A plan that provides cover against loan in the event of borrower's death during the period of coverage.
Features:
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Protection from defaults
Safeguard against NPAs
Comprehensive coverage
Protect borrowers against loan liabilities
Low cost protection
Benefits:
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Death Benefit-Payable in case of death of the borrower due to any cause (natural or accidental)
Surrender Benefit -Payable in case member surrenders the risk cover due to foreclosure or prepayment of loan or any other reason
Co-borrower Cover Option- In the event of the death of the primary borrower/ co-borrower due to suicide, cover on the other life will continue as they are independent insurance covers
Eligibility:
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Minimum age at entry :
15 years (age as on last birthday)
Maximum age at entry :
69 years (age as on last birthday)
Maximum age at Maturity :
70 years (age as on last birthday)
Minimum Policy Term :
1 year
Maximum Policy Term :
Till 70 years (age as on last birthday) subject to maximum of 30 years.