Insurance (when borrowing) - contact usWho is insured?
The person receiving a loan is insured, which as per the Loan Agreement, shall be repaid according to a repayment scheme. A third party benefiting under this policy can be the lending institution, which had sanctioned the loan or any other benefiting person, stated in the policy by the insured party. In case of occurrence of an insurance event, the insurer shall pay to the lending institution the non-repaid part of the loan as of the date of the insurance event, reduced by the amount of the contributions which have been paid, but not any which are overdue.What risks are covered?
The insurance covers the obligations of the insured person under a loan agreement in the following cases:
Death from accident or general illness. At occurrence of an insurance event the insurer pays the non-repaid part of the amount to the party in whose favour the insurance is, together with the due interest reduced by any overdue contributions. Permanent disablement and acquisition of 1st or 2nd group of disability, resulting from an accident or general illness-the insurer covers the payment of the repayment contributions to the party in whose favour the insurance is for the time of disability.
