The
Birla Sun Life Insurance Credit Guard Plan has a clear objective. It secures your risk by
protecting your most valuable business asset - The People: The borrower. The
plan provides Life Cover for a group To hedge your credit risk. It secures your
risk by protecting your most valuable business asset
The People: The borrower. The plan provides Life Cover for a group of
borrowers. Thus providing zero credit risk in the event of any unforeseen
tragedy in case of death of the borrower.
Birla Sun Life Insurance Credit Guard Life Cover can be more or equivalent to the amount
of outstanding credit on the borrower. The cover amount for each coverage year
will decrease in tandem with the outstanding loan.
Benefits
To the Leading Institutions
In case of the unforeseen tragedy of death of the
member, the Coverage Amount applicable for that particular year will be payable
to the lending institution.
As a unique offering, Birla Sun Life Insurance Credit Guard offers "life
cover with simple health declaration" for a certain sum. This sum is based on
group demographics. Need based medical tests are suggested, for borrowings
above this sum.
You may select any term or any premium-paying mode
for the plan.
New members / borrowers can be admitted to the
plan on every monthly processing date up on the premium payment.
Option of additional insurance cover with benefit
equal to the future service provident fund.
As a special privilege for a single premium pay
mode,a certain percentage of the un-expired premium shall be refunded in case
of pre-payment of the entire loan amount.
Joint Life Cover Benefits
As a unique feature, we provide joint life
coverage if there is more than one borrower in a single loan. (E.g.
"husband-wife", "siblings" or "parent-child")
The Coverage Amount on joint lives will be
equivalent of the outstanding loan amount.
For Joint Life cover the premium amount normally
is lesser than sum total of single cover premium for each life.
Benefits for the Member
Ideal protection for the family from financial
debt, in case of unforeseen tragedy.
Cost effective and convenient way to obtain
insurance and loan together.
Guidelines
1.
Group Size
Minimum size of the group at inception will be 50.
Only members who have some outstanding loan with the financial institution are
eligible for membership.
2.
Eligibility
The members should be between 18 to 60 years at
entry. The maximum maturity age is 65. The definition of age is age as per the
last birthday. sector companies.
3.
Coverage Amount
The minimum loan amount to be covered will be Rs
50,000/ for personal/ auto/ education loan or Rs. 100,000/- for home loan and
the maximum will be Rs 1,00,00,000/-. The Coverage Amount payable on the
happening of the insured event i.e. death depends on the Coverage Year during
which the death occurs. The Coverage Amount decreases from year to year and as
per the schedule prepared by BSLI. The schedule provides the capital
outstanding loan at the beginning of each Coverage Year for different interest
rates and loan terms. The coverage for any member is extended subject to
acceptance of risk by BSLI after necessary underwriting. The cost of
underwriting should be borne by the client.
4.
Joint Life Cover
Entire Coverage Amount is payable on first death was several years
after the Malhotra Committee and coverage ceases thereafter.
5.
Termination of the Plan
The Birla Sun Life Insurance Credit Guard Plan can be terminated only by the policyholder.
When the policyholder decides to terminate the plan, he has two options . The
plan will continue for the existing members and no new members will be
admitted. The plan will be discontinued for both the existing and the new
members and the premiums will not be refunded.
6.
Exclusion
No benefit will be paid on death due to suicide in the first year
of coverage.
7.
Terms
Policyholder: The lending /financial institution.
Members: Borrowers.
Disclaimer
As per budget
announcements - February 05 of the finance ministry, there are amendments to
Section 80 CCC, Section 80 L and Section 88; The amendments will come into
effect when the finance bill is approved by parliament. Kindly make note of the
same.
For more details please Call Toll Free:1-800-22-7000 or 1-800-270-7000 or Call:
66917777
Insurance is the subject
matter of solicitation. Birla Sun Life Insurance. Registration no. 109
Birla Sun Life Insurance Company Limited, 6th Floor, Vaman Centre,
Makhwana Road, Off Andheri-Kurla Road,
Andheri (East), Mumbai 400059
