Credit Life Scheme – Financial Institutions

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Loans, credit card facilities, business finance and all such credits help in achieving individuals’ dreams, but always come with a sense of future insecurity in handling repayments.

An illness, injury or death may strike without warning, leaving the debt impossible to recover.

EFU life offers a Credit Life Scheme, which provides life and disability cover for the customers of a credit institution (coverage for repayment of loan or credit card balances). So let your borrowers enjoy that latest car, luxury home, higher education for children or the family trip to exotic resorts with complete peace of mind.

The following features of the Credit Life Schemeare applicable for all credit facilities:

  • The insurance premium is nominal compared to the loan amount.
  • Premium rates can be built in the rates charged for the loan / credit card.
  • Premiums are treated as allowable expense for tax purposes.
  • Lump sum repayment of loan in case death or disability occurs. The family is not burdened with repayments of loan or credit card balance in case of death or disability of the borrower.
  • Borrower shall be assured upto 60 years of age.
  • Riders

    The EFU Group Life Credit LifeScheme gives institutes the facility to tailor the package to their specific needs by choosing from a comprehensive range of additional benefits available. All covers are available on a 24-hours worldwide basis and include both on-duty and off-duty risks.

    Even though the additional benefits are subject to some exclusions, the basic life benefit is exclusion free and shall be payable in any case. Acts of terrorism such as fire-arm, murder, assault and assassination are covered as well.

    • Accidental Disability Benefit: (own and similar occupation)

      TThe benefit provides for the full payment of the sum assured if the permanent and total disability by accident prevents the employee from following his own occupation or any other similar occupation for which he is reasonably suited by reason of education, training or experience. This benefit mainly aims to provide a financial cushion to individuals of your group.

    • Accidental Disability Benefit: (any occupation)

      The benefit provides for the full payment of the sum assured if the permanent and total disability by accident prevents the member from following his occupation or any other occupation. This benefit mainly aims to provide a financial cushion to individuals of your group.

    • Natural Disability Benefit

      This benefit provides for the payment of the full sum assured if permanent disability is caused by natural causes.

  • Data Requirement

    The basic data requirement from the financial institute/bank is the list of customers along with details regarding names, dates of birth and CNIC numbersThe sum assured for each customer shall have to be submitted monthly, which shall be the outstanding credit/debt balance or any other information according to the type of cover extended.

    New customers and customers who paid off in full may be adjusted on a monthly basis in the scheme.

  • Service Standards

    At EFU Life we strive to provide you excellent services and serve you beyond your expectations. Having a friendly customer service and a dedicated sales force, we ensure you the best of our attention at all times.

    We have set up stringent service standards so that we may satisfy our customers consistently

    • Claim Settlement within 7 days of submitting claim documents
    • Service response to business queries within 3 working days
    • ISO 9001-2008 certified operational procedures to ensure optimal quality services
    • Well-trained staff with strong insurance background
    • Preparation of quotations within 3 days of quotation request from customer


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