Overview

Ever wondered who would pay off your loan if you were to ever be involved in & impacted by an accident? Loan Protector is the answer to your worries. This payment protection insurance covers your outstanding loan amount up to the sum insured, in case of Death or Permanent Total Disability due to an accident. This loan insurance also covers your EMI payments in case of Permanent Partial Disability, be it a personal loan, a home loan or any other loan. 

Coverages

  • Option 1
  • Option 2

The insured gets a Sum Insured of Rs. 1 Lakh in case of Death / Permanent Partial / Permanent Total Disability due to an accident. The insured also gets a loan protection insurance amount of Rs. 5 Lakh and this insurance also covers his EMI payments of up to Rs. 1 Lakh, in case of Permanent Partial Disability. 

The insured gets a Sum Insured of Rs. 2.50 Lakh in case of Death / Permanent Partial / Permanent Total Disability due to an accident. The insured also gets a loan protection insurance amount of Rs. 20 Lakh and this insurance also covers his EMI payments of up to Rs. 1 Lakh, in case of Permanent Partial Disability. 

Exclusions

  • The outstanding Loan amount would not include any arrears due to any reasons whatsoever.
  • The claim payable under this optional cover shall be in addition to the benefit payable under the applicable Base Cover.
  • Through suicide, attempted suicide (whether sane and insane) or intentionally self-inflicted injury or illness
  • No benefit would be paid under this policy, unless the nature & extent of injury is established medically with appropriate investigation reports & certified by the treating doctor.
  • While engaged in any hazardous activity unless specifically insured.

·      

Claim Process for Sachet Insurance

Filing claims was never so simple. Just follow these steps and you’re done!

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 4

    Claim Decision

  • Process
  • Download
  • Emergency Contact
  • Claim Reimbursement
  • Cancellation Process

If you meet with any Accidental Bodily Injury that may result in a claim, then as a condition precedent to our liability:

a. You or someone claiming on your behalf must inform us in writing immediately and in any event within 30 days from the date of the accident and submit all documents to us within 30 days from the date of intimation.

b. You must immediately consult a Doctor and follow the advice and treatment that he recommends.

c. You must take reasonable steps to lessen the consequence of Bodily injury.

d. You should allow examination by our medical advisors if we ask for this.

e. You or someone claiming on your behalf must promptly give us documentation and other information we ask for to investigate the claim or our obligation to make payment for it.

f. In case of your death, someone claiming on your behalf must inform us in writing immediately and send us a copy of the post mortem report (if conducted) within 30 days.

*Note: Waiver of conditions (a) and (f) may be considered in extreme cases of hardship where it is proved to Our satisfaction that under the circumstances in which the Insured Person was placed, it was not possible for the Insured Person or any other person claiming on his/her behalf to give notice or file claim within the prescribed time limit.

  • We may cancel this insurance by giving You at least 15 days written the notice, and if no claim has been made then we shall refund a pro-rata premium for the unexpired Policy Period. Under normal circumstances, Policy will not be canceled except for reasons of misrepresentation, fraud, non-disclosure of material facts or Your non-cooperation.
  •  You may cancel this insurance by giving us at least 15 days written the notice, and if no claim has been made then we shall refund premium on short term rates for the unexpired Policy Period as per the rates detailed below.

Period in Risk

Premium Refund

Policy Period 1 Year

Policy Period 2 Year

Policy Period 3 Year

Within 15 Days

Pro-Rate Refund

Exceeding 15 days but less than 2 months

75.00%

80.00%

85.00%

Exceeding 2 months but less than 4 months

60.00%

75.00%

80.00%

Exceeding 4 months but less than 6 months

45.00%

65.00%

75.00%

Exceeding 6 months but less than 8 months

30.00%

60.00%

70.00%

Exceeding 8 months but less than 10 months

15.00%

50.00%

65.00%

Exceeding 10 months but less than 12 months

0.00%

45.00%

60.00%

Exceeding 12 months but less than 14 months

 

35.00%

55.00%

Exceeding 14 months but less than 16 months

 

30.00%

50.00%

Exceeding 16 months but less than 18 months

 

20.00%

45.00%

Exceeding 18 months but less than 20 months

 

15.00%

40.00%

Exceeding 20 months but less than 22 months

 

5.00%

35.00%

Exceeding 22 months but less than 24 months

 

0.00%

30.00%

Exceeding 24 months but less than 26 months

 

 

25.00%

Exceeding 26 months but less than 28 months

 

 

20.00%

Exceeding 28 months but less than 30 months

 

 

15.00%

Exceeding 30 months but less than 32 months

 

 

10.00%

Exceeding 32 months but less than 34 months

 

 

5.00%

Exceeding 34 months but less than 36 months

 

 

0.00%

However, if any claim has been made then no refund will be given for cancellation of policy.

  • Claim Reimbursement
  • Other Health Insurance Related Claims
  • Links for Claim Settlement Forms
  • List of Network Hospitals
  • List of Exclusions

Link to redirect customers to links category.

  • Self Declaration of KYC Document Submission - For Individual Partner
  • Non-Medical Expenses List of Exclusions
  • Personal Accident Claim Form
  • Cashless Claims Request Form
  • Reimbursement Form
  • Self Declaration of KYC Document Submission - For Individual Partner
  • Personal Accident Claim Form
  • Non-Medical Expenses List of Exclusions
  • List of Network Hospitals
  • This is the link to the list of remaining 'Exclusions'

Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to connect with an insurance expert.

Manage all your queries here

  • What is Loan Protector Cover?

    This loan insurance protects your liabilities towards outstanding loan amount up to the sum insured for loan protector (Rs, 5 Lakh or Rs. 20 Lakh) in case of sudden death or permanent total disability. This is over and above the sum insured opted in base cover (i.e. death or permanent total disability). Further, Loan protector covers your EMI payments (up to Rs. 1 Lakh) in case of Permanent partial disability.

  • What are the benefits offered?

    This loan insurance covers your outstanding loan amount and also covers loan EMI payments up to Rs. 1 Lakh. Accidental Death or Permanent Total Disability due to an accident are covered. This loan insurance lets you choose between two coverage variants.

  • Is there any age limit involved if one wants to buy this insurance?

    Yes, there is an entry age limit. The insured’s entry age should be between 18 years to 70 years.

  • How will be the premium charged & claim settled under this loan insurance?

    The insurance company will directly pay the outstanding loan amount to the lender. The premium will be charged on straight line method. To avail of this benefit, the insured needs to attach the loan sanction letter and other loan documents along with the proposal form. The assignment will be done towards the lender in accordance with the guidelines under Insurance Amendment Clause 2014.

  • In case currently loan is not there with the insured and in future he applies for any loan and the policy is issued today then will we cover his future loans under Loan Protector?

    No. Any loans present at the time of policy issuance will only be covered if the loan sanction letter is attached to the proposal form. Payment will not be made to existing loans whose sanction letter is not submitted.

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