Group Credit Life


Credit Life Protection is a decreasing term cover that a bank can offer to individuals taking any kind of a loan from the bank including personal loan, credit card or Mortgage. The coverage is designed to protect both the borrower and the lender. Credit insurance is always sold in connection with a specific loan.
It’s a type of cover in which the amount of the policy matches the loan balance at any given time; designed so that full payment will be made in the event of death, disability or critical illness.
The banks have a constant threat of not only facing a financial loss in case of death of the creditor, but also damages its reputation by trying to recover money from the family of the deceased.
Similarly, even the borrower does not want to leave the burden of a loan on his/her family, in case of death, Disability or critical, Illness.
Hence, this product has been designed to protect both the parties against adverse consequences.
In-case of the unfortunate death of the insured full outstanding loan balance is paid off, subject to maximum sum assured The sum assured is a reducing amount of cover, over the loan repayment term.
Temporary Total Disability
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.)
 
Permanent Total Disability
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.
Plan USPs
• Easy and small premium payments.
• Full outstanding loan balance re-payment by insurer in case of death.
• Outstanding loan 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.
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