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My Life Insurance - Loan Protection Plans
SICOM Loan Protection Plan provides you with peace of mind when you contract a loan or mortgage.
- Policy can be contracted as Single life or Joint lives
- Premiums are payable throughout the term or death, if earlier
Here's what you can expect
Features
Our Loan Protection Plans
- Smart Loan Cover
- Smart Loan Cover is taken to secure mortgages, bank loans and other contractual financial obligations.
- Policy can be contracted Single Life or Joint Lives
- Age limit of Life Assured at start – Minimum 18 years; Maximum not exceeding 65 years
- Age limit of Life Assured at maturity – Next birthday + term not exceeding 75 years
- Sum Assured decreased linearly to Zero at maturity of the policy
- In case of death or Total Permanent Disability(if purchased) before Maturity the reduced Sum Assured is payable + Refund of all premiums paid
- Decreasing Term Assurance
- Decreasing Term Assurance is taken to secure mortgages, bank loans and other contractual financial obligations.
- Policy can be contracted Single Life or Joint Lives
- Age limit of Life Assured at start – Minimum 18 years; Maximum not exceeding 65 years
- Age limit of Life Assured at maturity – Next birthday + term not exceeding 65 years
- Sum Assured decreased linearly to Zero at maturity of the policy
- In case of death or Total Permanent Disability(if purchased) before Maturity the reduced Sum Assured is payable
- Level Term Assurance
- Also known as a Mortgage Protection Policy, the Level Term Assurance is usually taken to secure mortgages, bank loans and other contractual financial obligations.
(Terms and conditions apply)
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This product is offered by
State Insurance Company Of Mauritius Ltd
BRN: C07007065
FSC License No.: IS10000020
Useful info
Benefits
Death Benefits
- For Smart Loan Cover - Refund of all premiums paid up to the date of death
- For Decreasing Term Assurance - Reduced Sum Assured paid as at date of death
- For Level Term Assurance, the full sum assured is payable.
No Maturity Benefits
- No Sum Assured is payable at Maturity
Total and Permanent Disability (TPD) Benefits
In case of TPD Claim before the maturity claim amount payable will be as follows:
- Smart Loan Cover - The diminished Sum Assured prevailing at date of Disability PLUS Refund of all premiums paid
- Decreasing Term Assurance - The diminished Sum Assured prevailing at date of Disability
- Level Term Assurance - The Sum Assured
Eligibility
Age at entry between 18 and 65 subject to underwriting
Policy to secure a loan being granted by a financial institution
Required documents
- National Identity Card
- Recent Utility Bill (Less than 3 months old)
- Letter of Offer for Loan
- Birth certificate
- Marriage Certificate (if applicable)
- Bank details for payment of premium
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