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Product |
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Purpose |
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Terms |
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Interest Rate |
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Loan Cover Insurance |
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Covers
client and spouse for the amount of the loan |
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1%
of loan amount |
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N/A |
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Loan Cover Insurance
SKS provides Life Insurance cover to our members to protect their financial loss arising from any untoward incident during the loan period. Accordingly, SKS currently deploys a Loan Cover Scheme. The SKS Loan Cover Insurance is a term life insurance scheme covering all SKS members and spouses. The policy is developed and executed in partnership with Life Insurance Corporation of India (LIC). SKS acts as the master policy holder for all insurers and handles all customer transactions and claim processing. The loan cover fee is 1% of the loan amount and the policy covers the entire loan amount with interest for the term of the loan or one year. In the case of a member or her spouse’s death, the loan amount outstanding is written off and the principal paid is returned to the client’s nominee.
Forthcoming Insurance Schemes
SKS is currently exploring health and livestock insurance to
further protect our clients from disaster. |
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