Accident Insurance of a borrower

Financial protection solution for borrowers
A product called Credit Borrower Accident Insurance helps cover 100% of the customer's loan in the event of an accident for borrowers at credit institutions (banks, financial organizations, etc.), especially when the consumer has a fatal accident or completely loses their ability to work. The loan won't put a strain on the customer's family members as a result.

Insurance benefits

GIC will pay the full Sum Insured under the Credit Borrower's Accident insurance program if the Insured experiences any of the following:

Unintentional death.
Accident-related total and permanent disability.

The following is the order in which insurance payments are made:

The first beneficiary is a credit institution, which will receive payment priority for the actual outstanding balance at the time the insured event of the Insured under the Credit Contract (if any).
The second beneficiary is the insured or the insured's legal heirs, who will receive payment for the remainder of the Sum Assured (if any).