Loan Protection Insurance by Groupama
Protection for consumer loan borrowers of DSK Bank
Loan Protection Insurance is intended for holders of consumer loan in DSK Bank and provides financial protection in adverse situations with life and health, which may lead to inability to pay the loan obligations.
How to get Loan Protection insurance:
Advantages for you:
Insurance cover for the territory of the whole world and for the entire period of repayment of the loan;
Facilitated method of payment of the premium at the same time as the monthly repayment of the loan;
Possibility of insurance protection against loss of income in case of unwanted unemployment with the choice of package „Full“.
What is the coverage:
Learn more about the Loan Protection Insurance packages
Package „Full“ to „Loan Protection“ insurance is intended for borrowers (individuals) of consumer loans in „DSK Bank“ AD between the ages of 18 and 59 at the beginning of the conclusion of the insurance. The insurance contract under the „Full“ package covers events occurring on the territory of the whole world except for the risk of „Unwanted unemployment", which covers events occurring on the territory of the Republic of Bulgaria.
What are the advantages?
- The residual amount of the loan is paid at the date of the insurance event or up to 6 (six) consecutive monthly installments in case of Involuntary unemployment and prolonged hospital (for 1 insurance event);
- In case of risk „Unwanted unemployment“ the insurance cover is valid even upon termination of the employment contract by mutual consent against compensation (Art. 331 para 1 of the Labour Code and Article 107a of the Civil Servant Act);
- For self-insured persons or pensioners who cannot take advantage of the risk „Unwanted unemployment“ - increased cover at risk „Temporary incapacity“ applies;
- The insurance cover is valid for the territory of the whole world and for the entire period of repayment of the loan;
- Facilitated method of payment of the premium at the same time as the monthly repayment of the loan;
- Insurance cover is active up to 60 days after the due date and in case of unpaid insurance premium within that period.
What is the coverage?
Package „Full“ covers:
- Death of the insured due to accident and illness;
- Total permanent incapacity for work over 70% due to accident and illness;
- Unwanted unemployment;
- Temporary incapacity for work as a result of an accident or illness.
What is the duration of the insurance?
- In case of newly concluded loans - the term of the insurance is equal to the term of repayment of the loan;
- In case of existing loans - the term of the insurance is equal to the residual period of repayment of the loan.
How is the insurance premium paid?
The insurance premium is calculated in % of the monthly installment of your loan and is paid monthly, together with the repayments of the loan, by means of a periodic credit transfer order /PA/.
What is paid in the event of death or total permanent incapacity for work?
In the event of death, it shall be paid:
- the balance of the loan at the date of death;
In the case of total permanent incapacity for work, the payment shall be: :
- the balance of the loan at the date of the occurrence of the risk – when the term of the Expert Decision is longer than the remaining term of the loan;
- the monthly installments of the loan for the duration of the Expert Decision – when the term of the Expert Decision is shorter than the remaining term of the loan;
In the event of unwanted unemployment and temporary incapacity for work, the following shall be paid:
- up to 12 (twelve) monthly installments for the duration of the loan, but not more than 6 (six) consecutive monthly installments for one insurance event.
- * For self-insured persons or pensioners who cannot take advantage of the risk „Unwanted unemployment“ - increased cover at risk „Temporary incapacity“. In these cases, the Insurer pays to the Insured („DSK Bank“) a monthly installment on the loan for the duration of the temporary incapacity for work, and the insured person is paid an additional benefit in the amount of half a month's installment for each of the months of incapacity for work.
The benefiting person (the person to which the insurance compensation is paid) under this insurance is DSK Bank AD.
Package „60+“ to „Credit Protection“ insurance is intended for borrowers (individuals) of consumer loans in „DSK Bank“ AD aged 60 to 74 years at the beginning of the conclusion of the insurance. The insurance contract under package „60+“ covers events occurring on the territory of the whole world.
What are the advantages?
- The residual amount of the loan shall be paid at the date of the insured event or monthly instalments for the duration of the incapacity for work;
- Insurance cover is valid throughout the world and for the entire period of repayment of the loan;
- Facilitated method of payment of the premium at the same time as the monthly repayment of the loan;
- Insurance cover is active up to 60 days after the due date and in case of unpaid insurance premium within that period.
What is the coverage?
Package „60+“ covers:
- Death of the insured as a result of an accident;
- Total permanent incapacity for work above 70% due to an accident;
- NEW! Permanent total disability due to a road traffic accident (RTA) over 70%;
- NEW! Death due to road traffic accident.
What is the duration of the insurance?
- In case of newly concluded loans - the term of the insurance is equal to the term of repayment of the loan.
- In case of existing loans - the term of the insurance is equal to the residual period of repayment of the loan.
How is the insurance premium paid?
The insurance premium is calculated in % of the monthly installment of your loan and is paid monthly, together with the repayments of the loan, by means of a periodic credit transfer order.
What is paid in the event of death or total permanent incapacity for work?
In the event of death, it shall be paid:
- the balance of the loan at the date of death;
In the case of total permanent incapacity for work, the payment shall be::
- the balance of the loan at the date of the occurrence of the risk – when the term of the Expert Decision is longer than the remaining term of the loan;
- the monthly installments of the loan for the duration of the Expert Decision – when the term of the Expert Decision is shorter than the remaining term of the loan.
„Accident“ package to „Credit Protection“ insurance is intended for borrowers (individuals) of consumer loans in „DSK Bank“ AD aged between 18 and 59 years at the beginning of the insurance who cannot declare good health status.
What are the advantages?
- The remaining loan balance as of the date of the insured event or up to six (6) consecutive monthly installments in the event of unintended unemployment shall be paid;
- In the case of the risk „Unwanted Unemployment“, the insurance cover is valid even if the employment contract is terminated by mutual agreement in exchange for compensation;
- The insurance cover is valid worldwide and for the entire repayment period;
- Facilitated payment of the premium at the same time as the monthly loan repayment;
- The insurance cover is active until 60 days after the due date and in case of non-payment of the insurance premium within this period.
What is the coverage?
Package „Accident“ covers:
- Death of the insured due to accident;
- Total permanent disability over 70% due to accident;
- Involuntary unemployment;
- Temporary incapacity for work as a result of an accident
What is the duration of the insurance?
- new loan customers - the term of the insurance is equal to the term of repayment of the loan.
- existing loan customers- the term of the insurance is equal to the residual period of repayment of the loan.
How is the insurance premium paid?
The insurance premium is calculated in % of the monthly installment of your loan and is paid monthly, together with the repayments of the loan, by means of a periodic credit transfer order.
What is paid in the event of death or total permanent incapacity for work?
In the event of death, it shall be paid:
- balance of the loan at the date of death.
In the case of total permanent incapacity for work, the payment shall be:
- the balance of the loan at the date of the occurrence of the risk – when the term of the Expert Decision is longer than the remaining term of the loan;
- the monthly installments of the loan for the duration of the Expert Decision – when the term of the Expert Decision is shorter than the remaining term of the loan;
In the event of unemployment and temporary incapacity for work, the following shall be paid:
- up to 12 (twelve) monthly installments for the duration of the loan, but not more than 6 (six) consecutive monthly installments for one insurance claim.
- For self-insured persons or pensioners who cannot take advantage of the risk „Unwanted unemployment“ can receive increased cover at risk „Temporary incapacity“. In these cases, the Insurer pays to the Insured („DSK Bank“) a monthly installment on the loan for the duration of the temporary incapacity for work, and the insured person is paid an additional benefit in the amount of half a month's installment for each of the months of incapacity for work.
- The beneficial (to whom the insurance compensation is paid) for this insurance is DSK Bank AD.
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