Loan Protection Insurance

DBH Loan Protection Insurance is a distinctive type of Life Insurance policy aimed at safeguarding the bereaved heirs of a borrower from the burden of loan repayment during harsh financial crisis following his death.

Features

• Payment of outstanding principal amount at a time, upon death of borrower.
• Single premium to cover entire loan repayment period.
• Scope for coverage of a part of the total loan amount. (e.g. 50%)
• Scope for insurance coverage even in the midst of a loan repayment term.
• Co applicants along with the Principal Applicants can apply for Insurance coverage
• Insurance coverage starts after the disbursement
• Insurance coverage for a loan amount ranging from Tk 1 lac to Tk 50 lac
• Life Insurance Coverage of the borrowers up to the age of 65 years
• In case of early settlement of loan the Premium (proportionate amount) is refundable
• Master contract (policy) with DBH and membership certificate to the individual borrower

Benefits of DBH Loan Protection Insurance:

• In case of death of the borrower the family of the borrower will be secured from the burden  of  loan repayment
• Only one premium to be paid to cover entire loan repayment term
• Free Health Check up at renowned diagnostic centers
• Income Tax relief on premium payment
• DBH can finance your insurance premium (if required)
• Special discount on Insurance Premium being a DBH customer

Application Procedure for DBH Loan Protection Insurance:

Duly filled in Insurance Proposal Form to be submitted by the Borrower to Delta Life Insurance Company Ltd. (DLIC) through DBH along with an evidence of age proof, e.g. Birth Certificate, SSC Certificate, and Ward Commissioner’s Certificate etc. One copy of recent passport-sized Photograph and the Premium amount for the Insurance Coverage should also be submitted along with the Insurance proposal Form.

DLIC will take necessary steps and inform DBH for any further requirement to provide Insurance Coverage to the Borrower. A Membership Certificate shall be issued to the Insured Borrower upon incurring the risk.

Claim Settlement Procedure under DBH Loan Protection Insurance:

In case of unfortunate death of the Insured Borrower, the Nominee shall have to do the following:

• Inform DBH about the death of the Borrower within 7 days of its occurrence.
• Provide DBH with necessary supporting documents in favor of the claim, e.g. Death Certificate, Confirmation on the Ward Commissioner etc.
• Support any query or investigation launched by DBH or DLIC to authenticate the claim.

DBH will forward the Claim Form along with necessary documents to DLIC. Upon receipt of requisite proof in favor of the claim and upon their full satisfaction on the Claim lodged by the Nominee, DLIC shall settle the outstanding loan amount with DBH and thereafter will facilitate the release the documents from DBH to the Nominee.

Provided that any overdue loan amount and or charges accrued but remaining due or outstanding after the settlement of Loan Insurance Claim by DLIC shall have to be repaid in full by the Nominee / Heirs of the deceased Borrower in order to settle the outstanding loan liability with DBH.

Cases of Death Excluded from DBH Loan Protection Insurance:

Insurance benefit against the loan liability of the Borrower shall not be payable in case of the death due to any of the following reasons and circumstance(s):

• Self-inflicted injuries.
• Death due to suicide during the first year of insurance coverage
• AIDS and HIV related disease
• Death due to alcoholic abuse or drug addiction
• Death due to any war, riot or civil commotion
• Death due to involvement in Illegal act / criminal activity
• Death due to any other reason(s) within the first 06 months of the Insurance
• Coverage except for any accidental death.