support@assurekit.com
c. Lodge the Claim at https://help.assurekit.com
6. CANCELLATIONS
6.1. You may cancel your Plan at any time by visiting the Platform and following the instructions to cancel the Plan. If you cancel your Plan within seven (7) days [TL1] of purchase, you are eligible for a full refund. For cancellations after seven (7) days, no refund is provided.
7. LEGAL DISCLOSURES
7.1. The Subscriber represents and warrants that (a) they have completed the age of 18 (eighteen) years, competent to contract, and/or are a resident of India (as applicable); and (b) the personal information provided by the Subscriber for the purposes of the Subscription and/or any benefits is and shall be true and accurate for the duration of the Plan Term.
7.2. The Subscriber agrees to defend, ind emnify and hold the Provider and its officers, directors, employees, customers, affiliates and agents harmless from and against any and all claims, losses, suits, proceedings, action, liabilities, damages, expenses and costs (including attorney’s fees) incurred by the Provider or its officers or employees arising out of or in relation to (a) any wrongful act or omission of the Subscriber in relation to the usage of this Plan; (b) wilful misconduct, gross negligence or fraud by the Subscriber; (c) failure of the Subscriber to comply with applicable law; (d) breach of these Terms; and any third-party claims arising out of the Subscriber’s use of this Plan.
7.3. The Provider merely facilitates the provision of the Plan through the Platform and its Partners. The Provider shall not, in any manner, be liable for any cancellation, withdrawal or termination of the Plan.
7.4. By subscribing to the Plan, you provide your acceptance of the consents and waivers set out in Annexure A.
7.5. Notwithstanding anything contained herein, in no event shall the Provider be liable for any loss, claim, or direct damages or any special, exemplary, punitive, incidental, or consequential damages of any kind. Provider’s maximum liability will be limited to the benefit limits for each Claim provided under this Plan.
8. MISCELLANEOUS
8.1. These Terms: These terms & conditions (referred to as the “Terms”) govern the provision of this AssurePlus Plan (“Plan”) and the services described herein through Assurekit by its Partners, and/or their affiliates (in these Terms, “Provider”, “we”, “us” or “our”, as the context may require) to its subscribers who use any of the Platforms and/or procure services from our Partners (“Subscriber(s)” or “you”). Please read the Terms carefully and reach out to us for any questions at https://support.assurekit.com
8.2. Force Majeure: The Provider shall not be liable for any loss, delay or non-performance of its obligations under these Terms arising from any cause beyond its control including, without limitation, any of the following: act of God, governmental act, war, fire, flood, pandemics, lockdown, Radiation, explosion or civil commotion and shall not be liable to pay any amount as compensation, or otherwise, for any such loss, delay or non-performance.
a. The Company shall not be deemed to provide cover, and shall not be liable to pay any claim, or indemnify any loss, or provide any benefit hereunder, to the extent that the provision of such cover, indemnity of such loss, payment of such claim, or provision of such benefit would, or might, expose the Company (or its insurers/reinsurers, or their retrocessionaires) to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom, United States of America or India or any other potentially applicable sanctions regime.
b. The Company shall not be deemed to provide cover, and shall not be liable to pay any claim, or indemnify any loss, or provide any benefit hereunder, to the extent that the provision of such cover, indemnity of such loss, payment of such claim, or provision of such benefit would, or might, expose the Company (or its insurers/reinsurers, or their retrocessionaires) to any actual or alleged breach of anti-terrorism legislation, laws, regulations, prohibitions, or any anti-money laundering or anti-bribery, or other financial crime related legislation, law or regulation or prohibition of the European Union, United Kingdom or United States of America or India or any other potentially applicable territory.
8.3. External Sites: This Plan may contain links to third-party websites (“External Sites”). These links are provided solely as a convenience to the Subscriber and not as an endorsement by us of the content on such External Sites. We are not responsible for the content of any linked External Sites and do not make any representations regarding the content or accuracy of materials on such External Sites. The Subscriber should contact the site administrator or webmaster for those External Sites in the event of any concerns regarding such links or any content located on such External Sites.
8.4. Entire Agreement: These Terms along with the Annexure and Schedules constitute the entire agreement between the Provider and the Subscriber with respect to and in relation to the use of this Plan (including any modification or amendment thereto), and supersedes all prior agreements and understandings, if any. This Plan will inure to the benefit of the legal successors and assigns of the Provider. Provider reserves the right to assign, transfer, and subcontract its rights and/or obligations under this Plan without any notification. With respect to the Subscriber, these Terms are personal in nature and the Subscriber cannot assign, transfer, or subcontract any of his/her rights and/or obligations under these Terms
8.5. Governing Law and Jurisdiction: These Terms shall be governed by, construed and enforced in accordance with the laws of India, without giving effect to any conflict of law provisions. Subject to Section 8.6 below, any dispute arising under this Plan shall be resolved exclusively by an appropriate court of law in Mumbai, India.
8.6. Dispute Resolution: All disputes arising in connection with these Terms shall be finally settled by arbitration pursuant to the rules of the Arbitration and Conciliation Act, 1996, by one arbitrator appointed in accordance with the said Rules. The language of the arbitration proceedings shall be English. The seat and venue of the arbitration proceedings shall be Mumbai, India. The decision of the arbitrator shall be final and binding on the parties.
8.7. Notices: Any specific notices and declarations for the attention of the Subscriber shall be in writing and shall be delivered to the Subscriber’s address and/or email address as provided by the Subscriber. Provider or its Partners may issue general notices or declarations through the relevant Platform/s or through any other electronic communications. Any and all notices and declarations for the attention of the Provider shall be in writing and shall be sent to the addresses specified hereunder:
Assurekit Technology and Services Private Limited, FL C1402, PL 14/15, Yashodeep Heights, Sec 29C Ghansoli, Thane, Maharashtra, 400701
8.8. Set-off & Waiver: Provider’s failure to act on or enforce any provision of the Agreement shall not be construed as a waiver of that provision or any other provision in this Agreement. No waiver shall be effective against us unless made in writing, and no such waiver shall be construed as a waiver in any other or subsequent instance. You agree that the Provider and/or its Partners may set-off or deduct from any monies payable to you under this Plan, any amounts which are payable by you to the Provider and/or its Partners, provided that the Provider and/or its Partners (as applicable) will endeavour to notify you prior to any such set-off or deduction.
8.9. Amendments and Modifications: Provider reserves the right to extend, cancel, discontinue, prematurely withdraw, change, alter or modify this Plan and/or the Terms. Upon such amendment this Plan and/or the Terms, will become applicable immediately and intimated to the Subscriber in due course. If the Subscriber does not accept the amendment of this Plan and/or the Terms, he/she shall have the right to terminate this Plan with appropriate notice. The alteration of this Plan and/or the Terms shall be deemed accepted where the Subscriber continues to use the service for one (1) month after the amendment has taken effect.
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SCHEDULE I
PLAN COVERAGE
Additional Terms
1) Only one Claim per plan is allowed across either of the sections;
2) For annual plans, waiting period of 15 days will be applicable on Hospitalization and cyber protect cover; Waiting period of 30 days will be applicable for the loss of job cover.
SCHEDULE II
DOCUMENTS REQUIRED FOR CLAIMS
ANNEXURE A
Consents and Waivers required from you:
1. By placing an order for a Subscription, you acknowledge that you have carefully read and understood these Terms.
2. You acknowledge that these Terms constitute a binding agreement between you and the Provider (and its assignees and/or affiliates, as applicable), effective from the date of purchasing a Subscription.
3. You hereby provide your consent to the Provider (and its assignees and/or affiliates, as applicable), to use your information, collected directly or through any third-parties, for carrying out background verification for verifying the criteria for purchasing a Subscription.
4. You hereby provide your consent to the collection, storage, processing, and/or transfer of the information, whether by us, our Partners, or other third-parties providing services necessary for the provision of the Subscription, the Plan, and the benefits provided thereunder. The information referred above may include name, email, phone number, employment history and other details, phone calls between the Provider and the Subscriber, know-your-customer and related requirements including Government issued identity cards, academic qualifications, and such other information as may be required for the purpose of the Plan and providing the benefits thereunder.
5. You agree and understand that the Provider makes no warranty or guarantee relating to income or employment. However, we are committed to ensure that you receive the best possible support and guidance from us and our Partners.
6. We may engage certain third-party service providers to provide the services and benefits offered under the Plan. You understand and accept that we are not liable for any defaults or defects in the services or benefits provided by such third-parties, to the extent that such services or benefits are not within our control.
7. It is understood that the Plan is intended to provide short-term security and other benefits and is not intended to be a source of income.
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