CREDIT LIFE COVER

The Credit Life Cover provides protection against Involuntary Loss of Employment (ILOE) and Loss of Trade Licence (LOTL). Both products are designed to help a person to cover his/her monthly loan repayments in the case of involuntary job loss or loss of trade license. This is designed to stand by the customer in tough times and relieve him/her you from the burden of up to 6 monthly installments.

Involuntary Loss Of Employment (ILOE)

Loss Of Trade Licence (LOTL)

TAILOR-MADE SOLUTIONS TO PROTECT YOUR FINANCIAL WELL BEING
  • Coverage applicable on cash and finance deals
  • Coverage for Employed and SME Owners
  • Up to 4 EMI benefit for finance customers*
  • Up to 6% of the vehicle invoice value as benefit for cash customers*

WHAT ARE THE ELIGIBILITY CRITERIA?

Involuntary Loss of Employment (ILOE) for Employed customers
You are eligible for cover under this agreement if on the date you suffer ILOE you:

  • Are older than 18 years old and less than 59 years old;
  • Have been in 12 continuous months of permanent gainful employment of not less than 30 hours per week with the same employer;
  • Are working on a day to day basis for the same employer as evidenced on your employment visa / residence permit;
  • Have had your salary paid into your bank account through the WPS System or any other means as required by law; and
  • You became unemployed because of redundancy only; and
  • More than 120 days have lapsed since your Credit Life Protection started.

LOSS OF TRADE LICENSE (LOTL) FOR SME OWNERS

You are eligible for cover under this agreement if on the date you suffer a LOTL you:

  • Have traded actively and profitably for a minimum of 24 months; and
  • You suffered a LOTL due to bankruptcy only; and
  • More than 120 days have lapsed since your Credit Life Protection started.

WHAT IS COVERED?

Involuntary Loss of Employment (ILOE) for Employed customers

If you suffer ILOE as defined in this policy more than 120 days your Credit Protection started we will pay you up to 6% of your vehicle invoice amount in 4 equal monthly instalments or if you purchased your car on finance, your finance provider, up to 4 monthly instalments on your auto loan.

We will pay the monthly payments only whilst you remain in the UAE legally and remain unemployed.

 

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