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18.1-FAQs-HDFC Life Group Credit Insurance
5. Does the term of insurance have to be the same as the loan tenure and
what is the process for surrendering the policy?
The term of the insurance should be same as the loan tenor. It can’t be
greater than the loan tenor.
If the customer chooses to discontinue the policy after the free look-in
period, the surrender value will apply.
Post foreclosure of the loan, the applicant may choose to continue
with the insurance cover or surrender the policy.
PCHF branches may forward such request to PCHF central operations.
HDFC Life will refund the premiums to PCHF.
6. Can a customer take additional life insurance cover for Top-up after having
availed HDFC life group credit protect cover on home loans?
Yes. The customer can avail for the additional loan amount for the
tenure contracted.
HDFC Life will pay as per the individual sum assured.
7. What will be the insurance cover, if there is part prepayment by
the customer?
There will be no change in the insurance contract. HDFC Life will
pay as per the insurance policy schedule.
HDFC Life will settle outstanding loan amount with PCHF & remaining sum
assured will be paid to nominee.
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