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Mortgage Redemption Policy

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Mortgage Redemption Policy
Suitabile
This plan has been designed to extinguish any outstanding loan in the event of the untimely death of the life assured.

Salient Features

Amount is payable as per schedule of benefits at the beginning of each year and only on death of life assured.
The premiums are quoted on application, payable for periods equal to 2/3 of the repayment period of the loan.
Policies on which premiums are payable other than under single premium policy will not carry any surrender value.

Benefits
Outstanding loans of the individual borrower or institutions are automatically extinguished in the event of the borrower’s death.

Other Conditions

Minimum sum assured: Rs.50000.
Minimum premium must be Rs.800 per annum
Minimum age at entry: 18 years.
Maximum age at entry: 50 years.
Maximum age at maturity: 65 years.
Except for the single premium, the premium paying term should be less than or equal to the two-thirds of the period of repayment of loan.

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