Loan Protect Plus

• Comprehensive benefit options: Choose your protection cover and protect yourself against death, accidental death, critical illness and total and permanent disability as per your need. Choose comprehensive cover which includes critical illness and total and permanent disability protection to ensure that when you are unable to earn, your loan is no longer a financial worry.
• Choice of coverage options: Choose fixed or reducing cover as per your need
• Wide range of policy terms: Select from a range of available policy terms in line with your loan tenure
• Choice of premium payment terms: Choose to pay premium only once or for 5 years
• Tax benefits: Get tax benefits on the premiums paid and benefits received under the policy, as per the prevailing Income Tax laws
• Death Benefit will be payable on death of the Life Assured during the policy term.
  Your Death Benefit depends on the coverage option you select.
  
  • If you choose Fixed cover (available with Interest Only Loans): Death Benefit remains level through the policy term and is equal to your chosen Sum Assured
  • If you choose Reducing cover: Three reducing cover options are available. Death Benefit will be equal to Sum Assured at the start of your policy and depending on the reduction schedule you select, will reduce monthly throughout the policy term or remain level for 5 or 7 years and reduce thereafter.

The benefits payable will be as per the coverage schedule in your policy document, irrespective of the loan re-payments actually made and your outstanding loan amount. Please refer to your customized Benefit Illustration to get details of year-wise benefit values.

Accidental Death (AD) Benefit: AD Benefit is equal to Death Benefit. If this benefit is selected, in case of death of the Life Assured due to accident, AD Benefit will be payable in addition to Death Benefit. AD benefit will remain the same as the base death benefit. It stays level throughout the term for the fixed cover option and reduces for the reducing cover option.

Accelerated Critical Illness & Total and Permanent Disability: CI & TPD Benefit is equal to Death Benefit. If this benefit is selected CI & TPD Benefit will be payable on the Life Assured being diagnosed with a covered Critical Illness or on being regarded as Totally and Permanently Disabled. CI & TPD cover will be only for the first seven policy years or policy term, whichever is lower.

Since the CI & TPD cover is an accelerated benefit, the policy terminates on the CI & TPD benefit payment.

• Choose your policy term: Choose a policy term in line with your loan tenure, from the policy terms available. If the policy term selected is less than your loan tenure, cover will only be provided till the end of the policy term and not till the end of your loan tenure.
• Choose your premium payment term: Choose to pay premium just once or for 5 years.
• Choose Sum Assured: Choose a Sum Assured that is equal to or less than the loan amount.
• Choose benefit option: Choose from the benefit options available as per your need.
• Choose coverage option: Choose fixed or reducing cover as per your need.

We offer several options for you to buy as per your convenience. Choose from one of the following:

• Meet an advisor
• Visit your nearest branch