To whom will the benefit be paid?
admitted by Tata AIG Life Insurance Company Ltd., will first be used to pay off your loan balance with HSBC. Any balance amount
remaining after paying off the loan will be paid to you or in the event of your demise, to your nominee as mentioned in your
I pre-pay or repay my Home Loan? |
You will not lose the benefit of our Insurance cover when you pre-pay or repay
the cover start?|
Your coverage will take effect once your application is approved by Tata AIG Life Insurance
Company Ltd., the loan is drawn down and your premium is received by Tata AIG Life Insurance Company Ltd. The effective date
will be reflected in a Certificate of Insurance that Tata AIG Life Insurance Company Ltd. will send to you.
What happens in the event of a claim?
the event of a disability or a death claim, you or a family member will be required to give HSBC a written notice. If proof
of claim is accepted and approved by Tata AIG Life Insurance Company Ltd., the insurance proceeds will be paid directly to
HSBC to offset your outstanding mortgage loan. Any surplus over and above your loan amount will be paid to your nominee. However
any shortfall would need to be paid by your next of kin. HLPP excludes any arrears in the loan repayment and interest thereon.
Valid claims will be the sole responsibility of Tata AIG Life Insurance Company Ltd.