The pilot, stated without ambiguity.
NOT BINDING INSURER POLICY WORDING
A concise decision record for what the proposed pilot includes, excludes and still requires. It does not issue cover, provide an insurer quotation or imply approved policy wording.
Summary of Proposed Pilot Terms
- Product type
- Group parametric fixed-benefit heat insurance
- Policyholder
- Participating platform or approved sponsoring entity
- Premium payer
- Platform, approved co-funder or combined sponsor arrangement
- Risk carrier
- Licensed general insurer
- Covered persons
- 10,000 enrolled delivery riders
- Broker and adviser
- Marsh
- Administrator
- Insurer or authorised administrator/service provider
- Geography
- Delhi NCR
- Period
- March to June
- Covered peril
- Extreme heat only
- Rainfall
- Outside pilot scope
- Trigger source
- Independent insurer-approved zone-level weather index
- Eligibility
- Active coverage, covered zone, recent pre-event activity, complete data and remaining seasonal cap
- Benefits
- ₹250 / ₹500 / ₹750
- Seasonal cap
- ₹2,000
- Payment target
- 24 to 48 hours after validation
- Premium before GST
- ₹700
- Working GST
- ₹126
- Indicative invoice
- ₹826 per rider and ₹82.60 lakh for 10,000 riders
- Implementation
- Quoted separately
- Recommendation
- Proceed with controlled pilot validation
Coverage Scope & Exclusions
WHAT IS COVERED
- ✓ Extreme heat waves within defined Delhi NCR pilot design
- ✓ Predefined fixed benefit payout upon verified trigger (₹250 / ₹500 / ₹750)
- ✓ Validated rider eligibility and seasonal cap availability (up to ₹2,000)
- ✓ Coverage for delivery riders taking safety breaks during unsafe heat
WHAT IS NOT COVERED
- ✕ Extreme rainfall or monsoon perils (outside current pilot module)
- ✕ Medical expenses, hospitalization, or health insurance claims
- ✕ Accident, disability, or physical injury losses
- ✕ Property, vehicle, or equipment damage
- ✕ Exact income indemnification or custom individual loss adjustment
- ✕ Any other peril not separately designed, priced, and approved
Qualifications & Underwriting Rules
Highest applicable tier only; no stacking for one event. Continuing to work during dangerous heat is not required. Exceptions and incomplete data may require manual review.
The wider operating architecture may support separately designed future modules. No additional peril is included in this pilot. Rainfall has no current trigger, benefit, claim cost, premium or policy wording.
Binding cover remains subject to historical calibration, final trigger approval, insurer quotation, approved policy wording, platform data agreement, legal and funding review, GST confirmation and implementation pricing.
Model reference: INSURANCE_TERM_SHEET | INPUTS | PRICING | TRIGGER_ENGINE | PILOT_DASHBOARD