Mumbai, July 01st, 2023: L&T Finance Limited (LTF), one of the leading Non-Banking Financial Companies of the country, today announced that its Equated Monthly Instalment (EMI) Protect Plan which is a one of its kind in the market for farm loan customers, has so far covered more than 1.5 lakh customers.
The plan offers a lump sum payment towards the loan instalments on continuous hospitalization of minimum of 4 days. Customers can avail of the benefits of this plan once every year for the entire loan tenure. Under this plan, if the customer gets hospitalized, his current/future due instalment/s to the extent of sum assured will be paid on behalf of the customer by the insurer to LTF.
The plan can be offered to customers in the age group of 18 to 60 years and the policy term ranges between 2 to 5 years depending upon the loan tenure. The sum assured ranges between Rs. 30,000 to Rs. 90,000 based on the repayment frequency of the loan i.e., monthly, quarterly or half-yearly. The plan also offers a premium funding option to customers.
The EMI Protect Plan was launched earlier in July 2020 during the COVID pandemic as a support to the Company’s farmer customers and is offered to them at the time of availing a new tractor loan, top-up loan or a refinance loan from LTF.
Speaking on the milestone, Mr. Asheesh Goel, Chief Executive – of Farmer Finance at L&T Finance said, “Keeping our strategic plan Lakshya 2026 in mind, we are focusing on becoming a top-notch, digitally-enabled, retail finance company, with a goal of moving the emphasis from being product-focused to customer-focused. In line with this objective we had launched the EMI Protect Plan with a clear focus on farmers’ convenience and providing financial support in their difficult times. Notably, EMI Protect Plan offers our farm loan customers a quick and hassle-free claim process with minimum documentation. Till date, we have covered over 1.5 lakh farmers under this plan, and have settled over 1,000 claims, serving the farmer community.”
“Currently the plan is being offered to all farm loan customers in the 16 operational states in India covering key states like Telangana, Andhra Pradesh, Karnataka, Uttar Pradesh, Madhya Pradesh, Bihar, Gujarat, and Maharashtra,” Mr. Goel added.