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Highlights of the Scheme |
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Under the plan a low cost group life insurance cover will be provided for
the loan liability of Educational Loan borrowers (students) during entire period of loan
(i.e., course period & moratorium period plus repayment period), in case of his
unfortunate death. |
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The age of entry into the plan is 18 to 25 years |
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Existing Educational Loan borrowers can opt to join the plan on
exercising simple option and payment of one time single premium. |
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No medical examination is required for joining the plan. |
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The one-time (single) premium amount (as per table below) will be paid
upfront and if requested, the Bank will finance the same as project cost |
PREMIUM TABLE
Keeping in view the duration of various types of courses for which Educational Loan is
availed the following premium table (single premium) shall be followed for realisation of
premium upfront from the borrower at the time of joining the plan.
| Course Period |
1 year |
2 years |
3 years |
4 years |
5 years |
| Moratorium + Course Period |
2 years |
3 years |
4 years |
5 years |
6 years |
| Repayment Period |
7 years |
7 years |
7 years |
7 years |
7 years |
Loan & Insurance
Cover Period |
9 years |
10 years |
11 years |
12 years |
13 years |
| Premium (Rs. per lac) |
Rs. 738/- |
Rs. 832/- |
Rs. 920/- |
Rs. 1005/- |
Rs. 1086/- |
Note:
- The course period of existing borrower for the purpose of insurance cover and
ascertaining the premium amount under the plan shall be determined on the basis of the
left over course period in completed years. For example, if the borrower has already
completed 2 years out of his/her 4 years course period, the premium amount in such case
shall be calculated as 2 years considering the remaining course period only. Accordingly,
the amount of premium in this case shall be Rs. 832/- per lac. If however the above
borrower has completed only 2 year 6 months of his course at the time of his/her entry to
the scheme, the left over course period will be counted as only 1 year in such case.
- The amount of premium is quoted per lac of rupees. In case of part of this amount
proportionate premium would be charged depending on the actual loan amount to be covered
under the scheme.
Amount of insurance Cover:
Maximum insurance cover available under the scheme is Rs. 7.5 lacs for study within
Indian and Rs. 15 lacs for study abroad. Insurance cover will be granted subject to the
member being in good health on the date of entry, a declaration of which (as per Annexure-
II) is to be submitted by the member along with the Application Form for Membership (as
per Annexure- I) at the time of joining the scheme.
For details of the Scheme, please contact our nearest Branch
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