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It is a decreasing term assurance group product. The sum Assured is the outstanding loan amount at the beginning of every month as per the loan schedule provided at the time of taking the loan.
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The death benefit would be equal to the loan outstanding at the beginning of the month of death as per the loan schedule andis paid immediately to theloan provider.
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The premium benefit is paid only once i.e. at the time of taking the loan by the loan provider of behalf of its members.
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There is no survival benefit under this product.
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It is non-participating product.
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In case of Foreclosure or transfer of the loan to other company/financial institution-life cover will cease and the proportion of the premium-which equals, (Single Premium(outstanding term/Total term)) would be refunded to the member.
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Declaration of good health required for all members as per the proposal form.
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To the extent of the loan amount, subject to a maximum of Rs.1000000/_ provided the member's declaration of good health, does not reveal any adverse medical factors. If any adverse medical factor is observed, medical reports together with special medical reports as per the Company's rules have to be submitted.
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