Credit Borrower Health Insurance

Protecting the Family against the burden of debt repayment
Credit Borrower's Health Insurance is an insurance product offered by lending organizations (banks, financial corporations, etc.) that assists in paying the full amount of the borrower's debt if the borrower pass away or become completely disabled.
The loan won't put a strain on the customer's family members as a result.

Insurance benefits

GIC will pay insurance under the Credit Borrower's health insurance program if the Insured experiences:

Death as a result of an accident, illness, or disease.
Complete and permanent disability brought on by an illness, accident, or disease.

GIC will pay the insurance as follows, depending on the insurance program implemented at each credit institution partner:
A. Program 1: GIC pays the full insurance amount registered by consumers in the following priority order:

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).

B. Under Program 2, GIC only pays the credit institution the Insured's outstanding balance, in accordance with the Credit Contract's repayment schedule.