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18.1-FAQs-HDFC Life Group Credit Insurance

1.If both the applicant and co-applicant wants insurance cover, do
we need to fill MIF jointly or individually?
You need to get individual MIF filled-up in case both are taking insurance
cover.

2.In case the loan applicant is a Company/Institution/Organization,
who’s life will be insured?
In case the loan applicant is a Company/Institution/Organization and if there
are no co-applicants, then there will be no life to be insured.

If there is a co-applicant who is an individual, then such co-applicant’s life will
be insured

3. How will the insurance cover work during the Under-construction
stage as the customer avails part disbursement in stages?
HDFC Life offers insurance cover from day one as per insurance
schedule.

4. Can you share some more salient features of the insurance policy?

The insurance policy cover is for only individual applicant or co - applicant.
The insurance cover can be for a maximum sum assured up to 125% of the
loan amount.
The cover can be taken by maximum of four borrowers that is one
applicant and three co-applicants
The insurance covers all types of death including suicide. In case of death
due to suicide the cover commences after 365 days. Also any pre-existing
disease are not covered under this plan.

In case the customer wants to surrender the policy, a request letter needs to
be submitted to PCHF.

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