Product Profile

Credit Life Home Loan Protection is a decreasing term cover that an individual can purchase while taking home loan from the bank that protects both the borrower and the lender. Credit insurance is always sold in connection with a specific loan. The cost of the insurance is generally built in the loan repayment.

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 debtor, 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.

Benefits

Death Benefit

In-case of the unfortunate death of the insured full Outstanding home loan {and credit life single premium loan, where applicable} 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

Temporary total 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 Home loan with a maximum of 3 payments per claim, limited to 6 payments in total.)

Permanent Total Disability

Permanent Total 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 - own or Similar Occupation - Waiting Period of 30 Days: Outstanding Home loan {and credit life policy single premium loan, where applicable} is paid off, subject to maximum sum assured.)

Critical illness

Critical illness provides coverage against 21 dread diseases as mentioned in policy documents.

(Waiting Period of 90 Days: Outstanding Home Loan {and credit life policy single premium loan, where applicable} is paid off, subject to maximum sum assured.)

In the event that the outstanding home loan {and credit life policy single premium loan, where applicable} is paid off under this policy, the policy thereafter terminates.

Advangates

• Easy and small premium payments
• Full outstanding loan re-payment by insurer in case of death
• Outstanding personal loan protection in case of death / temporary or permanent disablement / Critical illness
• Valuable protection to your family by paying off your debts with the assistance of policy term incase of unfortunate death.
• Peace of mind since your liabilities are protected.

What is Credit Life insurance?

Credit Life insurance covers the outstanding balance of your loan. 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.