INSIRANCE
It is a type of group insurance plan which aims to provide a life cover to all borrowers which in turn secures the credit/loan.
With this group insurance plan, you can provide coverage to your member’s for a wide range of loans - Housing Loans, Vehicle Loans, Personal Loans, Education Loans, Business Loans, Loan against Property, Merchandise Loan, Consumer Durable Loans, Credit Card Groups, Asset Backed Loans and Gold Loans.
This loan insurance plan can be taken on a single life as well as on a joint life or as a co-borrower. On a joint life cover, a discount of 10% is applicable on each joint life premium.The loan insurance plan will be covered under the following variants: Reducing Cover and Level Cover.Under the loan insurance plan, your member gets tax benefits as per prevailing tax laws.
The Loan Insurance Plan coverage is equal to the sanctioned / outstanding loan amount as mentioned in the loan schedule.
Loan amount sanctioned
Loan duration and interest rate
The borrower’s age at the time of applying for the Loan Insurance Plan
Pay your one time single premium to start your cover