Shriram credit shield group insurance product is basically for loan providers who will be the master policyholder, to protect against default of payment of loan by their customer in case of their untimely death.
Key Features –
- It is decreasing term assurance group product. The sum assured is the outstanding loan amount at the beginning of every month as per the loan schedule provided at the time of taking the loan.
- The death benefits would be equal to the loan outstanding at the beginning of the month of death as per the loan schedule and is paid immediately to the loan provider.
- The premium benefit is paid only once i.e at the time of taking the loan by the loan provider on behalf of its members.
- There is no survival benefit under this product.
- In case of foreclosure or transfer of the loan to other company/financial institution life cover will cease and the proportion of the premium which equal would be refunded to the member.
- Declaration of good health required for all members as per the proposal form.
- Free cover limit : To the extent of the loan amount, subject to the maximum of Rs- 10,00,000 provided the members declaration of good health, does not reveal any adverse medical factors if any adverse medical factor is observed, medical report together with special reports as per the company’s rule have to be submitted.
Eligibility –
| Condition | Limit |
| Minimum age at entry for the member | 20 years |
| Maximum age at entry for the member | 55 years |
| Maximum age at maturity for the member | 65 years |
| Minimum Policy Term
|
3 years
|
| Maximum Policy Term | 10 years |
| Minimum sum assured/loan amount cover | 50,000 |
| Maximum sum assured/loan amount cover | Subject to underwriting conditions |
| Minimum group size | 1000 members |
| Frequency of payment
|
Single premium |
| Entry to the scheme | From the 1st of the month following the date of taking loan |
|
Exit from the scheme |
Only after the loan period is over or early repayment of the loan, whichever is earlier. |
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