Credit Shield Insurance:
This is a specific product that provides protection to the policy holder for their outstanding Credit Card debt or outstanding account’s debt, up to the agreed limits. With this policy, the insurer will undertake to pay the outstanding debts on behalf of the insured in the event of an unforeseen change in circumstances or death.
This type of policy may covers unforeseen events such as:
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- Permanent Total Disability
- Involuntary loss of employment, etc.