Loan Guard Insurance Policy Online in India - Magma HDI
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LOAN GUARD INSURANCE POLICY
When you suffer from an accident or a critical illness, you have to bear the burden of treatment costs and face a possible financial loss as you are likely to be out of action for a long period of time. If you have already taken a loan and are paying its EMIs, it can make things worse. Our Loan Guard Insurance policy can help soften the blow. It offers a lump sum amount in case of an accident or a critical illness, that helps you pay off your debts as well as take care of other needs like treatment cost, rehabilitation and so on.
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Who can buy the loan guard policy?
Generally, a financial institution takes a master policy from us. If you have opted for a loan from any such financial institution, you can opt for this policy as an attachment to your loan.
Minimum age of entry: 18 years
Primary loan applicant and/or co-borrower can opt for this policy
We shall not be liable to do any payment in case of:
Exclusions for the Critical illness cover
Claim within 48 months of first Policy Start date which has arisen out of or is related to any Pre- Existing Illness
Any congenital illness or condition
Arising within the waiting period
Exclusions for the Personal Accident cover
Natural death
Compensation under more than one of the benefits mentioned in the table of benefits in respect of the same period of disablement
Payment of compensation in respect of death or injury as a consequence of/resulting from:
Committing or attempting suicide, intentional self-injury. Influence of intoxicating liquor or drugs. Drug addiction or alcoholism. Any adventurous sports and/or hazardous activities. Any breach of law with criminal intent.
War, civil war, invasion, act of foreign enemies and revolution.
Participation in any naval, military or air force operations.
