Death Benefit                  
In case of death of the life insured, Sum Assured of the respective member will be payable.

The cover can be offered on a ‘Joint Basis’ wherein the borrowers are jointly insured for 100 percent of the sum assured. On the first occurrence of the insured event viz. Death on any life, the sum assured shall be paid and the insurance cover for the surviving joint borrower will cease immediately. In case of occurrence of insured event (Death) simultaneously on the lives of joint borrowers, the sum assured shall be payable in respect of single life only. The maximum number of joint borrowers that can be covered, will be two subject to insurable interest between them. For risk cover on “Joint Basis”, the premium for the individual members will depend on their individual entry ages. However, a rebate of 5% would be given on the premium chargeable in respect of the younger life.