Many salaried customers may decide to postpone buying cars due to job uncertainty especially in the private sector. To overcome that, Hyundai is now offering salaried employees a chance to safeguard themselves from the perils of unemployment when buying a new Hyundai car.
The ‘Hyundai EMI Assurance’ program is an insurance that customers will have to opt-in for at the time of buying a Hyundai car, and if they unfortunately loose their jobs then they can claim up to 3 EMIs to be paid through this insurance. Read on for more details.
This program is available to new Hyundai car owners working in private organisations.
It is applicable to customers aged between 18-65, who are 'salaried in a private job' and have taken a car loan and opted-in for this insurance scheme.
Customers whose employment gets terminated due to the poor financial health or due to a merger or an acquisition of their company can claim the insurance.
The insured party will have to be unemployed for 30 days and the insurance cover will stop once they get a job.
Buyers who select this insurance will be covered for three consecutive EMIs.
2. Not Eligible:
Insurance will not be available if the individual resigns from the company, avails superannuation, or chooses early retirement.
Individuals who are aware that they will be losing their job at the time of availing the insurance, will not be covered under the scheme.
Those with probationary, temporary, contractual or seasonal jobs are also not eligible.
It will also not apply to people who are dismissed by their employers for poor performance, dishonesty, fraud or willful violation.
3. Duration of the cover:
This coverage term is only for one year from the date of Insured cover inception, and a claim can be made only once in the applicable period.
Insured individuals will not be able to seek this facility in the first three months of availing the insurance.
4. Making a Claim:
If the car loan is availed by multiple people, the insurance facility can only be availed by the individual whose name appears first on the loan documents.
Hyundai EMI Assurance cover is underwritten by 'Shriram General Insurance Company Limited'. Any claims can be directly made by an insurer to this insurance company directly either through its call centre (1800-100-3009/1800-300-30000) or through e-mail (firstname.lastname@example.org with cc to email@example.com).
Claims need to be intimated within 45 days from the date of termination of employment of the insurer.
5. Max and Min Loan EMI amount:
The maximum EMI covered by the insurance is Rs 50,000 and minimum is Rs 2,000. The insurer will pay the claim amount to the respective Bank/NBFC as mentioned by the Insured on the cover document.
6. Hyundai cars eligible and exempted: