|
 |
- Provides Life Cover to all Members at a nominal cost
- Loan outstanding amount paid to MPH, any amount over & above the balance is paid to the nominee
- Hassle free issuance without any Medicals*
- Comprehensive protection against all types of Loans
- Single premium for insurance cover
|
 |
|
| Features |
Description |
| Loan Cover Provided |
Home Loan |
| Policy Term |
Minimum - 2 Years
Maximum - 30 Years
(Maximum cover ceasing age – 75 Year)
|
| Loan Cover Term |
2 Year to 30 Year |
| Min Entry Age |
18 Years |
| Max Entry Age |
65 Years |
| Sum Assured |
Maximum 125% of Loan Amount |
| Nature of Cover |
Reducing Cover |
| Premium |
As per sum assured, age and the term of the loan |
| Premium Payment |
Single premium |
| Premium Death Benefit |
Loan outstanding amount paid to Master Policy Holder as per the decreasing
cover, any amount over & above the balance is paid to the nominee |
| Sourcing Period |
CP Plus RCD (Risk Commencement Date) cannot be beyond 180 days from LDD
(Loan Disbursement Date) |
| NRI |
CP Plus can be given to a Non-Resident Indian residing in Standard Countries
(See Annexure) |
| Suicide Clause |
Death due to suicide is excluded for the first 365 days |
| People in Uniform |
For people in uniform, Smart Medical Questionnaire along with the specific
questionnaire will have to be submitted |
|
| *For specific professions, disabilities and activities - respective questionnaires to be filled along with Smart Medical Questionnaire |
|
 |
- Death Benefit: In the event of a member’s death, the Sum Assured as specified in Certificate of Insurance shall be
payable to the nominee post deducting the outstanding loan amount as per the MPH
- Maturity Benefit: NIL
- Exclusion Benefit: If the member dies due to suicide within 12 months from the date of joining the scheme, the nominee
shall be entitled to get at least 80% of the total premiums paid till the date of death or the surrender value available as
on the date of death whichever is higher
|
|
 |
|
| Age Group |
NML Limit
(in INR) |
| 18-40 |
3.5 Cr. |
| 41-45 |
3.0 Cr. |
| 46-50 |
3.0 Cr. |
| 51-55 |
1.5 Cr. |
| 56-60 |
85 Lakh |
|
|
