ForLife Group Credit Life Plan, a group life insurance product designed to provide financial security to loan customers of banking and financial institutions. The benefits of this product will offer peace of mind to institutions, such as banks or financial institutions, by ensuring full protection of loan repayment in the event of the death or total and permanent disability (TPD) of their loan customers.
Hightlights:
- Low-cost protection and a flat premium every year.
- Provides protection against death or total and permanent disability (TPD)
from general causes and accidents, up to 100% of the loan amount. - Coverage: domestic (subject to terms and conditions).
Insurance Benefits
100% of Level Sum Assured or Reducing Sum Assured will be paid in case of Death or Total and Permanent Disability (TPD)
Option: Level Sum Assured or Reducing Sum Assured
Easy to apply for, without requiring a medical examination
How the plan works
ABC Financial Institution has purchased a group loan protection product from Fortune Life with a Level sum assured as a special offer to its loan customers. Mr. Sambath, 35 years old, received a loan of US$5,000 from ABC Financial Institution. Therefore, Mr. Sambath will receive coverage under the group loan protection product from Fortune Life as follows:
If any unfortunate event occurs to Mr. Sambath within the 6th month after the date he was insured, Fortune Life will pay the remaining loan balance of $4,424, and the remaining insurance amount of $576 will be given to Mr. Sambath’s family (beneficiary).
Mr Sambath