Credit Life is a credit insurance bundle that used to be offered with Unsecured Personal Loan. Credit Life provides coverage for the outstanding loan amount against death or permanent total disability
Coverage |
• Death, due to sickness or accident; and |
Enrolment |
Voluntary |
Age Limits |
Min. 18, Max 64 years at enrolment. |
Eligibility Conditions |
Does not have a Pre-existing Condition (resulting from a Sickness or Accident that occurred prior to the Borrower’s enrolment in the policy) |
Benefit |
100% of the Outstanding Balance on the date of Death or PTD |
Premium Mode |
Payment Mode: Single-premium (up-front) |
Enrolment Fee |
No Enrolment Fee |
Medical Check-up |
Not required up to BDT 1,000,000 |
Customer Declaration |
Customers need to submit a health declaration where he / she needs to declare that the customer is, at present, not receiving any treatment, have not been treated for or told to have any heart or blood vessel disease, high blood pressure, nervous system, kidney, liver or lung disease, any recent weight loss, unexpected fatigue, AIDS, enlarged lymph nodes or any other serious condition. If the customer has such pre-existing conditions, the customer should not be encouraged to avail Credit Life; since in such cases, the beneficiary of the customer will not receive any claims in case of death or PTD of the customer. |
Coverage Withdrawal |
Not allowed once enrolled unless the loan is settled early |
Premium Refund |
• No premium refund upon loan termination at maturity date Pro-rata Unutilized Premium Refund = Upfront Premium collected X Number of months remaining of the Loan / Total Length of the Loan in Months |
Policy Cancellation |
• The Insured Borrower reaches the age of 65; |