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The Loan Protection Plan is a type of life insurance policy that pays out if you pass away before you finish paying your loan or mortgage. This ensures that your spouse and dependents don’t need to worry about the monthly repayments.
Your life insurance policy will provide a reducing sum insured, in line with your outstanding loan repayments. The term of a loan protection must be the same as the duration of your loan, or higher. Also, your initial Sum Insured should be equal to or higher than your loan amount. Some banks also request an additional Sum Insured in the case of a reducing life insurance policy, such as 10%.
You may use the Loan Protection Plan as security for your personal loans or business loans. You may apply for this plan individually or with a joint-applicant, depending on the requirements of your loan.
The Loan Protection Plan does not offer an investment return and has no maturity or surrender value.
If you are interested in learning more about Loan Protection Insurance, please contact us.
The Key Features Document gives you a better understanding of the key features of this plan. It also answers some frequently asked questions and provides a clear description of benefits.