Protect Your Loan Against Borrower Default and Ensure Peace of Mind
Overview:
ABSLI’s Credit Life Insurance Scheme is designed to safeguard both lenders and borrowers by covering outstanding loans in the event of the borrower’s death. This scheme ensures that the borrower’s family is not burdened with loan repayment and helps protect the lender’s interests.
Why Opt for ABSLI Credit Life Insurance Scheme?
- Asset Protection: Ensures that the loan does not become a liability for the borrower’s family.
- Brand Building: Demonstrates a commitment to customer care, enhancing brand loyalty.
- Risk Mitigation: Safeguards against non-repayment of loans due to the borrower’s death.
- Family Support: Shields the borrower’s family from the financial strain of repaying the loan.
ABSLI Credit Life Insurance Scheme (Group Insurance Plan):
- Coverage: Provides life insurance cover to the borrower, ensuring that the outstanding loan amount is settled in the event of the borrower’s death.
- Customizable: Tailored to fit the needs of various loan portfolios.
- Ease of Administration: Streamlined processes for managing and administering the scheme.
Benefits of ABSLI Credit Life Insurance Scheme:
- Protection: Protects against loan default due to borrower’s death.
- Customer Loyalty: Enhances customer trust and loyalty by offering a safety net for borrowers.
- Brand Enhancement: Strengthens brand reputation by showcasing a commitment to borrower welfare.
FAQs:
- What’s the need to buy credit life insurance scheme?
The scheme ensures that in case of the borrower’s death, the outstanding loan is paid off, protecting the borrower’s family and preventing the asset from becoming a liability. - What’s the eligibility criteria for buying credit life insurance scheme?
Eligibility generally includes loan borrowers who meet the insurer’s age and health requirements. - Why should I cover loans for customers with credit life insurance scheme?
It provides financial security to borrowers’ families and helps maintain a positive relationship with customers, which can enhance loyalty and trust.
Why Choose ABSLI Credit Life Insurance Scheme?
- Wide Coverage: Covers a broad range of loan portfolios.
- High Claim Settlement Ratio: 99.57% for FY 22-23.
- Extensive Presence: Available in 18 states and over 85 locations.
- Large Reach: 5.5 million lives covered as of March 31, 2023.
For more details, please download the Plan Brochure or visit our website.