This benefit protects your bank/financial institution from running into losses due to increased default in the event of the demise of the policyholder by any cause (natural and accidental).

There are two kinds of death options available, our company shall pay you as per the option you chose at the inception of the policy. Here are the options:

Decreasing Cover Death Option - This is set in accordance with the outstanding sum assured schedule as set at the commencement of the contract.
Cover during the moratorium period is also available where the loan monthly installments begin after a defined moratorium period, and therefore the Sum Assured is level till the end of the moratorium period and reduces thereafter as per the schedule

Level Cover Death option Benefit - Under this option, a minimum sum assured of Rs. 5000 per member is ensured at inception.

Please note that the benefit is payable only in the event of death during the period of coverage, and no Disability cover is provided under this policy.

As this is a single premium term insurance plan, a surrender value will have to be paid if an individual assured member surrenders their cover due to any reason. The surrender value payable at any point of time during the coverage term will be derived as follows:
Surrender Value = 70% * Premiums received * (Unexpired risk period in months / Total Period of cover in months) * (Sum Assured applicable at the time of Surrender# / Sum Assured at inception)

#As per the schedule mentioned in the certificate of insurance at the outset

Under this option, cover on the lives of the primary borrower and co-borrowers will be considered separate insurance covers to the extent of the total loan amount, subject to necessary financial and medical underwriting requirements. This would be referred to as a co-borrower cover option. Both co-borrowers must individually satisfy the eligibility conditions to become members.