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Max Life Group Credit Life Protects the Credit portfolio of the bank or any institution which grants loans, by insuring the debt given to the borrower.
Let us explore some of the reasons why should life insurance be given while giving credit to the borrower -:
Most of the financial institutions in the business of lending create provisions for the borrowers to address scenarios' like loss of income due to disability or loss of job and protect death due to accidental causes. However this provision is not complete as the lending institutions today have various options to ensure borrowers convenience to pay for the mortgage, like, by extending the mortgage schedule or mortgage payment deferment and by doing so, the lending institution also makes profit through additional interest earnings.
Besides the cover provided through these products is not comprehensive for the borrower, due to many fine print conditions and clauses that make the claim settlement difficult and thus nullifying the purpose of insurance to cover the mortgage liability.
In comparison to any of the above bundle insurance products, Life insurance is a wholistic solution that covers the borrower's liability without any fine print exclusions and conditions, in the event of death due to both accidental and non accidental or natural causes.
The financial institution with the advantage of a group platform can extend the benefits of life insurance cover not only to their entire term loan product line from home, financial and personal loans, but can also look at extending it to other products like deposits & other Para banking solutions.
While innovative Insurance solutions could be created for the benefit of the customer, the cost and administrative benefits and the flexibility at a group platform could be enjoyed by both the financial institution & customer.
Insurance is the subject matter of solicitation. Tax benefits are subject to change in tax laws.
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Copyright © 2009 Max Life insurance Co. Ltd. All Rights Reserved.Registered Office: Max House, 1 Dr. Jha Marg, Okhla, New Delhi - 110020.IRDA - Registration No. 104. Insurance is the subject matter of solicitation ARN/Web/01.An ISO 9001:2008 Certified Company.