This insurance pays the outstanding loan to Bank or Financial Institution in case of Death, Permanent Total Disablement, involuntary employment and 18 listed critical Illness of the insured borrower. Secure Mind Insurance is aimed at mitigating losses of lenders due to borrower defaults caused on account of circumstances beyond their control.
Secure Mind Insurance covers protecting the lenders' interest against any default in repayment of loans by borrowers due to the following reasons:
The claim is admissible on reducing the loan amount on the date of the claim event.
Exclusions
Shikhar Insurance Company Ltd. introduced this policy on 18th October 2011.
Issued Date: 2011-10-18