This cover is meant to secure your assets acquired through a loan from a bank. The bank will hold the policy as a collateral. It pays a lump sum in the event of death from both accidental and natural causes.
Your vehicle or whatever asset you financed through debt will be secured by this cover.
You must be between the ages of 18 and 64 years. If you have personal loan with the bank or any other financier you should have personal loan protection.