Decreasing Term Assurance Policy

Decreasing term assurance policies are a unique type of life insurance that provides coverage for a specific period, but with a decreasing payout amount over time. These policies are often used to cover financial obligations that decrease over time, such as a mortgage or other debts.

In the unfortunate event of the sudden demise or permanent disability of the policyholder, we will protect your dream as our Mortgage Protection/Decreasing Term Assurance Policy will settle the balance amount of your loan which you have taken from the bank or financial institution of your choice.

The Mortgage Protection Plan is a single premium policy specially designed to protect borrowers against untimely death or total permanent disability and the resulting financial difficulties during the remainder of the repayment period of your loan, the beneficiary will be the lending institute.

This is a Decreasing Term Assurance policy, which provides cover for any type of loan such as a housing loan, a property loan, a business, a leasing facility or a personal loan. Initially, the sum assured will be equal to the loan amount taken but will decrease periodically as loan repayments are made subsequently.

Policy terms from 01 – 40 years depending on the loan repayment period

Expandable with additional covers for enhanced protection such as total permanent disability benefits due to accident or sickness

Joint Life protection is possible

Age limit 18-65 yrs.

There is no maturity benefit in the policy.

The premium rates could be vary and obtained on submission of the following information

• Lending Institution
• Loan amount
• Term of repayment
• Rate of interest
• Proposer’s Date of Birth, gender and health status