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LOAN GUARD INSURANCE POLICY

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.

 

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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.

Minimum age of entry: 18 years
Primary loan applicant and/or co-borrower can opt for this policy

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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.

  • The plan option under your Loan Guard policy will depend on the master policy your financial institution has opted for.
  • The loan guard policy offers mandatory as well as optional covers.
  • Please refer to your certificate of insurance to find out if the optional covers are applicable for you.
  • Your loan guard Insurance policy premium depends on the following factors:
    • Plan under the CI Section
    • No. of CIs
    •  
    • 9
    •    
    • 12
    •      
    • 15
    •        
    • 18

We shall not be liable to do any payment in case of:

  • Exclusions for the Critical illness cover
    • Claim within 48 months of first Policy Start date which has arisen out of or is related to any Pre- Existing Illness
    • Any congenital illness or condition
    • Arising within the waiting period
  • Exclusions for the Personal Accident cover
    • Natural death
    • Compensation under more than one of the benefits mentioned in the table of benefits in respect of the same period of disablement
    • Payment of compensation in respect of death or injury as a consequence of/resulting from:
      • Committing or attempting suicide, intentional self-injury. Influence of intoxicating liquor or drugs. Drug addiction or alcoholism. Any adventurous sports and/or hazardous activities. Any breach of law with criminal intent.
      • War, civil war, invasion, act of foreign enemies and revolution.
      • Participation in any naval, military or air force operations.
      • Curative treatments or interventions.

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Premium

Your premium depends on the following factors:

01

PLAN TYPE

02

SUM INSURED

03

POLICY TENURE

04

AGE

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  • In case you have any queries, please write to us at customercare@magma-hdi.co.in

  • In case of a claim, submit all the required documents along with a duly-filled claim form at the following address:

Magma HDI General Insurance Co. Ltd.
Unit No. 63, 6th floor, Der Deutsche Parkz,
Near Nahur Railway Station, Bhandup,
Mumbai – 400078

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