Credit Life Insurance is a specific type of policy created to cover the outstanding balance of a loan if the borrower passes away unexpectedly. This ensures that the loan is paid off, providing financial security for the borrower's family and relieving them of debt obligations.
*The premium mentioned is for a 40 years old healthy male, initial sum assured Rs. 25,00,000 @ ROI of 7% for 20 years term, Benefit Option 1 Life Cover and coverage type reducing cover. The single premium for this loan is Rs. 67,350* i.e. Rs 9.23 per day. (Other Benefit options (CI, ADB, ATPD) comes with additional cost).
What does a Credit Life Insurance Plan offer?
Rajesh needs to buy a credit life plan
Aarav needs to buy a credit life plan
Priya needs to buy a credit life plan
Jagriti needs to buy a credit life plan
Buying a credit life plan online is simple and convenient. Follow these steps to purchase a credit life plan
Use the online premium calculator available on the website to estimate your premium based on your loan amount and other relevant details. For calculating your premium, go to the official SUD Life website and navigate to ‘Group Plan’ > ‘Credit Life Plan’ or Click here
Report your claim by notifying SUD Life via the SUD Life website or customer portal, at their branches or by calling the customer support/claim support helpline. This should be done as soon as possible after the policyholder's death. Gather the required physical documents to initiate the process.
Submit all required documents online or in the branch. Their special claim care team will assess your claim and inform you if additional documents are needed. Once all necessary documents are received, the insurance company will process your claim.
The insurance company will verify the claim by reviewing the submitted documents. Once verified and approved, the claim is approved, the insurer will pay the outstanding loan amount directly to the lender, thus relieving the family of the debt burden.
If the policyholder fails to disclose important information, such as a pre-existing medical condition or involvement in hazardous activities, the claim may be denied.
A policy can lapse if premiums are not paid on time, which may result in the rejection of any claims by the insurance provider.
Claims may be denied if the policy explicitly excludes certain causes of death, such as those related to drug use or participation in extreme sports.
Claims may be delayed or rejected if the nominee’s details are not provided or if the claimant fails to submit the necessary documentation as per the insurer's requirements.
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