Group Credit Card
|
Product Profile
Your group credit card plan provides shopping convenience whether you use it for day-to-day expenses or for special purchases. With Adamjee Life Group credit card plan you can use it knowing that in times of financial difficulty, our credit card plan, can help ease and help maintain your credit rating. This valuable protection will pay the outstanding balance of your card in case of death, temporary or permanent disability and critical illness. It is a decreasing term plan that terminates as soon as the outstanding credit card balance is paid off. It's a type of insurance plan, in which the amount of the policy matches the loan balance at any given time; designed so that the loan will be paid off in full in the event of death, disability and critical illness.
Benefits
- Death Benefit
- Temporary Total Disability
- Permanent Total Disability
- Critical Illness
In-case of the unfortunate death of the insured full outstanding credit card balance is paid off, subject to maximum sum assured The sum assured is a reducing amount of cover, over the loan repayment term.
Total temporary disability provides coverage to the insured in case of temporary disability as a direct result of an accident that would prevent the insured person from following his/her own occupation or any other occupation to which he/she is reasonably suited for by education or training.
(Accident only – Own Occupation – Waiting Period of 30 days: Minimum monthly installment due on the credit card with a maximum of 3 payments per claim, limited to 6 payments in total.)
Total permanent disability provides coverage in case of disability that would prevent the insured person from following his/her own occupation or any other occupation whish he/she is reasonably suited by education or training.
(Accident or Sickness - Waiting Period of 30 Days: Outstanding credit card balance is paid off, subject to maximum sum assured.)
Critical illness provides coverage against 21 dread diseases as mentioned in policy documents.
(Waiting Period of 90 Days: Outstanding credit card balance is paid off.)
In the event that the outstanding credit card balance is paid off under this policy, the policy thereafter terminates.
ADVANGATES
Easy and small premium payments
Full outstanding credit card balance re-payment by insurer in case of death
Outstanding credit card balance protection in case of death / temporary or permanent disablement / Critical illness
Valuable protection to your family by paying off your debts in-case of unfortunate death within the policy term
Peace of mind since your liabilities is protected.
FAQ's
What is Credit Life insurance?
Credit Life insurance covers the outstanding balance of your credit card. The insurance company repays the loan in case of your unexpected death, disability and critical illness. It gives your family time to deal with their loss and temporarily relieves them from major financial stress.
How much credit life insurance do I need?
Most people should carry enough insurance to cover all outstanding debt.
Can I insure just a portion of my loan?
It's important to protect your entire debt, but you can decide the percentage of loan that you want to insure.
After my loan is paid off or refinanced, what happens to this insurance?
The policy terminates.
How often do I make payments?
Depends on the payment schedule.
How do I apply for insurance?
Simply complete an application at your desired bank branch. Most customers enroll when they apply for a loan. The premium becomes a part of the loan repayment.
Do I need to take a physical exam?
Most customers do not need to take a physical exam. The company will inform the customer if any medical examination is required.
What is the approval process?
Credit Life policies are pre underwritten so approval is given instantly, in most cases.
