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Plan Options
Choice of Level or Reducing Sum Assured.
Coverage options
Choice of Death Cover or Death and Total and Permanent Disability Cover.
Flexible premium payment options
Single pay, Limited pay (5 years) or Regular pay. Limited and Regular pay options will only be allowed to provide cover against Home loan and Loan against Property.
Premium Funding
Option to get the insurance premium funded by the Bank, in which case, the premium is added to the loan amount and is paid by the borrower to the bank along with the EMI.
Enhanced coverage during Moratorium period of loan
For loans with a moratorium period, the cover term will also include the moratorium period and during the moratorium period the cover may be level or increasing as per the terms and conditions agreed with the Master Policyholder.
Joint Life coverage
Joint borrower coverage available for a maximum of three joint borrowers, with two options for coverage namely, Joint Basis (coverage for full sum assured for all borrowers) and Loan Share Basis (coverage as per loan share percentage).
Tax Benefit#
The tax benefits are as per the prevailing law and are subject to changes. For specific details, please contact your tax consultant.
#Tax Benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisorEntry Age (last birthday)
Minimum
18 years for all kinds of loans other than Education Loan; 12 years for Education Loan; 18 years for Total and Permanent Disability (TPD) benefit. The eligibility criteria may vary based on scheme rules within the above limits.
Maximum
64 years
Cover ceasing age
Minimum
--
Maximum
69 years
Loan Type
Maximum Cover Term (years)
Home/Lap
30
Cover Term
2 years for Single premium and 5 years for Regular and Limited premium option.
Education/4 Wheeler/ Business loan
15
Personal/ Commercial vehicle/ 2 Wheeler
10
The eligibility criteria may vary based on scheme rules within the above limits.
Minimum Sum Assured
₹ 10,000
Maximum Sum Assured
No Limit*
The eligibility criteria may vary based on scheme rules within the above limits.
There is no upper limit on the basic Sum Assured in case of Death cover only option. However in case of Death and TPD option, the Sum Assured will be limited to a maximum of Rs. 10,000,000 per member.
