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Benefits:
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Covered for respective share of loan |
Covered for 100% of loan amount on first death basis |
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Amount payable on death of the member |
In case of death of any one of the co-borrowers, his/her respective loan share as per the loan schedule is payable, subject to terms and conditions of the master policy. |
In case of death of any one the joint borrowers, where both the borrowers are insured on the entire loan amount, the outstanding loan amount as per the loan schedule is payable, subject to terms and conditions of the master policy. |
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Life cover for surviving member |
The insurance cover on the life of the surviving member will continue for his/her respective loan share for the balance repayment term. |
Insurance cover will cease to exist on the life of the surviving borrower. |
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If Master Policyholder is a |
To whom the Death Benefit is payable |
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1.Reserve Bank of India (RBI) Regulated Scheduled Banks (including Cooperative Banks) |
Subject to terms and conditions of the master policy, the Death Benefit will be directly payable to the Master Policyholder to the extent of outstanding loan amount; Death Benefit amount in excess of outstanding loan amount (if any), will be paid to the nominee/ appointee / legal heir of the Insured Member. |
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Other Master Policyholders |
Subject to terms and conditions of the master policy, the Death benefit will be paid to the nominee/ appointee / legal heir or estate of the Insured Member |
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Entry age |
18 – 65 years |
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Maximum Maturity Age |
70 years |
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Sum Assured Range |
20,000 to no maximum limit (subject to underwriting considerations) |
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Policy Term Range |
Corresponds to loan term between 2 to 30 years |
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Premium Payment Term |
Single Premium only |
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Minimum Group Size |
50 members |
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