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18 - HDFC Life Group Credit Insurance

PRODUCT - Customers of PHF may opt for any of the following
coverage options
• Life Option : Life Insurance Company pays off the outstanding loan of
the customer and cover ceases.

• Decreasing Sum Assured : The sum assured decreases as per the
benchmark repayment schedule selected
during the individual’s membership term.

* Where Life Option is selected, Sum Assured will be compared with NML to understand
medical requirement. Beyond the NML, insurance cover will be provided subject to a full
medical underwriting

BENEFIT

• Death Benefit : Sum Assured as specified in the COI will be paid for
all valid claims, irrespective of the loan outstanding,
and cover will cease.

• Maturity Benefit : No maturity benefit under this scheme.

• Surrender benefit : Surrender will be allowed only when the loan has
been fully repaid. Surrender value is calculated on
pro-rata basis for balance tenure post deduction
of surrender charges.

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