Mission Great India

Terms and conditions

  1. The Company shall mean MGI Concepts (OPC) Pvt. Ltd.
  2. The Customer shall mean any person who joins the Mission Great India (MGI) Concept run by our company.
  3. 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.
  4. 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)
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. Quantum of Benefits:
    1. 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)
    2. 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.
    3. 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
    4. 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.
  10. Customer will have to furnish a survival certificate every year during the survival benefit period duly countersigned by the banker of the customer. If any spouse submits a false survival certificate in that case his/her survival benefits will be discontinued or forfeited.
  11. The customers will purchase the products and services from the affiliated vendors at their own risk. Our company will not take any responsibility about the quality, the quantity and the price of the products and services purchased by the customers.
  12. The company may avail itself of the group insurance of its customers to cover the liability arising from the death benefit whereby the death claim so disbursed by such insurer shall be construed as death benefit paid by the company under this agreement. The company shall be liable to the deficit, if any arising on account of the death benefit entitled to the customer.
  13. The company may affiliate /tie up/collaborate with various retail stores, medical shops, theatres, bus service providers, fashion showrooms, apparel stores, home appliances stores etc.(hereafter to be known as “affiliates”)
  14. The customer shall purchase goods and avail himself/herself of the services from any of these affiliates or the company designated outlets. Whenever the customer purchases any products or services, he/she has to take SMS from the affiliated vendors at the time of purchase itself. If the credit SMS has not been obtained by the customer from the vendor, our company will not be held liable for the amount of those particular purchases. Our company’s liability is restricted to the amount credited to his/her MGI account only.
  15. The company enjoys the absolute right to appoint/discontinue any affiliate(s)/vendor(s).
  16. If on account of any unforeseen circumstances/events or legal compulsions, this concept has to be discontinued, the company shall be liable to pay an amount as per benefit(s), explained above till the date of such cessation/ discontinuation.
  17. The company enjoys absolute right to change/alter/insert/delete any terms & conditions from time to time without assigning any reason to do the same.
  18. The company will create a CUSTOMER WELFARE FUND @ 5% of E.V. value of the sales every year and maintain the fund with a return of @12% p.a. If there is any shortfall, the company will contribute additional fund to the CUSTOMER WELFARE FUND and if there is surplus than company will contribute less.
  19. The company will constitute a “CUSTOMER WELFARE FUND COMMITTEE” which will manage the customer welfare fund. It will consist of total five members, out of them three will be the company’s representatives and two will be of customer’s representative. The representatives of the customer’s will also be selected by the company and the term of the customer’s representatives will be two years.
  20. The CUSTOMER WELFARE FUND will be utilised to: (i) give loan to the customers (ii) invest in government bonds, AAA rating bonds and securities (iii) invest in Bank deposits (iv) pay survival benefits to customers (v) pay insurance premiums for customers or death benefit (vi) to invest in purchase of any products for customers to get better returns on investments.(vii) invest in equity or deposits in the NBFC company or credit society promoted by the company to facilitate the Loan facility to the customers.
  21. The customer can avail himself/herself of the loan facility up to 10% of his/her balance in MGI account @ 18% to 21% p.a. interest. This loan facility will either be given by the company or through other financial institutions against the lien on balance in his/her MGI account. It will be the sole discretion of the company to give loan to any customer or not. The loan amount will be subject to the availability of the fund in the customer welfare fund. Customer who had attained the age of 18 years only will be entitle for loan.
  22. In case of any customer’s behaving against the interest of the company, the company shall have absolute right to terminate the contract without affording any opportunity of being heard to such customer. All benefits accruing to him/her under this plan shall cease to exist with immediate effect. The decision of the company in such case(s) shall be final and binding on the customer.
  23. No benefit will be payable to the customer or his/her spouse in case of the customer’s having furnished wrong information in application form or he/she commits suicide. If any fact furnished by the customer is found to be false, this agreement will be treated as null and void ab initio.
  24. This is neither a life insurance policy nor a pension plan. Our company does not charge any premium from the customer for death or survival benefit.
  25. All disputesshall be resolved through arbitration under the arbitration laws applicable in India from time to time and subject to Ahmedabad jurisdiction.
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