• Death Benefit: In case of death, the sum insured as of date of death would be payable in one lump sum to settle such insured member’s mortgage loan.
  
  
• Total and Permanent Disability Benefit: In the event that Total and Permanent Disability (TPD) occurs, the reducing sum insured as of the date of confirmation of the TPD would be payable in one lump sum to settle the mortgage obligation after a waiting period of 12 months.
  
  
• Favourable Premium Rates: As the rates are calculated on a group basis, the policyholder enjoys the benefits of group economies.
  
  
• Premium Type: Policyholder can choose between the single premium and regular premium product based on the requirements of his customers.
  
  
• 24 Hours World Wide Coverage: Even if the insured member is travelling abroad, this plan offers round the clock coverage.
  
  
• Complements Existing Insurance: The benefits under this plan are in addition to other claims, if any, the insured is entitled to.
  
  
• Joint Life Insurance: Joint Life coverage is offered to a maximum of two borrowers, who are spouses or the immediate next-of-kin, with respect to any one single mortgage loan.
  
  
• Reducing Sum Insured: The Sum Insured of each insured member shall be an amount of reducing term insurance initially equal to his outstanding mortgage loan at the effective date of the coverage to be reduced monthly in accordance with the pre-determined sum insured schedule applicable to his outstanding term of loan covered and the interest rate.
  
  

Eligibility

• Every residential mortgage loan borrower who fulfils our underwriting requirements and aged between 18-64 years is eligible to be covered for insurance under this policy.

Tax Benefits

• You are eligible for Tax benefit as per the current tax laws.