IB Griha Jeevan Group Insurance Scheme for Mortgage Borrowers (launched in Association with LIC)
|Who is eligible?||Home Loan borrowers availing Loan from 01/10/2009 onwards.|
|Age Group||18-60 (Maximum @ exit 65)|
|Coverage||Min Rs.50,000/- Maximum Rs.50.00 lacs.|
|Waiting Period||First 45 days (except accident)|
|Claim Amount||Loan outstanding as on the preceding anniversary date of entry into the scheme.|
|By arrangement with||LIC of India|
|Period of cover||Minimum 3years, Maximum – 20 years|
|Medical Check Up||Not needed for age up to 45 for loans upto Rs.10 lacs
i) loan exceeding Rs. 5 lacs for the age group 46-50.
ii) for all loans above Rs.10 lacs and for all borrowers aged above 50 medical check up & report required. Fees to be borne by borrower.
|Tax Benefit||Income Tax rebate u/s 80C for the premium paid|
|Foreclosure||Cover ceases from the date of foreclosure. Applicable premium refunded for unexpired term. Claim to be sent thru Branch.|
|Commencement of risk cover||i. From the date of recovery of premium for non medical cases
ii. For medical cases cover commences from date of receipt of premium by LIC. Premium should be remitted only after submitting Medical Report and after taking approval of LIC.
|Joint Borrower||Both the borrowers can be covered in case of joint loan accounts provided both are earning members. Cover is divided equally between the joint borrowers, subject to each of the borrower fulfilling the eligibility criteria.|
|NRI Borrowers||Eligible. In case of loans requiring medical examination. Medical examination can be done abroad through a doctor who is not below the rank of MD as per Indian standards.|
|Insurance Premium||One time single premium|
|More Details (Download)||Pamphlet|