Insurance for Loans

Any customer/member of the bank, financial or lending institution, between the ages of 18 and 64 years with good health condition. Coverage can be extended up to 65 years after the enrollment.

Premiums can be paid on a monthly basis, yearly basis or as a one-off payment (single premium).

This would be based on the age of the borrower and the amount of cover required

1. How many persons are insured in case of a joint application of the loan?

- Only one person is inured per loan account, even if there is a joint application.

2. Who will bear the medical expenses?

- The cost of tests/investigations will be born by MetLife for initial requirements.

3. Can I cancel my insurance coverage after enrollment? 

- Yes, you can.

4. Can I get my premium back in case of early settlement of loan?

- You will get unearned pro-rated premium refund in case of early settlement of the Loan.

This PDF file provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Click Here