Virudhunagar, Tamil Nadu: A thoughtful financial decision taken by Mr Naveen, a startup entrepreneur of the Virudhunagar–Aruppukottai region of Tamil Nadu, has underscored the importance of loan protection insurance in safeguarding families against unforeseen circumstances.
Mr Naveen had availed a loan from Union Bank of India and opted for a credit life insurance policy under Star Union Dai-ichi Life Insurance’s (SUD Life) Sampoorna Loan Suraksha Plus plan, with an insured amount of approximately ₹1.39 crore.
As per the policy structure, the claim benefit of approximately ₹1.39 crore was primarily utilised towards settling the outstanding loan liability with the lending institution. Of this,…