The loan protection insurance provides financial security for borrowers and their families by covering loan repayments under specific circumstances. This coverage is subject to the borrower having purchased the insurance and fulfilling the applicable terms and conditions. The benefits include:

1. In Case of Illness

If the borrower becomes unable to work due to illness, the insurance covers the loan installments after a waiting period of three months. This support continues for the entire duration of the incapacity, up to a maximum of 24 months.

2. In Case of Unemployment

If the borrower loses their job through no fault of their own, the insurance pays up to 12 loan installments. This requires that the borrower has been employed on a permanent contract with the same employer for at least one year.

3. In Case of Death

In the event of the borrower’s death, the loan protection insurance fully settles the outstanding loan amount based on the balance as of the date of death.

With loan protection insurance, borrowers can safeguard themselves against financial hardships caused by unforeseen events, while investors on the platform benefit from added security.