This is pure cover: it pays your family if something happens during the term, and there is no amount paid back at the end. Credit Protection Plan is a non-profit participating life insurance plan designed to protect borrowers and lenders from outstanding loan obligations. This product is offered to banks, MFIs, cooperatives, finance companies or other institutions in conjunction with consumer credit. If the borrower cannot repay because of certain specified events, Sun Nepal Life pays the lending institution the outstanding loan.
What's included
Key highlights
- ऋण सुरक्षा र डिफल्ट जोखिम न्यूनिकरण
- संस्थागत / ग्रुप बीमा समाधान
Features
- ऋणकर्ता र ऋणदाताको बाँकी ऋण दायित्वको सुरक्षा
- बैंक, एमएफआइ, सहकारी र वित्त कम्पनीहरुका लागि प्रस्ताव
- विशेष घटनाहरूमा संस्थालाई बाँकी ऋण भुक्तानी
- गैर-नाफामुखी सहभागी योजना (institutional/group cover)
- संस्थागत (ग्रुप) आधारमा इन्स्योरेन्स
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
This plan states: Outstanding loan balance payable to the lending institution
If the policy runs to maturity
There is no maturity payout. The premium buys cover for the term, not savings.
Typical for term plans — confirm the exact terms in the brochure.
Optional riders
No optional riders are attached to this plan.
Loan & liquidity
- Policy loan
- Not available
Premium
Quote on request