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New IB Jeevan Vidya
Who is eligible?All educational loan borrowers (Student)
Age at Entry16 - 50years
Maximum age at exit60 years
Sum AssuredBalance outstanding at the time of death or limit sanctioned which ever is less
CoverageCover upto Rs.15.00lakh (for studies in India)
Cover up to Rs.25.00lakh (for studies abroad)
PremiumOne time Single Premium - Financed by Bank
Waiting PeriodFirst 45days (except death due to accident)
By arrangement withLIC of India
Period of coverMinimum period of 3years and maximum of 12years (course period + repayment holiday + repayment period subject to maximum of 12 years)
Cover ceases at the age of 60years or on full adjustment of loan whichever is earlier
Medical Check Up Required in the following cases :-
1. Loan exceeding Rs.5.00lakhs for the age group of 46 & above.
2. Loan exceeding Rs.10.00lakhs for the age group of 36 & above.
3. Loan exceeding Rs.15.00lakhs for the age group of 35 above.
Tax BenefitIncome tax rebate u/s 80C for the premium paid.



 
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