Loan Protection Packages
The Loan Protection Plan is a type of life insurance policy that pays out if you pass away before you finish paying your loan. This ensures that your spouse and dependents don’t need to worry about the monthly repayments.
What is the purpose of Loan Protection?
This Plan is specifically designed to cover outstanding loan balances by providing a reducing sum insured. This amount decreases over time, matching your loan’s repayment schedule. The term of this plan should be at least equal to or longer than your loan duration, and the initial Sum Insured should match or exceed your loan amount. Some banks may also request an additional 10% Sum Insured buffer for extra security with a reducing life insurance policy.
Protect Personal or Business Loans
Use it as security for personal or business loans, individually or with a joint-applicant.
Cover Bank Requirements
Bank loans require home or business insurance; save with Laferla for all insurance needs.
No Investment Return
No investment return, maturity, or surrender value with the Loan Protection Plan.
This Plan is specifically designed to cover outstanding loan balances by providing a reducing sum insured. This amount decreases over time, matching your loan’s repayment schedule. The term of this plan should be at least equal to or longer than your loan duration, and the initial Sum Insured should match or exceed your loan amount. Some banks may also request an additional 10% Sum Insured buffer for extra security with a reducing life insurance policy.
Home + Loan Protection Plan
Find the perfect insurance solution for your residential property. With Laferla, you can combine Loan Protection Plan with a Home Insurance.
Commercial Home + Loan Protection Plan
Find the perfect insurance solution for your commercial property investment. With Laferla, you can combine your Loan Protection Plan with a Commercial Home Insurance.
Commonly Asked Questions
Find the answers to frequently asked questions here. For any other inquiry please click button below.
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And Get 10% Discount If You Bundle
