Car loan insurance (or vehicle finance protection as it is also known) ensures that your finance agreement will be settled in the event that you are no longer able to make your repayments and that your spouse and family do not inherit your debts but rather that you leave them debt-free.
What is protection on a loan?
Loan protection insurance covers debt payments on certain covered loans if the insured loses their ability to pay due to a covered event. Such an event may be disability or illness, unemployment, or another hazard, depending on the particular policy.
What is RiNn Raksha policy?
SBI Life Insurance Company Limited (SBI Life) offers SBI Life - RiNn Raksha, a feature-rich Group Non-Linked, Non- Participating, Credit Life Insurance product to pay off the outstanding loan offered by financial institutions or other groups or associations in the event of death of the insured member(s) of the group.