Life Insurance Policy For Personal Loan

You take the help of financial institutions to fulfill your dream. But along with the pleasure of fulfilling your dream comes the liability and the responsibility of paying for the same over the next few years coupled with a fear of default.
At Credy we make things easy for you by providing a unique policy – Loan Insurance Policy, packaged to meet the primary causes. Credy's Loan Insurance Policy puts you in control, relieves you of the stress and helps you truly enjoy the loan you have just acquired. This ensures the insurance company pays the remaining loan amount if a customer passes away due to an accident and hence makes a useful feature for the customer.

Key features:

  • No medical check-up required
    Many of us still shy away from life insurance plans simply because of the idea of pre-entrance medical check-ups involved at the time of policy. For Credy Loan Life Insurance no medical check-up is required. We always want to make a hassle-free process for you.

  • The policy can be availed up to loan tenor
    Your policy term will be equal to your loan tenor and it will expire after the tenor ends.

  • Covers accidental death
    Credy's Loan Insurance Policy provides coverage from accidental death.

  • Low premium
    When we think about any insurance, a fear of the premium amount arises. But what if you have a very low premium amount and your loan is insured. Credy Loan Life Insurance has a very low premium amount. For example, If loan tenure is 6 months and the loan amount is ₹40,000, then the insurance premium is only ₹39.

  • Win-win for both the customer and the company
    With low premium and accidental coverage, it's a win situation for the customer as he gets the loan insured at a very low premium. The lending company gets the loan's outstanding amount from the insurance company on the death of customer and that makes it a win situation for the lending company as well.

Details required from the customer:

  1. Customer's health - Are you healthy?
    As no medical check-up is required for Credy's Loan Insurance Policy, we just ask you a question about your current health status. No formalities required.

  2. Nominee details
    We require details of the person whom you want to make a nominee. This detail is required as in case of an accident, additional payment will be made to the nominated person. The nominee can be father, mother, husband, wife, sister or any legal successor. The nominee details required are:
    1. Nominee's name
    2. Nominee's relation with the customer
    3. Nominee's DoB

Process:

  1. Provide nominee's details
    Customer gives the required details to Credy's agent for booking an insurance. The agent submits this information using the CredyOps app at the time of residence verification.

  2. E-sign the agreement
    Customer gets the agreement via email. The agreement contains the details of the loan and the insurance. A customer can sign an insurance agreement using the CredyOps app at the time of residence verification. E-signed insurance agreement contains the details of customer, nominee, premium, terms, and condition. Customer must read the agreement carefully before signing.

  3. Charge Deduction
    Insurance charges are deducted from the loan amount received by the customer. The customer doesn't have to pay the insurance charges separately.

  4. Insurance Booked
    Credy transfers the insurance premium to the insurance company and books insurance for the customer.