In today’s world, loans and mortgages have allowed one to make an expedited advancement towards the fulfillment of one’s needs and desires. While allowing one to achieve a higher standard of living, these loans may prove fatal to one’s family in the event that the he dies before the loan is repaid. This could be a significant problem if the deceased is a primary contributor to the family’s income.

Nowadays, a number of people may realize that they are prone to such circumstances. If you too have an outstanding loan or mortgage and want to ensure that your dependents are not left struggling to pay a large reducing debt such as a repayment mortgage or a loan, incase if anything happens to you, then our Secure Loan Plan could be the solution.

This plan can help clear any outstanding mortgage or loan balance, in case of death of the life assured. As you gradually pay off the mortgage or loan, the level of protection needed to cover the remaining amount of loan also decreases. By planning that reduction in advance, we can offer you more cost-effective premiums to provide cover throughout the term of the policy. This saves you from paying for more cover than you actually need.

The plan is available with four interest rate options so that you may choose a rate close to actual loan interest rate. Interest rate options available are 5%, 10%, 15% and 20% per annum.

Based on the principal loan amount chosen and the interest rate option selected, each year the capital sum payable at death will decrease. This feature takes into account the fact that the actual loan capital outstanding also reduces with the term. The payment schedule under this plan will be fixed at inception and will not change during the term of the plan.

In order to facilitate you, the coverage term exceeds the premium payment term under these policies. You may choose either a single premium version under which only one contribution is required at the time of commencement of the Plan. Whereas, cover is provided for the full term of the Plan. For the regular premium version one of the following options may be selected:

We understand that in addition to the death of the family member, disability and other events may affect the family’s ability to continue payment of premiums under the policy. In order to cater to this, we provide a regular ‘Waiver-of-premium Benefit’ according to which all future premiums would be waived off, while maintaining the level of protection you had initially opted for.

The age nearest Birthday of the life assured should be between 18 and 60 years, at the time of issuance of the policy. However, the age of the life assured at the planned maturity date cannot exceed 75 years.

The minimum coverage term available under this plan for the Regular Premium and Single Premium versions are 10 and 3 years, respectively. The maximum coverage term available under this plan is 25 years for both the regular and single premium versions.