This plan is available to individuals who have taken a home loan through a bank, NBFC, or housing finance company and are part of a group policy.

Yes, co-borrowers can also be covered under the plan, subject to underwriting guidelines. Coverage can be either shared or independent, depending on the policy terms.

SECTION 45 OF THE INSURANCE ACT, 1938 as amended from time to time:

1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of rider to the policy, whichever is later.

2) A policy of life insurance may be called in question at any time within three years from the date of the issuance of policy or the date of commencement of risk or the date of revival of the policy or the date of rider to the policy, whichever is later, on the ground of fraud. Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such a decision is based.

3) Notwithstanding anything contained in the sub-section (2) , no insurer shall repudiate a life insurance policy on the ground of fraud of the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries , in case the policyholder is not alive.

4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on grounds of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representative or nominee or assignees of the insured within a period of ninety days from the date of such repudiation. Provided further that nothing in this section shall prevent the insurer from calling for proof of age at any time if s/he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.