1

Purpose

Advance for meeting financial commitments other than for speculative purpose only against Life insurance policies to Individuals.

2

Target Customers

Individuals i.e Personal borrowers in their individual capacity.

Corporate and business concerns not eligible.

3

Eligible Loan Amount

No Ceiling (90% on Surrender value of the policy)

4

Type Loan

Demand or Term Loan, Temporary Overdraft or Cash Credit.

5

Repayment Period

Temporary Overdraft to be adjusted as per Bank policy advised from time to time.

Demand Loan/Term Loan to be adjusted in 48 EMI

Cash Credit accounts the limit can be renewed after ascertaining fresh Surrender value after examination of last premium receipt.

8

Holiday Period

No Holiday Period

9

Margin

10% of the surrender value

10

Security

Endowment policy with profit/money back policy of LIC/PLI/ policies of Pvt insurers approved by IRDA