New IB Jeevan Vidya - Indian Bank Education loan

New IB Jeevan Vidya

Who is eligible?	All educational loan borrowers (Student)
Reimbursement of Expenses - Nepal & Bhutan in INR	For treatment while the insured is away at these places either on holiday or business purposes. Cashless facility however is not offered under this extension
Age at Entry	16 - 50years
Maximum age at exit	60 years
Sum Assured	Balance outstanding at the time of death or limit sanctioned which ever is less
Coverage	Cover upto Rs.15.00lakh (for studies in India) Cover up to Rs.25.00lakh (for studies abroad)
Premium	One time Single Premium - Financed by Bank
Waiting Period	First 45days (except death due to accident)
By arrangement with	LIC of India
Period of cover	Minimum period of 3years and maximum of 12years (course period + repayment holiday + repayment period subject to maximum of 12 years) Cover ceases at the age of 60years or on full adjustment of loan whichever is earlier
Medical Check Up	Required in the following cases :- 1. Loan exceeding Rs.5.00lakhs for the age group of 46 & above. 2. Loan exceeding Rs.10.00lakhs for the age group of 36 & above. 3. Loan exceeding Rs.15.00lakhs for the age group of 35 above.
Tax Benefit	Income tax rebate u/s 80C for the premium paid.