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| Insurance >> Group Schemes >> Group Mortage Redumption Assurance Scheme |
Group Mortgage Redemption Assurance Scheme (GMRA) can be offered to your LOANEE MEMBERS.
We are giving below the Salient features of our GMRA Scheme. |
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- All Personal, Vehicle & Housing Loan Borrowers are eligible to join this scheme
- Minimum and Maximum age at the time of the entry is 18-60 years
- Minimum term of assurance is 3 years and maximum coverage age is 65 years
- A minimum Loan of Rs. 50,000 and a maximum of Rs. 50 Lakhs is covered under the scheme, without Medical Examination for Rs. 10 Lakhs upto age 45 years. Borrowers aged above 45 years and those availing loan above Rs. 10 Lakhs have to undergo medical examination as per the rules of Corporation
- In case of co-borrowers, only the first named borrower is covered
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| Premium Payable |
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- Premium is payable in single installment and it depends upon the age at entry of the borrower, loan amount to be covered, term of loan and rate of interest at which loan is availed
- Premium can either be recovered separately from the Loanees or Institution can treat the premium payable as a part of the loan
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| Benefits |
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- Under the scheme, Insurance cover is a decreasing life cover and is equal to the loan amount outstanding as per the schedule of the indebtedness (Excluding defaults in repayment) on the anniversary preceding the date of death
- There will be no coverage for the first 45 days except in case of death by accident. Double accident benefit is not available under the scheme
- The scheme is a single premium policy and there is no hassle of reminding for future due dates for premium remittances
- To claim the amount, institution will fill up a simple claim form and forward the same along with Death Certificate and Discharge Form. The claim cheque will be drawn in favour of the Institution, who will set off the liability against the outstanding loan and balance if any, will be paid to the nominee of the borrower
- Premium paid under the scheme is eligible for tax benefit under Sec. 80 C of the Income Tax Act
- Since it is a Term Assurance Plan, there is no Maturity value in case of Survival of the borrower at the end of the term of the loan
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| Procedures |
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- The existing borrowers can join the scheme from the date of commencement of the scheme and the new borrowers can join the scheme at the time of availing the loan
- The admission to the scheme is on the basis of a simple consent letter alongwith Declaration of Good Health for loans up to and inclusive of Rs. 10 Lakhs or age up to 45 years . The member should not be suffering from any critical illness at the time of joining the scheme
- For loan amounts above Rs. 10 Lakhs or if the age at entry is more than 45 years, the borrower has to undergo medical examination at the time of entry into the scheme. There is no necessity to undergo medical examination every year
- The Institution will be the Master Policyholder and will arrange to collect the premium from the loanees
- Premium collected by the Institution alongwith the consent letter will be forwarded to our office with the details of the borrowers as follows, on a month to month basis. The risk coverage on a life commences from the date of receipt of premium at our office
- We require following information :-
- Name of the Member
- Identity like loan No. etc
- Date of entry into scheme
- Outstanding Loan as on date of entry
- Date of Birth of Member
- Outstanding Term of Loan
- Rate of interest at which loan was disbursed
- In case member avails additional loan at a latter date, it will be treated as a new transaction
- In case of repayment of loan before the full term of the loan, the member has the choice to continue to be covered under the scheme for the balance term. The coverage will be same as envisaged in the schedule of outstanding indebtedness. If the member chooses not to be covered, an appropriate portion of premium for the unexpired term shall be refunded
- Compulsory for future loanee members
- For existing members only 3 months period will be given for joining scheme
- 1 year suicide clause will be applicable
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