Insurance of the Borrowers. Customers have the option to take a Life Insurance for the term. Customers would be required to take property insurance covering the building from natural calamities. Aptus has tied with a Life Insurance Company and offers the Term cover with premium calculated on the outstanding loan amount. The premium amount would be payable separately by way of cheque/DD or deduction while Loan disbursement
a) Term Cover
Insurance of the Borrowers. The Borrower shall, for so long as any portion of his dues is outstanding/payable to the Lender, fully insure and keep the loan amount that is being financed insured at his/ her/ its/ their own costs with the name of the Lender recorded as ‘the Beneficiary’. If the Lender pays the insurance premium, or any other monies, for/ towards the insurance, the Borrower shall reimburse all such sums paid by the Lender. The terms & conditions including claims & coverage will be governed by the issuer of such insurance policy. Please note that the role of the Lender under the insurance policy would be that of a facilitator and the decision to cover and settle any future claim under the policy would solely rest with the insurance company. Insurance is the subject matter of solicitation
Insurance of the Borrowers
