Credit Life Insurance Coverages in association with M/s. Aditya Birla Sun Life Insurance
Credit Life Insurance Coverages in association with M/s. Aditya Birla Sun Life Insurance
| What is credit life scheme from M/s. ABSLI? | Credit Life insurance is a type of Life Insurance policy availed by Borrowers/Co-Borrower to protect the attached loan in case of any untoward situation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance Coverage Provider | M/s. Aditya Birla Sun Life Insurance Company Limited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Which are the loans will be covered? | Home Loan, Clean Loan , Education Loan, Car Loan, Loan Against Property and MSME (Term Loans, OD/OCC) Loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Who is eligible? | All individuals, who have availed aforementioned loans and for MSME (Proprietor and partnership firms only) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| When the service can be availed? | Coverage will be provided only within 90 days from first disbursement date of aforementioned loan portfolios. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Age Group (Min Entry-Max Entry) |
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| Coverage amount | Base cover Min Rs. 5000 & Max No Capping, subject to maximum sanctioned Loan Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Period of cover | Minimum – 1year, Maximum – 30 years or Loan repayment period, whichever is earlier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sum assured coverage options | 1.Sum Assured under the schemes i.e. Home Loan, Clean Loan, Education Loan, Loan Against Property, Car Loan, MSME Term Loans are on reducing balance based on the amortization of term debt / repayment schedule considered at 12% P.A. 2.MSME OD/OCC is on level balance basis and amortization / repayment schedule not applicable. i.e. credit life coverage will be equal to applied policy amount throughout the policy period. |
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| Claim Amount | Loan amount outstanding for the month (in which death occurred) according to the cover schedule provided by M/s. Aditya Birla Sun Life Insurance Co. Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Medical Underwriting Sum Assured Grid |
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| Medical Check Up Grid | Over and above the Sum Assured limit, Medical Check Up is required. Cost of Medical Check-up / Fees will be borne by M/s. ABSLI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Benefit | Income Tax rebate u/s 80 C for the premium paid | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreclosure Details | Customer can choose to surrender the cover due to foreclosure or prepayment of loan or for any other reason provided no claim is made under the policy. Loan amount outstanding for the month (in which loan closed) according to the cover schedule provided by M/s. Aditya Birla Sun Life Insurance Co. Ltd as per the surrender policy terms & conditions stipulated in the policy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commencement of risk cover | Cover starts from the date of credit of premium remitted to M/s. ABSLI and subject to approval of M/s. ABSLI. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coverage Details | Borrower and Co-Borrowers can be covered in case of joint loan accounts provided their income has been considered for sanctioning the Loan. The sum of total share of borrower & co-borrower together cannot be more than 100 % of the loan amount and both of them have to undergo the Underwriting process individually and pay premium as applicable. In the event of first death of either of assured lives during the Base Cover term, Sum Assured on Death shall be paid in lumpsum, provided the Cover is in force. On payment of death benefit, the Cover under this product shall terminate |
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| Insurance Premium Collection Type | One-time single premium | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
THE ABOVE IS INDICATIVE ONLY. THE ACTUAL PRODUCT FETURES AND CONDITIONS ARE REGULATED BY M/s. ABSLI. CUSTOMERS ARE ADVISED TO READ THE PROPOSAL FORM COMPLETELY FOR A FULL DESCRIPTION OF THE TERMS AND CONDITIONS OF COVERAGE AND THE EXCLUSIONS RELATING THERETO.
( Last modified on Nov 06, 2024 at 04:11:05 PM )
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