Shiksha Suraksha is a group life insurance term plan which caters to the needs of education loan borrowers.

 It provides insurance cover to people between 16-59 years of age who have taken education loans from the Bank.

The coverage tenure under this plan can be minimum 1 year and maximum of 15 years. Coverage under the plan ceases on expiry of the term of loan or borrowers attaining 61st birthday.

Sum assured and interest accrued during study or moratorium is paid to the master policy holder in event of death. Surrender value is payable if loan is fully repaid before the end of term. Nomination is compulsory for this plan.

Salient Features

• Life cover for the entire period of the loan equivalent to the outstanding loan amount
• Single premium for the entire duration of the loan
• Hassle-free joining process.
• Service Tax as applicable will be charged extra @ 10.30% at  present. Premium payable determined based on Loan Amount, Term of repayment and age of the borrower
• Insurance premium paid is eligible for tax rebate under section 80 C of Income Tax act with a overall ceiling of Rs.1,00,000/-

For further details, please contact the nearest Branch.

Insurance is the subject matter of solicitation.