- It protects all lending businesses by assuming payment of the deceased debtor’s loan.
- Coverage amount is based on the theoretical balance of loan.
- Each insured Mortgagor shall be covered in accordance with the loan schedule as submitted by the Creditor/Lender under which the death benefit shall be equal to the outstanding principal balance computed at the specified interest rate.
- EFFECTIVITY DATE AND TERM OF COVERAGE – starts on the date the loan is granted or the date the proceeds of the loan are released whichever is later.
- For long term loans – Housing ,Car, Salary, Jewellery Loans etc.
