Why is insurance introduced to personal loans?
Insurance was introduced to personal loans for the following reasons: to provide a better customer experience, to secure a customer's loan from future crisis situations like death or critical illness, and to protect their credit scores.
Can all customers opt in for insurance?
Yes, insurance is available for those users whose lender is PayU Finance and KSF.
Who is our Insurance Partner?
Acko
What is the Insurance Premium charged by PaySense?
It is 1% of the principal amount + 18% GST
How can I pay the Insurance Premium?
KSF - Insurance will be deducted from the loan amount along with the processing fee.
PayU Finance – Insurance will be added to the loan amount, resulting in an increase in the loan amount and the chosen EMI
How do I receive the insurance certificate?
Once the user opts in for insurance, Acko will send the insurance certificate via SMS and email. The user can also download the policy from the Acko app.
How long is the loan insurance covered?
The loan insurance is covered till the chosen loan tenure. The coverage ends when the loan is closed.
How can users make changes or cancel the insurance post disbursal?
Users can write an email to support@gopaysense.com, and they will be redirected to Acko for further assistance if they want to make changes or cancel the insurance post disbursal.
If the user cancels the loan, will the policy be canceled, and the premium refunded?
Yes, if the user cancels the loan, the policy will be canceled, and the pro-rated premium will be refunded within 10-14 working days.
How can users claim the insurance?
In case of death, users can write an email to support@gopaysense.com, and they will be redirected to Acko for further assistance if they want to make changes or cancel the insurance post disbursal.
In case of hospitalization, users can claim through Acko app by submitting the bills.
What types of situations does the insurance cover?
The insurance covers the principal loan amount in case of accidental death, permanent total disability, and permanent partial disability.
Are pre-existing diseases covered?
No, pre-existing diseases (any medical condition or illness that the insured individual has before purchasing the insurance policy) are not covered, whether declared or not.
Is hospital daily allowance covered by this insurance?
Hospital daily allowance covers 25% of the monthly EMI (up to ₹5,000) per day for a maximum of 15 days of hospitalization.
What is the minimum duration of hospitalization required to claim?
A minimum of 48 hours of hospitalization is required to claim the daily hospital allowance.
When will the claim be payable according to the EMI protection plan during continuous hospitalization?
The claim will be payable on the 1st, 2nd, and 3rd EMI after 4, 8, and 12 days of continuous hospitalization, respectively.
Are arrears or EMI dues covered?
No, any arrears or dues related to EMI/loan are not covered.
