Credit Life Insurance

By having a stable income, you can take out a loan that helps solve many of your financial needs. This practice is widely and successfully used by many people today.

However, one question may arise: if the head of the family passes away or becomes disabled as a result of an accident and can no longer work, who will pay off the remaining loan debt?

In the event of death, 100% of the outstanding loan amount is covered.
In the event of disability, the insurance payment is made in proportion to the percentage of functional impairment of the insured person’s body. In no case may the total insurance payout (including interest) exceed the insured amount specified in the policy.

The insured amount specified in the insurance certificate is considered to be reduced by the amount of the insurance payout already made under that certificate.

The remaining loan amount refers to the sum the borrower is required to pay according to the payment schedule of the credit agreement after the date on which the insured event occurred. This amount does not include any debt that was due before the insured event occurred.

The insurer also undertakes to cover the loan interest calculated from the date of the borrower’s last payment until the date of the insured event, in accordance with the loan repayment schedule.

If the insured person is assigned a temporary disability, the insurance payout is made in installments according to the loan payment schedule; in all other cases, the payment is made in a lump sum.

If there is any discrepancy or ambiguity between the disability-related documents issued by the authorized body and the insurance coverage stated in the insurance certificate, the insurer will decide on the insurance payment in accordance with the requirements of the legislation.