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