Credit Life

Coverage

• Death, due to sickness or accident; and
• Permanent Total Disability (PTD), due to sickness or accident

Enrolment

Voluntary

Age Limits

Min. 18, Max 64 years at enrolment.
Issue Age plus Term of selected Unsecured Personal Loan should not exceed 65 years
In any case, Individual Coverage will terminate at attaining 65 years of age

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)
Structure: Age-banded

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
• Premium refund on a Pro-rata basis upon Early Settlement of corresponding loans

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;
• Upon payment of a Death or Permanent Total Disability benefit;
• Upon settlement of the Outstanding Balance in the event of early termination;
• Closure of the loan account for any reason;
• The failure of the policyholder to pay the Premium