Insured Events and Multiple Risk Coverage Options
Members are covered against Death, Accidental Death, Diagnosis of Terminal Illness, Diagnosis of Critical Illness. There are total of 12 risk coverage options covering some or multiple of these coverages for varying durations.
Multiple Plan Options
- Reducing Cover: Sum Assured reduces on a monthly basis during the term of the policy. The reduction in Sum Assured pattern during the Policy Term is fixed for the member at the time of issuance of Certificate of Insurance.
- Level Cover: Sum Assured remains constant throughout the Policy Term and is equal to the Initial Sum Assured, irrespective of the outstanding loan amount
The plan provides coverage not only during the loan repayment period, but also during the moratorium period. The Master Policyholder has the option to choose one or both of the moratorium options where the insurance coverage during the moratorium period may be:
- Constant (Applicable wherein interest is payable during the moratorium period)
- Increasing (Applicable wherein interest is not payable during the moratorium period)
Joint Life Option
A maximum of 3 joint borrowers are allowed under this plan for a single loan with following two joint borrower options:
- Joint Life Basis: Each of the joint borrowers will be insured for 100% of the Sum Assured
- Joint Life Loan Share Basis: Each of the joint borrowers is covered up to his/ her share of loan as mentioned in the COI.
All joint borrowers must opt for same PPT, Policy Term, Plan Option, Moratorium Option and Coverage Option.
Entry Age (last birthday)
For Education Loan:
For 'coverage option1': 12 years
For 'coverage option 2 to 12': 18 years
Loans other than Education Loan: 18 Years (all Coverage Options)
For 'coverage option1': 75 years
For 'Coverage Options 2 to 12': 70 years
Coverage Ceasing Age (last birthday)
For 'Coverage Option1': 80 years
For 'Coverage Options 2 to 12': 75 years
Minimum Sum Assured
Maximum Sum Assured
As per Company's Board Approved Underwriting Policy
Coverage Options 4, 5, 9 & 10
Coverage Options 2, 3, 7, 8, 11 & 12