Corporation Bank in association with LIC of India presents life insurance cover to the housing loan taken by you-
New Corp Jeevan Griha Raksha*
The Need
In a majority of the cases housing loans taken are repaid regularly. In some cases due to the death of the borrower, the legal heirs are unable to repay the loans due to the fact that they do not have regular income after the death of their bread earner. In such cases, the legal heirs are forced to sell the house property for repaying the loan. In such a distress sale, they realise less value than the market price and in some cases even the oustanding loan is not covered.
New Corp Jeevan Griha Raksha is a hassle-free low cost single premium group insurance scheme which envisages foreclosure of the outstanding loan amount by the proceeds of the claim amount received from LIC , on the death of the borrower. Therefore, the survivors of the unfortunate borrower are no longer burdened for the repayment of the housing loan availed by their bread earner since the liability would be taken care of by New Corp Jeevan Griha Raksha.
Corp Jeevan Griha Raksha is a single premium product and premium depends on
Age of the member
Outstanding loan amount at entry date
Term of Loan
Loan can be given for the premium amount also and included in the EMI of the housing loan.
Eligibility
Any borrower between age 18-60 year is eligible . Minimum and maximum term of assurance is 3 years and 25 years respectively. Maximum maturity age is 65 years.
The maximum sum assured under the scheme is Rs.50 lacs . For loan amounts up to Rs.10 lacs or age up to 45 years, a simple declaration of good health is enough. For borrowers availing a housing loan of more than Rs.10 lacs or are aged above 45 years, medical examination at their cost is necessary.
Administration of the Scheme
The bank will be the master policy holder and arrange to collect /deduct the premium from the borrower. A simple consent letter is required giving his consent to join the scheme. Admission to the scheme is based on declaration of good health/medical reports.
In case of premature closure of the loan , an appropriate amount of premium shall be refunded by LICI.
In case of joint borrowers , any one life shall be covered.
Claims
In the event of the death of a borrower, the claim amount will be equal to the loan outstanding as per the repayment schedule
There will be no coverage for the first 45 days except in case of death by accident.
So now secure your housing loan by joining New Corp Jeevan Griha Raksha
Rush to the nearest branch of Corporation Bank for further details.
* Conditions apply
Insurance is the subject matter of solicitation
