Sr. No. |
Features of the Scheme |
Brief Details of the Features |
1 |
Purpose |
Advance for meeting financial commitments other than for speculative purpose only against Life insurance policies to Individuals.
|
2 |
Target Customers |
Individuals i.e Personal borrowers in their individual capacity.
Corporate and business concerns not eligible.
|
3 |
Eligible Loan Amount |
No Ceiling (90% on Surrender value of the policy) |
4 |
Type Loan |
Demand or Term Loan, Temporary Overdraft or Cash Credit. |
5 |
Repayment Period |
Temporary Overdraft to be adjusted as per Bank policy advised from time to time.
Demand Loan/Term Loan to be adjusted in 48 EMI
Cash Credit accounts the limit can be renewed after ascertaining fresh Surrender value after examination of last premium receipt.
|
6 |
Holiday Period |
No Holiday Period |
7 |
Margin |
10% of the surrender value |
8 |
Security |
Endowment policy with profit/money back policy of LIC/PLI/ policies of Pvt insurers approved by IRDA |