Education and Career Forum

Can anyone of you kindly provide me the details of the insurance covered in the Education Loan scheme offered in ICICI Bank? I want to study BDes. I am going to apply an education loan in this bank so I want to know about the insurance.

ICICI Bank provides a group life insurance cover for the student who is taking the education loan. This insurance cover is optional and is charged as a premium. In case of the untimely demise of the student during the course of the loan, the outstanding loan amount will be waived off, and the liability will not fall on the student's family or guarantor.

The premium for the insurance cover is usually a small percentage of the loan amount and varies depending on the age, loan amount, and duration of the loan. The premium amount is added to the loan amount, and the borrower needs to pay the premium along with the loan EMI.

It is important to note that this insurance cover is applicable only for the duration of the loan, and once the loan is repaid, the insurance cover also ends.