Mortgage Redemption Insurance
It protects all lending businesses by assuming payment of the deceased debtor’s loan.
Features & Benefits
(Mortgage Redemption Insurance)
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.
FULL PAYMENT OF LOAN BALANCE
The coverage amount is based on the theoretical balance of loan.
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