Banks offer short\/medium and long term loans to their customers and our Group Credit Life Assurance product\u00a0 insures the Bank and its borrowers on this lending.<\/p>\n
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Insured Events<\/strong><\/p>\n Our\u00a0 \u00a0Group Credit Life Assurance\u00a0 product covers Banks and it Customers (Borrowers):<\/p>\n <\/p>\n Benefit Details<\/strong><\/p>\n Death<\/strong><\/p>\n In case of death (due to accident or illness) of a Borrower: the outstanding loan amount of the Borrower is paid to the Bank<\/p>\n The difference between the principal loan amount and the outstanding loan amount is paid to the Borrower\u2019s nominated beneficiaries. Cover is on a 24\/7-Worldwide basis<\/p>\n <\/p>\n \u00a0Permanent Total Disability:<\/strong><\/p>\n In case of permanent total disability (due to accident) of a Borrower:<\/p>\n <\/p>\n Borrower<\/strong><\/p>\n Cover is on a 24\/7-Worldwide basis<\/p>\n <\/p>\n Critical Illness<\/strong><\/p>\n In case of first positive diagnosis of a defined Critical Illness of a Borrower:<\/p>\n <\/p>\n Cover is on a 24\/7-Worldwide basis.<\/p>\n Critical Illness is defined as:<\/p>\n <\/p>\n Term<\/strong><\/p>\n Contract Term<\/p>\n This is a 12 month contract renewable yearly till the full repayment of the loan.<\/p>\n <\/p>\n Loan Term<\/strong><\/p>\n Loan terms can be for any period between 1 to 30 years.<\/p>\n <\/p>\n Medicals\u00a0<\/strong><\/p>\n The Borrower might be required to undergo medical examinations<\/p>\n <\/p>\n\n
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