Sentences with phrase «die during the loan term»
Furthermore, if the policyholder should choose to pay back only the interest, in the event that they die during the loan term, the pending amount due will be deducted from the claim amount and only what remains will be paid to the nominee.
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The family of a diseased policyholder is provided with the assured financial security, in case the insured dies during the policy term and fails to pay off a debt like education loan or even home loan.
If the borrower were to die during the policy term, the insurance company will settle the loan with the bank.