Who can buy the loan guard policy?
Generally, a financial institution takes a master policy from us. If you have opted for a loan from any such financial institution, you can opt for this policy as an attachment to your loan.
When you suffer from an accident or a critical illness, you have to bear the burden of treatment costs and face a possible financial loss as you are likely to be out of action for a long period of time. If you have already taken a loan and are paying its EMIs, it can make things worse. Our Loan Guard Insurance policy can help soften the blow. It offers a lump sum amount in case of an accident or a critical illness, that helps you pay off your debts as well as take care of other needs like treatment cost, rehabilitation and so on.
Generally, a financial institution takes a master policy from us. If you have opted for a loan from any such financial institution, you can opt for this policy as an attachment to your loan.
A lump sum amount is paid if the insured person suffers from death or permanent total disability due to injuries caused by an accident.
A waiting period of 90 days is applicable to the critical illness cover. No waiting period is applicable to the personal accident cover.
We shall not be liable to do any payment in case of:
Magma HDI General Insurance Co. Ltd.
Office No. 516 and 517, 5th Floor, Neelkanth Corporate Park,
Plot No. 240, 2401/1-8, Kirol Road,
Vidyavihar (W), Mumbai - 400086.
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