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 or mortgage. This ensures that your spouse and dependents don’t need to worry about the monthly repayments.
What is Loan Protection Plan Meant For?
Your life insurance policy will provide a reducing sum insured, in line with your outstanding loan repayments. The term of a loan protection must be the same as the duration of your loan, or higher. Also, your initial Sum Insured should be equal to or higher than your loan amount. Some banks also request an additional Sum Insured in the case of a reducing life insurance policy, such as 10%.
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.
Your life insurance policy will provide a reducing sum insured, in line with your outstanding loan repayments. The term of a loan protection must be the same as the duration of your loan, or higher. Also, your initial Sum Insured should be equal to or higher than your loan amount. Some banks also request an additional Sum Insured in the case of a reducing life insurance policy, such as 10%.
Home + Loan Protection Plan
Find the perfect insurance solution for your residential or commercial property investment. With Laferla, you can combine Life Insurance for loan protection with a Home Insurance
Commercial Home + Loan Protection Plan
Find the perfect insurance solution for your residential or commercial property investment. With Laferla, you can combine Life Insurance for loan protection with a Home Insurance
Commonly Asked Questions
Find the answers to frequently asked questions here. For any other inquiry please click button below.
Check other insurances:
And Get 10% Discount If You Bundle
