Citi Bank: Insurance For Housing Loan...!

** No medical examination required  for a cover up to Rs. 70 lakhs.

**  Level term insurance cover for an amount equal to your loan amount

**  Option to continue cover even after the foreclosure of loan.

Provide your family the BSLI Group Asset Assure Plan - a unique level term insurance cover that pays an amount equal to your initial home loan amount in the event of your unfortunate death.

Group Asset Assure Plan for Citibank Customers is an incredible insurance plan that covers your life to the extent of your initial Housing Loan amount. This insurance policy is underwritten by Birla Sun Life Insurance Company Ltd.

Level Risk Cover..!

A level term insurance covers for an amount equal to the loan amount of your Housing Loan.

Payment received under Group Asset Assure Plan upon your unfortunate death will first be used to reduce or discharge your liability to the bank and the balance will be paid to your nominee.

Premium Payment..!

You can choose to pay your premium by either a cheque or /  by giving a standing instruction on your Citibank Credit Card.

Premiums will have to be paid as a single payment upfront option .

No Medical Check-up

No medical examination is required for a cover up to Rs. 70 lakhs^.

Income Tax Savings...!

You can claim tax benefits under Section 80 (C) and Section 10 (10 D) as applicable to your income bracket on the premium paid.

This is as per the provision available in Income Tax Act 1961#.

Additional Benefits..!

Special group premium rates as compared to an individual life insurance policy

Surrender value refund of premium available on prepayment of loan

No medical examination required for an amount up to Rs.70 lakhs for loans with vintage < 6 months^

Efficient processing &  turnarounds on claims by the Insurer

Benefit available for you if the Housing Loan is prepaid.

In the event that you prepay your Citibank Housing Loan, you have 2 choices. You can opt to continue with the life insurance coverage up to the original tenure of your loan or /  you can choose to receive a refund as per the insurer short scale period on your insurance premium.

^ Please refer to the medical grid for more information.

+ Coverage is applicable till a maximum age of 65 years.

* Medical examination will be required as per medical grid.

Src: http://www.online.citibank.co.in/products-services/loans/insurance-on-home-loan.htm

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