You as a Master Policyholder can:

  • Attract and retain your members
  • Minimize the risk of non-repayment of loan in case of the unfortunate death of the member


Your Members:

  • Have Insurance protection at a relatively low cost
  • Have financial protection for family members in case of untimely death of a member
  • Do not require to undergo medical examination in most cases (up to Non-Medical Limit)


How does this plan work?


  • The members are enrolled, under the Master Policy, as Insured Members with a simple enrollment process.
  • A minimum of 10 members are required to avail this Group Policy.
  • The premium of a member is calculated basis factors applicable at member level viz. Entry Age; Sum Assured, Coverage Term, Cover Option, Moratorium Option (if applicable).
  • In case of Co-borrower option premium shall be calculated separately for each individuals in both First Death as well as Loan Share percentage basis.
  • The insurance coverage for each Insured Member will start from the date of receipt of premium, subject to underwriting acceptance





Member’s Age at Entry**

  • 14 years (in case of Education loan)
  • 18years(except for Education Loans)
  • 79 years

Coverage Expiry Age**

  • 80 years

Policy^/Coverage Term#

  • 1 month for without moratorium option
  • 12 months for with moratorium option

7 years

Maturity Age

  • 18 Years of age as on last birthday except for Education Loans
  • 14 Years of age as on last birthday for Education Loans
  • 80 Years.

Premium Payment Term

Single Pay

Sum Assured*

Rs. 10,000

No limit subject to underwriting

Group Size

10 members

No limit

  • **Age refers to age as on last birthday
  • *Sum Assured at inception can be maximum up to 120% of the initial loan amount.
  • #Coverage term can be less than or equal to the original loan tenure for credit linked schemes.
  • ^Policy term can be chosen in full years as well as for a specified period of months in multiple of 1 month.


  • Pay only once and get protection for the entire term.
  • Covers credit linked schemes as well as other than credit linked schemes.
  • Option to choose level or reducing cover options
  • Option to cover up to 5 Co-borrowers for a single loan
  • 15% discount applicable on younger life in case of First Death Basis Coverage
  • Option to cover up to 120% of loan amount
  • Coverage for loans with moratorium period ranging from 3 months to 4 years
  • Coverage term can be less than or equal to the original loan tenure for credit linked schemes
  • Simple to administer