• Death Benefit: In case of death, the sum insured as at date of death would be payable in one lump sum to settle such insured member’s loan.
• Favourable Premium Rate: As the rates are calculated on a group basis, the policyholder enjoys the benefits of group economies.
• Premium Mode: Policyholder can choose between the single premium and regular premium product based on the requirements of his borrowers.
• 24 Hours Worldwide 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 member is entitled to.
• Joint Life Insurance: Joint Life coverage is offered to a maximum of 2 borrowers, who are spouses or the immediate next-of-kin, with respect to any one single personal loan.
• Reducing Sum Insured: The Sum Insured of each insured member shall be an amount of reducing term insurance initially equal to his outstanding personal 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 personal loan borrower who fulfils underwriting requirements and aged between 18-64 years is eligible to be considered for insurance under this policy.

Rider

• Total & Permanent Disability Benefit: In the event of Total & Permanent Disability (TPD) occurring due to accident or sickness, the sum insured as at the date of confirmation of the TPD would be payable in one lump sum to settle the loan obligation after a waiting period of 12 months.

Tax Benefits

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

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