New Delhi, March 28 -- Purpose of Education Loan Protection Insurance
Education Loan Protection Insurance serves as a safety net for borrowers and their families in the face of unfortunate events. Primarily, it provides financial protection in the event of the borrower's demise or disability during the loan repayment period.
Coverage Offered:
* Death Coverage: In the event of the borrower's death, the insurance coverage ensures that the outstanding loan amount is paid off. This prevents the burden of repayment from being passed on to the borrower's family.
* Disability Coverage: Some policies extend coverage in case the borrower becomes permanently disabled and is unable to continue repaying the loan.
Premium Structure: * Borrowers are...