Mortgage Redemption Assurance policy (Table No. 52) (without profits) is designed to meet the requirements of the policy holding individual who want 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), proposar 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.
How to Apply for LIC Of India’s Mortgage Redemption plan?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
LIC Of India SMS Alert:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.