Credit Life Insurance
(Cover applied under a group master policy).
Group credit insurance offers coverage to the lender to its borrowers, usually a bank or finance company, where the payout is the outstanding principal amount in the event of the death/disability of the debtor. Additional benefits can be offered also.
Credit Life Products:
- Personal Finance/ Personal Loans
- Credit Shield for Credit Card Holders
- Mortgage Shield/Home Finance
- Annually renewable contract
- Coverage is on Outstanding loan balance at the time of assured’s death and/or disability
- Life and disability protection
- Borrower should be residents in UAE
Policy terms and conditions will apply.