Met Loan Assure

The Met Loan Assure is a group insurance policy which is linked to loans. This policy provides the life insurance cover on the remaining loan amount if there is any unexpected mishap. This policy also gives the joint life option along with the convenience of single premium payment.

The key features of Met Loan Assure are as follows:

• Protection and security to the family of the policy holder.
• Once payment and coverage for the entire life time.
• The application procedure is easy and simple.
• Joint life option available.
• No riders is available under this plan.

The eligibility criteria for Met Loan Assure are as follows:

• The minimum and maximum entry age for the policy is 18 and 60 years.
• The maturity age of the policy is 70 years.
• The coverage term of the policy is minimum 3 years and maximum 25 years.
• The premium payment term of the policy is single.
• The minimum sum assured is Rs. 5,000 per life.
• The maximum sum assured in this policy is remaining loan amount at the commencement of risk cover, subject to maximum Rs. 5 Crore.
• The premium payment mode is single.

The benefits of Met Loan Assure are as follows:

Death benefit

In aces of the death of the policy holder the death benefit under this policy will be the outstanding loan amount as on the date of the death of the loan borrower as set out in the certificate of insurance.

Maturity benefit

In this plan there is no survival or maturity benefit associated with this product.

Surrender value

The amount of the surrender value is

Refund = (t / n) * Tabular single premium * k

Here,

t = balance number of years of policy term as at the date of surrender (rounded off to the next lower integer)

n = Outstanding loan term at the time of commencement of coverage

and,

k = 60% if (a) n<= 5 years

Or

(b) t is greater than 1/3 of the original term n

k = 30%