INSURANCE COVERAGE TO LOANEES
All loanees are covered and protected under an Insurance Scheme introduced by Government of Kerala. Viz. Kerala Co-operative Risk Fund. In case of death of loanee the loan amount and interest due get repaid vide the scheme. Condition apply. It protect the family of the deceased loanee.
Single Premium: Remitted at the time of disbursement of the loan.
0.2% of the loan amount as single premium subject to the minimum premium amount of Rs.50/- and maximum premium of Rs.250/- only.
- Maximum Insurance coverage is Rs.1,00,000/- as Principal plus interest.
- The loan account of the deceased is regular in repayment and no instalments should be pending payment for over six months.