Surakshit Loan Bima is a policy designed for the loan borrowers of banks and financial institutions. This Insurance Policy provides a comprehensive protection and is specifically designed to guard you and your family against the trauma you face for repayment of your loan in the event of unfortunate incidences which includes:

• Maximum 18 listed Critical Illnesses
• Personal Accident – Accidental Death, or Permanent Total Disablement (PTD) due to accident
• Loss of Job (Optional cover) – can be opted for only Salaried Employees

The loan borrowers of banks and financial institutions, will be eligible for the policy. The minimum age for taking this policy is 18 years to maximum 65 years and is renewable up to 70 years.

This product will be offered on individual Sum Insured basis, covering up to a maximum of 4 applicants (1 main applicant and maximum 3 co-applicants).

The Policy can be taken for tenure of 1, 2, and 3 years.

No, this policy doesn’t cover natural death. The policy covers death due to an accident and critical illness specified in the policy.

The following Critical Illnesses are covered under the policy:

(A) First Diagnosis of the below-mentioned Illnesses

• Cancer of specified severity.
• Kidney failure requiring regular dialysis (End Stage Renal Failure).
• Multiple Sclerosis with persisting symptoms.
• Benign Brain Tumor.
• Parkinson’s Disease.
• End Stage Liver Disease.
• Alzheimer’s Disease.

(B) Undergoing for the first time of the following surgical procedures

• Major Organ / Bone Marrow Transplant.
• Open Heart Replacement or Repair of Heart Valves (Heart Valve Replacement).
• Open Chest CABG (Coronary Artery Bypass Graft).
• Surgery of Aorta.

(C) Occurrence for the first time of the following medical events

• Stroke resulting in permanent symptoms.
• Permanent Paralysis of limbs.
• Myocardial Infarction (First Heart Attack of specified severity).
• Coma of Specified Severity.
• Major Burns.
• Deafness.
• Loss of Speech.

No, Personal Accident benefit covers only – Accidental Death or Permanent Total Disablement (PTD) due to accident under this policy.

Loss of Job is an optional cover and can be opted by salaried members only.

Insured event , under Loss of Job cover in relation to any Insured Person shall mean termination from employment of the Insured Person or lay off, his permanent dismissal or retrenchment from employment imposed on him by the employer due to any of the following:

First time diagnosis of any of the covered critical Illness for which a claim is admissible and payable under Critical Illness, during the policy period, or

Permanent Total Disability occurring due to an accident during the policy period for which a claim is admissible and payable under Personal Accident- Death and Disability.

Please refer policy wordings for detailed definitions of the covers and exlcusions.

Surakshit Loan Bima is a benefit policy that pays lump-sum amount on occurrence of the event to the insured. The lump-sum amount helps the insured i.e. loan borrowers of banks and financial institutions to guard him/ her and their family against the trauma they face for repayment of loan in the event of unfortunate incidences.

The Health insurance policy reimburses the actual medical expenses incurred by the insured during hospitalization up to the Sum Insured amount.

Yes, Medical test will be required for all the Insured(s) who are above age of 50 years.

There is a waiting period of 90 days in case of Critical illness and loss of Job covers i.e. the critical illness discovered or discoverable within 90 days from the inception of the Policy shall not be covered. Loss of Job occurring within the first 90 days of the policy is not payable

There will be no waiting period for Personal Accident cover (Accidental Death and/ or Permanent Total Disablement).

The premium will not vary basis the type of loan and/or interest rates.

No, only salaried members can opt for Loss of Job cover. In case where Loss of Job is not opted, the member will get a premium discount of 10%.

The Company shall not be liable to make any payment directly or indirectly arising out of the following events:

A. Critical Illness

• Pre-Existing Illness/ Disease.
• Medical Expenses incurred for the listed Critical Illnesses diagnosed within 90 days of the commencement of the Policy.
• Any external congenital Illness or condition or birth defects.
• Pregnancy, child birth.
• Any Critical Illness arising out of use, abuse or consequence or influence of any substance (substances that are abuse like illegal drugs, opioids, marijuana etc.), intoxicant, drug, alcohol or hallucinogen.
• Any sexually transmitted diseases, AIDS etc.
• Any Critical Illness caused by ionizing radiation or contamination by radioactivity from any nuclear fuel (explosive or hazardous form) or from any nuclear waste from the combustion of nuclear fuel, nuclear, chemical or biological attack.

B. Personal Accident

• Pre-Existing Illness/ Disease.
• Accidental death or permanent disability due to mental disorders or disturbances of consciousness, strokes, fits or convulsions which affect the entire body and pathological disturbances caused by the mental reaction to the same.
• Suicide or attempted Suicide.
• Intentional self-inflicted injury.
• Working in underground mines, tunnelling or explosives, or involving electrical installation with high tension supply, or as jockeys or circus personnel, or engaged in Hazardous Activities.

C. Loss of Job

• In the event of termination, dismissal, temporary suspension or retrenchment from employment of the Insured person being attributed to dishonesty or fraud or poor performance
• The Company shall not be liable to make any payment under this Policy in connection with or in respect of:
• Self-employed persons;
• Any claim relating to unemployment from a job which is casual, temporary, seasonal or contractual in nature or any claim relating to an employee not on the direct rolls of the employer;
• Any voluntary unemployment;
• Unemployment at the time of inception of the Policy Period or arising within the first 90 days of inception of the Policy Period.
• Any unemployment from a job under which no salary or any remuneration is provided to the Insured person.
• Any suspension from employment on account of any pending enquiry being conducted by the employer/ Public Authority.
• Any unemployment due to resignation, retirement whether voluntary or otherwise.
• Any unemployment due to non-confirmation of employment after or during such period under which the Insured was under probation.