Sundaram Finance Group - Optionallife

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What is the Super Suraksha scheme?
Sundaram BNP Paribas Home Finance Limited offers a unique life insurance scheme in association with SBI life Insurance company Ltd. This scheme is called “ Super Suraksha “This group insurance plan provides a housing loan borrower and his family complete peace of mind by covering his life and protecting the house acquired through loan.

Is this life cover compulsory?
No, it is an optional life cover offered by Sundaram BNP Paribas Home Finance in association with SBI life.

What does the cover protect?
Under this scheme the customer is protected against life risk during the entire of the loan. Once the premium is paid SBI life assumes the liability of repayment of the outstanding loan amount.

Who can avail of this offer?
New and existing customers can avail this offer.

What happens in the unfortunate event of death of the home loan customer?
SBI Life would pay the amount outstanding in the loan account to Sundaram BNP Paribas Home Finance Limited. The family is not burdened with the repayment obligation and they can continue to live in the property without any hassle.

What is the maximum age the customers can get covered?
Customers can get covered up to the age of 70, or till the date the loan is prepaid , whichever is earlier.

Is medical Examination required to avail this offer?
Sundaram BNP Paribas Home customers with home loans upto Rs.20.00 lakhs need not undergo medical examination. If the availed loan amount is more than Rs.20.00 lakhs the customer will have to undergo a medical examination. The cost of the medical examination will be absorbed by SBI life.

Who can become a member of the group incase of joint accounts?
Both the borrowers incase of joint accounts will be eligible to become members to be covered under the scheme, provided the premium amounts as applicable are remitted in respect of both.

Will the insurance cover continue in case of prepayment of the housing loan?
In the event of prepayment of the housing loan, the insurance cover will continue for the outstanding amount as per the original EMI.

When is the premium payable?
The premium is payable only once at the time of availing the loan from Sundaram BNP Paribas Home.

Should the premium be paid upfront to Sundaram BNP Paribas Home?
Yes. But to make it easier for the customers the premium amount for the life cover can be added to the loan amount so that it can be paid in equated monthly instalments.( this is only for new loans).

How is the premium calculated?
The premium is calculated based on the age, term of the loan and the amount of loan.

Do I have to go through lot of paper work?
No. As the administrator of the scheme Sundaram BNP Paribas Home will handle all the paper work pertaining to the cover. The objective is to make the entire process simple, easy and convenient for you.

Can Non resident Indians availing home loans take the scheme?
No. “Super Suraksha” scheme can be availed only by Resident Indians who avail home loans from Sundaram BNP Paribas Home.

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