Loan Protection Insurance

 

Loan Protection Insurance

When Life Throws You A Curve Ball, A Loan Covers All The Bases

Loans are supposed to make life easier for you. As you strive (sometimes stumble) to reach every milestone in your life, loans can make things a wee bit simpler. Don’t worry about the naysayers who scoff at your decision to ask for a little help. With this policy, we make sure that the loans that you take don’t tarnish the memories you make.

You'll get loan protection cover

 

Critical Illness

No disease should be foolish enough to take you on. But if one does, our cover will take care of your finances so that you can focus on knocking it out of the ring!

'Pack a Punch'

Major Medical Illness Plan

  • Standard
    Covers 9 critical illnesses
  • Enhance
    Covers 12 critical illnesses
  • Premium
    Covers 15 critical illnesses
  • Elite
    Covers 18 critical illnesses
  • Ultima
    Covers 25 critical illnesses
Situations that our policy don’t cover - View
What's not covered

Sorry, but certain things are out of our hands, too!

Any illness, sickness, or disease not specified as critical illness under this policy like

  • Congenital anomalies (birth and metabolic disorders)
  • Committing a breach of law with criminal intent
  • Engagement in dangerous and/or hazardous activities
  • Intentional self-injury
  • Pregnancy-related complications, except in the case of ectopic pregnancy
 

*Please refer to the policy documents for more information

 
 

Personal Accident

You never know what's waiting around the corner for you. You may find a pleasant surprise, or a nasty one that completely throws you off guard. Either way, it's a good idea to have a backup plan ready to ease your family's stress during unpleasant times.

What we cover
  • Accidental Death
    100% of sum insured (200% if travelling as a ticket-paying passenger on a public carrier)
  • Permanent Total Disability
    100% of sum insured (200% if travelling as a ticket-paying passenger on a public carrier)
  • Permanent Partial Disability
    Up to 50% of the sum assured, depending on the injury
Situations that our policy don’t cover - View
What's not covered

Sorry, but certain things are out of our hands, too!

  • Engagement in adventure sports like mountaineering, rock climbing, skydiving, etc.
  • Committing a breach of law with criminal intent
  • Intentional self-injury
  • Natural death
 

*Please refer to the policy documents for more information

 
 

Job Loss

We all love leisure time, except when we aren’t paid for it. If you ever find yourself out of a job for a while, you won’t need to worry about any piled-up loans.

What we cover

We’ll take charge of 3 EMIs so you can focus on finding a job befitting your talent & skills.

Situations that our policy don’t cover - View
What's not covered

Sorry, but certain things are out of our hands, too!

  • Loss of job attributed to dishonesty or fraud
  • Casual/temporary or seasonal employment
  • Resignation or retirement
  • Self-employment
 

*Please refer to the policy documents for more information

 

Children’s Education

A break in your income needn’t become a break between your children and their bright future. In case of accidental death, we will cover fees paid to the institute or the maximum amount mentioned in the policy, whichever is less.

What we cover

Child Education benefit of up to Rs. 2.5 Lakhs per child for up to two children. We don’t play favourites, so it can be any two children.

Situations that our policy don’t cover - View
What's not covered

Sorry, but certain things are out of our hands, too!

Dependent child education benefits cover – payment of compensation in respect of death resulting directly or indirectly from any illness to the insured.

 

*Please refer to the policy documents for more information

 

Some Helpful Documents

We Won't Play The Claim Game

We've made loan policy claims easy!

Met with an accident? Call us on
Toll free -1800 12000 /
Paid landline - 022 423 12000
or email us at support@edelweissinsurance.com to let us know the details of your claim.

Send us the scanned documents at support@edelweissinsurance.com and we’ll get the ball rolling right away (do remember to mail us the originals)

Mail your claim documents to Claims Department – Edelweiss General Insurance Company Limited, 5th Floor, Tower 3, Kohinoor City Mall, Kohinoor City, Kirol Road, Mumbai, Maharashtra – 400070

 

Our in-house claims team will sort everything out and keep you updated

Of course, if you still need us to answer any queries, you can get in touch with us at
support@edelweissinsurance.com and we’ll reply soon.

To view rate chart please click on Loan Care

Loan Protection Insurance FAQs

 

Is loan protection policy for me and how do I claim it?

If you’re an Indian national who has taken loans and are aged between 20 and 65 years, this policy is definitely for you!
Our in house claims team handles claims process Loan Care. For more information, please call us on 1800 12000 022 423 12000 or mail us at support@edelweissinsurance.com to let us know the details of your claim.
 

Which critical illness are covered in loan protection insurance?

We've tried to cover all the bases. There are various plans that cover different critical illnesses. While our standard plan covers 9 critical illnesses, our ultimate coverage plan takes care of 25 different critical illnesses.
 

How long will the loan protection policy last?

This depends entirely on you! Some policies only last for a year, while others last 5 years. Depending on your loan tenure, you can renew it every 5 years up to the age of 65.
 

Does the loan protection policy period depend on the loan period?

Yes, it does. The start and end dates of the policy should fall within the loan period, subject to the maximum policy period of 5 years. To put it simply, you can take a 3-year policy if your loan period is 5 years, but you can't take a 5-year policy if your loan period is 3 years.
 

What is the waiting period on loan protection insurance policy?

In case of an accident, there is no waiting period. But you will have to wait 90 days before you can claim for any critical illness. In case of a pre-existing condition, there is a waiting period of 48 months.
 

When will the loan protection policy gets terminated?

The policy will cease to exist if a claim is paid under Major Medical Illness benefits or Personal Accident resulting in Death or Permanent Total Disability, and no further refund will be due to you.
The policy will be cancelled if the details disclosed about your current and past health status are incorrect, or if you have encouraged/been part of a fraudulent claim under the policy.
 

What kind of information do I disclose while claiming loan protection insurance?

We’d like you to disclose all pre-existing diseases or medical conditions before buying the policy. You must also disclose any changes in your health, occupation, or contact details during the policy period.
 

What will I receive in case of permanent partial disability?

You will be entitled to 50% of the sum assured, depending on the injury.
 

Are migration and portability facilities available under loan protection insurance?

Yes, these facilities are available under the policy.
 

Do you have any flexible payment option available for loan protection insurance?

Yes, we do have flexible payment option available for Loan Care
Loan Care – UIN: EDLHLGP21511V032021