This policy pays the outstanding loan to a Bank or Financial Institution in case the insured borrower dies, suffers permanent total disability, involuntary unemployment, or is diagnosed with any of the 18 listed critical illnesses. It is designed to mitigate lenders' losses from borrower defaults caused by circumstances beyond the borrower's control.
What's included
Key highlights
- Protects lender's interest
- Covers death & permanent disability
- Includes 18 specified critical illnesses
- Covers involuntary unemployment
Features
- Pays outstanding loan balance to the lending institution
- Covers death, permanent total disability, 18 critical illnesses and involuntary unemployment
- Claim admitted on the outstanding loan amount on the date of the claim event
- Excludes pre-existing conditions and critical illnesses discovered within 90 days of policy inception
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
The nominee receives the sum assured, and the policy ends.
Typical for life insurance plans — confirm the exact terms in the brochure.
If the policy runs to maturity
You receive the sum assured on the maturity date.
Typical for life insurance plans — confirm the exact terms in the brochure.
Optional riders
Questions about this plan
How long does Secure Mind Insurance run?
The policy term for Secure Mind Insurance is Policy term aligned to the outstanding loan tenor.
Which riders can be added to Secure Mind Insurance?
Secure Mind Insurance can be taken with the following optional riders: PTD / PWB, Critical illness (CI). Each rider carries its own premium.
Premium
Quote on request