LIC Group Mortgage Redemption Assurance Scheme
LIC Group Mortgage Redemption Assurance Scheme is the group insurance company for the borrower. They will borrow the housing or the vehicle loan from the financial institutions. The loans are recovered under EMI and also the premium is payable as a single installment.
The insurance cover will be equal to the loan which is given during the anniversary date of each borrower. The premium in LIC Group Mortgage Redemption Assurance Scheme depends upon the following:
- Age criteria in which the person having their birthday nearest can join as the member in this scheme.
- Term of the loan. Each type of loan will have its own time or the duration in which it needs to mature and it varies according to the policy type or the scheme.
- The schedule for repayment.
- Loan amount at the time of entry date.
It also provides rate of interest with each loan and any borrower can become the member of this scheme. The minimum time for assurance is 3 years and also the obtainable borrowers can hold on the scheme with minimum number of conditions within six months.
If the member dies within the coverage period then the life cover for anniversary date which precedes the date of death is payable. LIC Group Mortgage Redemption Assurance Scheme is the single premium insurance group which covers the life of a person who takes the housing loan.
The various benefits are,
- The claimed amount is paid during the death of the person.
- For each year, the sum assured will be different and decreases the loan.
- The sum assured is based on the predetermined amount given by LIC.
- You must undergo medical exam with your own money in the case if you are taking loan above 10 lakhs.