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Group Loan Protection Scheme
As a responsible employer, you have the responsibility to safeguard your company against liability exposure and also to empower employees to ensure their family’s dreams are protected and are liability free in case of unfortunate events.
About this product
SICOM Group Loan Protection Scheme (GLPS) insures all personal loans, car loans and other loans provided by an Employer or an Organisation to their employees or members.
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Loan Protection
Insures all personal loans, car loans and other loans provided by the employer
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Premium
Premium is fixed and calculated on the initial amount of loan
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Loan Duration
Insurance is applicable for loan duration of not more than 7 years
Product Features
Choose SICOM Group Loan Protection Scheme & benefit from:
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Sum Assured
The Sum Insured in respect of a life assured is the amount equivalent to the sum total of the capital loan outstanding within the repayment term. The maximum sum assured is Rs 2 M
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Premium
Premium is fixed and calculated on the initial amount of loan
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Loan Duration
Insurance is applicable for loan duration of not more than 7 years
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Life Assurance Cover
Cover ends on repayment of loan or reimbursement in case of anticipated repayment. The cover is provided on Death or Total Permanent Disablemen
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Loan Capital
The capital loan outstanding as at date of death or total and permanent disablement is payable to the Employer or Organisation
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Withdrawal
No benefit is payable upon withdrawal from the scheme
( Terms and conditions apply)*
Useful Information
Any company or any group association
Minimum age is 18 yrs and maximum age 65
Option Form or membership form filled by member/employee with details on Loans amount, Date of birth and Gender.
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Loan Protection
Insures all personal loans, car loans and other loans provided by the employer
-
Premium
Premium is fixed and calculated on the initial amount of loan
-
Loan Duration
Insurance is applicable for loan duration of not more than 7 years
This product is offered by: State Insurance Company Of Mauritius Ltd
BRN:C07007065
FSC License No: IS10000020