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

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 (not more than 6 months old)
  • Letter of Offer for Loan
  • Birth certificate
  • Marriage Certificate (if applicable)
  • Bank details for payment of premium