Common use of Loan Protector Clause in Contracts

Loan Protector. If an Insured Person suffers an Injury due to an Accident that occurs during the Coverage Period, We will pay an amount equal to the Insured Person’s outstanding principal amount of Loan, subject to this amount not exceeding the amount specified in the Certificate of Insurance. This Cover Benefit will be payable provided that: a. We have accepted a claim under the in-built Benefit 1.3 (Accidental Death Benefit) or Cover Benefit 1. I (Permanent Total Disability) in respect of that Insured Person; b. The amount payable under this Cover Benefit will be in addition to the amount payable under the in-built Benefit 1.3 (Accidental Death Benefit) or any other applicable Cover Benefits; c. Any payments that are overdue and unpaid by the Insured Person prior to the occurrence of the event giving rise to a claim under this Cover Benefit will not be considered for the purpose of this Policy and shall be deemed as paid by the Insured Person.