What is Credit Life?
Having unpaid loans can become a burden for your family if anything happens to you as a family provider. That's why these two low-premium insurance plans were designed to provide you a loan protection and peace of mind, should an untimely unfortunate event (total permanent disability (TPD) or death) happen before your loan is fully paid-off.
• Short-term Single Premium Credit Life Protector
• Single Premium Credit Life Protector
The aforementioned two low-premium insurance plans are only suitable for uab loan customers with:
• Mortgage loans
• Personal loans
• Business loans
The insured person must be a minimum of 18 years old, and no more than 65 years old (minus the policy term) at the time of purchasing the insurance.
The minimum sum that can be insured is MMK 3,000,000.
In the case of death or TPD of the insured party, 100% of the amount outlined on the policy’s Benefit Schedule Table. Any amount in excess of the outstanding loan will be paid to the beneficiary or life insured.
The premium payment for Manulife Credit Life Protector is a single-time payment premium, which means you only need to pay once when the policy is issued.
This policy will end:
(a) When we receive your notice in writing to end the policy
(b) When the insured party dies or is eligible for TPD benefit
(c) When the policy expires
If the insurance benefit is higher than the loan amount, any amount in excess of the outstanding loan will be paid to the beneficiary or life insured.