Simply choose from our range of Insurance plans below

• Credit Assure is a single premium term insurance plan.
• Initial sum assured is equal to the loan amount / outstanding loan amount.
• There are two types of cover available: Level Cover and Reducing Cover. The type of cover offered would depend on the type of loan taken.
• Proposal form and age proof as specified need to be filled by the customer.
• The limit up to which no underwriting is required will vary by loan type, customer’s age and the underwriting norms applicable.

Death : On death during the term of the plan, the outstanding loan amount is paid to the bank and the remaining amount (if any) is paid to the nominee, under both options. No overdue on the loan will be covered.

Maturity Benefit : On survival to the end of the term, no benefit will be payable.

Premiums Payable : The insurance premium for the Reducing and the Level Cover will be based on the loan amount, customer's age and the tenure of the loan apart from the size and profile of the group. For the Reducing Cover in addition to the above factors the premium will also depend on the loan interest rate.

The premium could vary depending on:

• Group size
• Age and profile of the group
• Interest rate applicable for the loan
• Sum assured limits and such other factors etc

*Excludes Service Tax and Education Cess as applicable

• Partial Prepayment of Loan : In the situation where the customer partially pre-pays his loan, the cover will continue as per the original loan schedule in case of reducing cover. However, in case of Level cover, cover will continue for the full Sum Assured.

• Foreclosure of the loan/ Transfer of loan to another company / Bank  : Surrender value will be payable only in case of full prepayment or balance transfer of the loan.

  The surrender value will be calculated as:

  • 70% of the single premium X (outstanding term at surrender / original term).

  • The surrender value will be payable only if the amount is not less than Rs. 250.

• The insurance cover would start from the first disbursement of the loan amount
• No claim (except death due to accident) will be admissible in the first 45 days from the date of commencement of life cover. In addition, claim arising from death due to suicide will be excluded for a year from the date of commencement of customer’s life cover. In both these cases, only the premium paid after deducting appropriate costs will be refunded.
• This being a group policy, no individual policy will be issued to the customer. A Credit Assure statement along with a premium receipt, confirming the customer’s entry into the scheme will be given.
• Amount of EMI(s) defaulted will not be payable in case of a claim.