Why Life Insurance?
Securing the future of the family when you are not around by providing them security and support from the financial point of view because we believe that nothing can replace your presence but a little support surely makes life easier for the loved ones.
We understand that this is most pivotal need of the family and for this we have tied up with Kotak Mahindra Old Mutual Life Insurance to provide our customers with the most comprehensive credit insurance cover which not only secures their financial exposure but also supports the family in times of need. For the convenience and benefit of our customers, we have negotiated special rates exclusively applicable for our customers.
Who will be covered?
Primary applicant or borrower is covered under the insurance policy provided by us along with the loan. Customer can also cover his/ her spouse as co-borrower in the insurance policy. Thus the insurance policy provides an option for both husband and wife to be insured and secure the family in case of untimely demise of any one or both.
What will be covered under Life Insurance?
Under the comprehensive coverage provided for our esteemed customers, family of the life insured is protected from the risk of loan liability falling on their head in case of the demise of the insured. It also helps protect customer’s assets & savings in the unfortunate event of death.
Our credit insurance policy provides cover that is equal to the outstanding balance / original loan amount as per the loan repayment schedule. The benefit will be payable to the nominee/legal heir in case of demise of the borrower/ co-borrower. It gives peace of mind to customer’s family by relieving the loan liability and eliminates the risk of non-repayment due to the insured event.
Premium collection & policy issuance
For a seamless process to provide convenience to our customers, the premium amount applicable for the insurance cover will get deducted from the disbursement amount. To further make the process of policy issuance a hassle free event, insurance cover acceptance or rejection will be decided on the spot. This will take away any ambiguity regarding the insurance coverage. Also, customer will have instant access to policy cover note.
Apart from being covered, the customer will also be entitled for tax exemption of premium paid under section 80C of Income Tax Act.