Have an insurance back-up for your
outstanding loan with a
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.
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.
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Filing claims was never so simple. Just follow these steps and you’re done!
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.
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.
Link to redirect customers to links category.
Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to connect with an insurance expert.
3 reviews
When I met with an accident and couldn't rejoin work for months, repaying my loan was a major challenge. That's when the loan protector sachet insurance had my back. It gave my immediate financial support.
Posted on 22 Feb 20
The customer executive helped me understand the entire claim process. He was very supportive. Thanks Finserv MARKETS
Posted on 28 Feb 20
When my friend suggested getting a loan protector cover on buying a new home on loan, I experienced the easy buying process of the product. Getting it was so simple!
Posted on 04 Mar 20