Creditor protection insurance
By signing a group insurance contract, loan users are protected against the inability to repay which may occur due to the following:
- illness longer than 45 days
- termination of employment (dismissal)
- death resulting from illness or accident
Occurrence of insured event due to long illness
Upon the occurrence of insured event, CARDIF shall pay to the Bank as Beneficiary the amount corresponding to the amount of the annuity for each consecutive 30 (thirty) days of working disability.
Occurrence of insured event due to termination of employment (dismissal)
Upon the occurrence of insured event, CARDIF shall pay the Bank as Beneficiary the amount corresponding to the amount of the annuity for each 30 (thirty) days of consecutive unemployment.
Occurrence of insured event due to death of the insured (caused by illness or accident)
Upon the occurrence of insured event due to death resulting from accident or illness, CARDIF shall pay the Bank as Beneficiary the remaining portion of the debt under the Loan Contract in line with the loan repayment plan.
The key characteristics of this ability to repay insurance programme are:
Safe and simple!
Safe: upon the occurrence of insured event, Cardif shall repay the loan, i.e. annuities, instead of the insured. Fast claim settlement – short reaction time.
Simple: signing the insurance contract is simple, no medical examination or additional documentation needed. All formalities are completed at the Bank in a short time.