Credit Life Insurance covers for the life loss of the insured for natural or accidental causes, with no territorial restrictions. This is a product that provides for a financial guarantee for both the person, whose life is insured, and also for the bank or the financial institution, as the beneficiary, which in the case of death of the insured person reimburses an indemnity from the insurance company to cover for the remained loan principal amount.
This type of insurance provides financial support for the insured surviving beyond the maturity date of the insurance, or financial support for descendents in the case of loss of life of the Insured within the maturity date.
The arrangement functions in the form of monthly or annual savings deposit (depending on the modality of how the contribution will be paid, every month or once a year), which besides the investment element provides for the most important one: life insurance.
Furthermore, this product serves as an incentive to employees who are eligible to profit the accumulated fund, only if they will be employed throughout the entire insurance period. On the other hand, since the payment contribution will be effected by the employer, the latter has all the rights to this insurance, throughout the entire insurance period.
What is this product?
This contract provides for covering any unexpected event caused by both natural and accidental causes.
What does this insurance provide?
The risk of Loss of Life of the Insured from natural or accidental causes;
The risk of total permanent disability for causes and damages due to accidents;
The risk of temporary disability for causes and damages due to accidents;
The risk of manifestation and diagnosis of one of the following critical conditions: