Product Information
Group Plans
Group Loan Protect
Synopsis:
This offers you the opportunity to cover a host of life’s uncertainties – Death, Terminal Illness, Total Permanent Disability and Critical Illness. Should any of these eventualities befall your customer, we will make good their loan outstanding thereby protecting both - their dreams and your business. This ensures that your customer’s investment is passed on to their family and not the burden of the loan.
Features:
- A comprehensive benefit plan which offers financial protection in the event of Death, Terminal Illness, Total Permanent Disability and Critical Illness)
- Flexibility to choose comprehensive coverage from 9 different plan options
- Choose between Level or Reducing cover
- Choice of Single Life and Joint Life coverage
- Flexibility to cover co-borrower for entire Loan Amount or on Loan Share basis
- Moratorium period of 3, 5 and 7 years with or without interest payment
- Flexible Policy Term from 2 to 35 years
- Convenient premium payment option - Single Pay/ 5 years Pay
- Lower premium rates for female lives
- Tax benefits available as per current tax laws
Eligibility:
|
Plan Parameters |
Minimum |
Maximum |
|||
|
Age at Entry (years) |
14 (for benefit options 1, 4 & 5) 18 (for benefit options 2, 3, 6, 7, 8, 9) |
65 |
|||
|
Age at Maturity (years) |
16 (for benefit options 1, 4 & 5) 20 (for benefit options 2, 3, 6, 7, 8, 9) |
75 |
|||
|
Premium Payment Term (years) |
Single Pay |
Limited pay 5 years |
Regular pay 5 years |
||
|
Policy Term (years) |
2 to 35 years |
6 to 35 years |
5 years |
||