Mortgage Redemption Assurance policy (Table No. 52) (without profits) is designed to meet the requirements of the policy holding individual who wants to ensure that all his outstanding loans and debts are automatically paid up in the event of his unfortunate death. If you have a home loan or any other loan or debt then this policy is for you.
Under the Mortgage Redemption Assurance policy (without profits), the applicant will have to pay the medical examination fee.
LIC Mortgage Redemption policies are usually issued only to male lives aged 50 years or less. The policies are subject to a condition that the insurance cover would not extend beyond 65 years. All loans must be liquidated by the time the borrower attains the age of 65.
Eligibility Conditions and Restrictions for LIC Mortgage redemption
- Minimum Entry age: 20
- Maximum Entry age: 50
- Minimum Sum assured (Rs.): 50000(except for single premium)
- Maximum Sum assured (Rs.): 1000000
- Maximum Maturity age: 65 years
- Survival benefits: NA
- Policy loan available: No
- Mode of Payment: Yearly, Half-yearly, Quarterly, Monthly, Salary Saving Scheme
Death Benefit :
All outstanding loans declared at the beginning of the financial year would be payable as per the prepared schedule.
Today everyone has some kind of loan on them, who will pay your loan and liability? Once you have this plan, you don’t have to worry. All your dues and loans will be paid by this policy, so your loved one can breathe without worrying about the repayment of the loans. Isn’t it a good plan?
Update: Mortgage Redemption Assurance policy Plan No. 52 Has Been Discontinued.
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.