LIFE INSURANCE
Credit Life
Protecting Borrowers, Securing Lenders
KnowYouCan
Claims Process
1. Download and fill out a claim form.
2. Submit the claim form along with the complete documentary requirements online to ccare@axamansard.com or to the nearest AXA Mansard Office.
3. AXA Mansard will confirm the approval of your request through e-mail or a call.
4. Claim will be settled and received via your preferred channel as indicated in the e-mail or call.
Loans help us achieve important goals, but life can be unpredictable. The AXA Credit Life Insurance ensures that if anything unexpected happens, your outstanding personal loan will be taken care of. This protects your loved ones from financial stress and gives lenders confidence that repayment is secured.
Benefits
- Loan Repayment Protection – pays off any unpaid loan balances directly to the financial institution on occurrence of insured event.
- Family Relief – ensures your loved ones are not left with repayment responsibilities.
- Peace of Mind – borrow confidently, knowing your financial obligations are covered
Features
- Entry Age: 19 – 65 years
- Term: Matches the loan tenure
- Payment Options: Single, Monthly, Quarterly, Half-yearly, or Yearly
- Optional Riders: Permanent Disability, Critical Illness and Job Loss
FAQs
The main purpose is to protect both the borrower and the lender. For the borrower, it ensures that their loved ones are not burdened by the remaining debt in the event of their death. For the lender, it provides a safety net that secures the repayment of the outstanding loan balance in the event of a claim.
The policy pays the outstanding principal loan amount between the date of death and the end of the loan duration. This helps ensure that the loan is fully repaid and relieves the borrower’s family from the debt.
Optional riders available on this policy are permanent disability, critical illness and involuntary loss of job. Each of these riders have their own terms and conditions and are priced separately.
As the outstanding loan balance reduces over time through regular repayments, the coverage provided by the Credit Life Policy also decreases proportionately. This ensures that the payout remains aligned with the remaining debt.
Yes, financial institutions can buy group credit life policies to cover the customers in their loan books.
Please see GROUP CREDIT LIFE PAGE FOR MORE INFORMATION.
If the borrower repays the loan before the policy term ends, the policy is usually cancelled.
