Credit Shield is a Life Insurance Coverage program that is designed for credit card holders. This program ensures protection against death, disability, and critical medical conditions. It is a simple package wherein the individual is insured for a certain amount of money which is based on his credit limit as well as his repayment capacity. Therefore, it is a kind of risk coverage on the outstanding balances. This protects the family members of the card holder in the event of death by paying an amount to settle the outstanding loan.
Generally, this life insurance coverage service is offered to credit card holders between 18-60 years old. This life insurance coverage program also grants a “free look” privilege. The free look privilege provides the insured with a period of 15 days where he/she can review this life insurance coverage policy. If the insured finds the life insurance coverage policy dissatisfying, he is free to exit from the plan and receive a refund for the first premium.
However, this life insurance coverage policy is not available for people serving in the armed forces or police forces of the nation. If the insured becomes disabled due to a war, invasion or riot, he will not be allowed to make a claim in this policy. Also, injury caused due to a breach of law will not be considered to make claim under this policy. In case of a natural death, there is a “waiting period” of approximately 45 days and the premium which was paid for this life insurance coverage policy becomes the death benefit. There is absolutely no waiting period in case of an accidental death.
Therefore the credit shield life insurance coverage plan offers liberal options to secure the wealth of the insured and his family. It is an affordable plan and guarantees security and convenience. The Credit Shield plan meets the needs and requirements of credit card holders and offers cutting-edge financial solutions. It is indeed, another step on the ladder to upgrade customer service level.
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