Loansurance® is a cost-effective way to ensure that the outstanding debt is settled in the unfortunate event of death of the insured member. This term assurance plan provides cover to a person directly liable for loan repayment (and the partners, in case of a partnership), as per the benefit schedule.
There are two cover options available:
||Under this option, your insurance cover reduces as per your benefit schedule. The benefit schedule is computed over a period of time, taking into account initial loan interest rate, the loan term and outstanding loan amount. |
||The level cover option of Loansurance provides a cover for the sum insured as specified by the insured member and can be to the extent of the full agreed loan amount plus accrued interest as chosen by the insured member. This remains unchanged throughout the cover term. Thus, even if the loan liability declines over time, the plan cover is the sum insured throughout the cover term. |
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