This product enables customer to pay their premiums over time by reducing the financial strain of lumpsum premium payments.
IPF facility has a tenor of between 1-12 months depending on the underlying policy. IPFs covering medical policies have a maximum tenor of 6 months but where the Insurance company expressly accepts the risk, it can run for a maximum of 10 months.
The product is self-securing and customer has options of selecting a wide range of approved underwriters within the banks panel.
