|
Minimum entry age
|
For Education Loans : 15 Years
For other than education loans : 18 Years
|
|
Maximum entry age
|
74 years age last birthday
|
|
Maximum cover cessation age
|
76 years age last birthday
|
|
Type of Cover
|
Level Cover / Reducing Cover
|
|
Minimum Sum Assured
|
Housing Loans and Loans Against Property: ₹ 50,000 per member
Other Loans*: ₹ 5,000 per member
The Sum Assured on Death at inception cannot be lower than the loan amount sanctioned
|
|
Minimum Premium
|
₹1,000 per group
|
|
Premium Paying Term
|
Single
|
|
Minimum / Maximum Cover Term
|
2 - 30 Years
|
|
Moratorium Period
|
1 - 7 Years
|
|
Lives Covered
|
Single Life / Joint Life / Proportionate**
|
|
Cover for co-borrowers
|
Available (maximum number of co-borrowers allowed would be subject to underwriting decision)
|
|
Riders
|
Not Available
|
|
Maturity/Survival Benefit
|
Not Available
|
* Other loans include Education Loans, Car Loans, Commercial Vehicle Loans, Commercial Equipment Loans, Business Instalment Loans, Auto/Other Vehicle Loans, Business Loans, Business Overdraft, Business Cash Credit Loans, Personal Overdraft, Cash Credit Loans, Credit Card Loans and Gold Loans
**Proportionate Cover is applicable only if the number of insured members is 2 or more