Salient feature of Corp Suraksha:
- Eligibility: Students between 18 years to 30 years of age are eligible for cover
- Purpose: To provide life insurance cover by payment of one year renewable group term insurance contract.
- Minimum cover will be Rs.50000/ & maximum risk cover will be to the extent of outstanding loan amount subject to a maximum of:
- Rs.10 lakhs for study within India
- Rs.20 lakhs for study abroad.
- Annual renewal 1st December.
- The premium will be calculated on the date of entry and on annual basis on the outstanding loan amount on annual renewal date and will be remitted to LIC.
- The new borrowers joining the scheme after the commencement of the Annual renewal date (ARD), proportionate premium will be charged for balance period (in complete months) from the date of entry (DOE) to next ARD.
- Free cover upto Rs.10 lacs,In respect of Loans exceeding Rs.10 lacs, medical report as per the LIC’s underwriting Rules.
- Premium amount can be reckoned as a part of the loan component
- First 45 days lien clause and 1 year suicide clause will be applicable
- In the event of claim, on submission of claim papers by the branch, LIC will settle claim amount in favor Of the bank. Amount remaining, if any, after settling the dues, will be paid to legal heirs as per the provisions applicable.
|Premium Rates||Age Group||18-29||30-39|
|Premium (per 1000)||1.12||1.45|