Reduce Insurance Limit
Features:
- Single Premium Policy that covers credit liability like home loans, Loan Against Property etc
- Offers Life Insurance Cover that reduces in the same percentage as your liability reduces. Hence reducing/discharging the liability in the event of borrower’s death.
- Enjoy Tax benefits on the premiums paid and benefits received
- Surrender Value of
Termination Clause:
The insurance coverage will cease at the earliest of- Borrower attaining maximum cover ceasing age of 70 years (age as on last birthday)
- End of coverage Term
- Death During coverage term.
- A valid surrender request is received from the insured member (in case you balance transfer the loan or repay the loan in full).
Surrender Benefit:
In case you seek to cancel the Coverage, a refund calculated as per the following formula shall be payable to you:
Surrender value factor (SVF) X P X U/T X OS/IS
where:
SVF = The surrender value factor (SVF) varies according to the policy year. It is in range of 45% to 70%.
P = Single premium paid in respect of the Coverage of a Life Insured excluding service tax and applicable cess
U = Unexpired Coverage Term (in months)
T = Coverage Term for the Life (ves) Insured (in months)
OS = Sum assured benefit at the time of surrender
IS = Initial Sum assured The surrender value factors differ by loan policy term and are as follows.
Level Insurance Limit
Features:
- Single Premium Policy that covers credit liability like home loans, Loan Against Property etc
- Life Insurance Cover full sum assured till tenure of the policy.
- Enjoy Tax benefits on the premiums paid and benefits received
- Surrender Value of
Termination Clause:
The insurance coverage will cease at the earliest of- Borrower attaining maximum cover ceasing age of 70 years (age as on last birthday)
- End of coverage Term
- Death During coverage term.