You are in that time of your life where your dreams of owning a home or a vehicle can come true by obtaining a loan, but circumstances may arise where those dreams can go asunder when you are unable to repay the loan due to unforeseen circumstances. The right kind of insurance can lift this burden off you forever. So trust in Union Loan Protector that will make your dreams a reality.
UNION LOAN PROTECTOR POLICY
This is a Decreasing Term Assurance policy, which provides cover for any type of loan such as a housing loan, a building loan, a business or a personal loan. Initially the sum assured will be equal to the loan taken but will decrease periodically as loan repayments are made.
Should the death of the policyholder occur prior to the expiry date, the company will repay the outstanding loan amount to the relevant financial institution. (It assumes repayments are not in arrears)
In the event of total and permanent disablement due to an accident or sickness, the company will repay the outstanding loan amount to the financial institution on behalf of the life assured. (It assumes repayments are not in arrears)
Most of the financial institutions insist this policy as it requires only one premium and the borrower is free of the burden of paying the premium while paying the loan installments. There is no maturity benefit in the policy.The premium rates could be obtained on submission of the following information:
- Lending Institution
- Loan amount
- Term of repayment
- Rate of interest
- Proposer’s Date of Birth, sex and whether a smoker or non-smoker
For further details please contact our Union Assurance Advisor or contact us directly on 0112 990 990
Note : Please refer Policy Conditions for further clarifications.