What are the Coverages Offered Under the Shriram Life Sujana?

It financially protects the loved ones of the insured person in case of their demise. This cover is provided only on a single-life basis.

Here, the insurance protection is provided on a joint life basis. Each of the joint lives is covered equal to the loan amount. In case of the demise of any of the joint-insured members, the sum assured under the plan will be paid and the cover will cease to exist for the other joint-insured members as well. However, it is important that the second life insured under this plan is a person having an insurable interest.

This insurance protection cover is provided on a proportionate basis to the extent of the share of the loan undertaken by the respective borrowers. In the case of the demise of any of the borrowers, the sum assured equal to that borrower’s share will be paid. The cover will continue for the remaining borrowers for the remaining cover term.