New IB Jeevan Vidya
|Who is eligible?||All educational loan borrowers (Student)|
|Reimbursement of Expenses – Nepal & Bhutan in INR||For treatment while the insured is away at these places either on holiday or business purposes. Cashless facility however is not offered under this extension|
|Age at Entry||16 – 50years|
|Maximum age at exit||60 years|
|Sum Assured||Balance outstanding at the time of death or limit sanctioned which ever is less|
|Coverage||Cover upto Rs.15.00lakh (for studies in India)
Cover up to Rs.25.00lakh (for studies abroad)
|Premium||One time Single Premium – Financed by Bank|
|Waiting Period||First 45days (except death due to accident)|
|By arrangement with||LIC of India|
|Period of cover||Minimum period of 3years and maximum of 12years (course period + repayment holiday + repayment period subject to maximum of 12 years)
Cover ceases at the age of 60years or on full adjustment of loan whichever is earlier
|Medical Check Up||Required in the following cases :-
1. Loan exceeding Rs.5.00lakhs for the age group of 46 & above.
2. Loan exceeding Rs.10.00lakhs for the age group of 36 & above.
3. Loan exceeding Rs.15.00lakhs for the age group of 35 above.
|Tax Benefit||Income tax rebate u/s 80C for the premium paid.|