Borrower Life Insurance Contract “CREDIT LIFE” (for individuals)

1. Summary of insurance product

The CREDIT LIFE borrower life insurance contract protects against the risk of being unable to pay the loan due to health problems.

 

2. Benefits of an insurance product

Insurance cover in case of disability;

Insurance cover against the risk of death during the insurance period;

Insurance coverage anywhere in the world;

Individual rate.

 

3. The main conditions of the insurance product

The insurance period is set in accordance with the validity period of the Loan Agreement for a period of more than one year.

The age of the Insured is from 18 to 60 years.

Insured events - a) permanent disability (Group I disability) of the Insured as a result of permanent damage to his health; b) death of the Insured during the Insurance Period.

The size of the Sum Insured is established based on the amount of the Loan Agreement, which is the main debt of the Insured to the Beneficiary (excluding interest on the loan or credit, fines, penalties, and any other liabilities or payments arising).

The size of the insurance premium is established based on the size of the Sum Insured, the Insurance Period, the age of the Insured Person at the beginning of the Insurance Period, the procedure for its payment, and is calculated on the basis of current tariff rates and increasing coefficients established by the Insurer.

 

4. Tax incentives

Amounts of salaries and other income of taxpayers directed to pay insurance premiums paid to legal entities licensed to carry out insurance activities in the Republic of Uzbekistan for long-term life insurance (Clause 15, Article 378 of the Tax Code of the Republic of Uzbekistan);