SMILE Smart Loan Protection
Protect your business loan starting from $27.50 (one time payment)*
- Receirve 100% of sum assured in case of Death or Total Permanent Disability (TPD) due to illness or accident. Sovannaphum Life will help settle your business loan liability directly with Canadia bank.
- Your family will have peace of mind from loan liability, and your business will live on.
- Easy with single premium payment.
|Insured's age||From 18 to 60 years old|
|Expired age||65 years old|
|Sum assured (business loan amount)||From $5,000|
|Policy term||1 to 10 years|
|Premium payment mode||Single Payment|
|For loan borrowers that have business loan with Canadia bank|
Example: Mr. A who is 30 years old purchases SMILE Smart Loan Protection with sum assured of $5,000 for 10 years to protection term.
Benefits and Protection
Case 1: If Mr. A has already repaid $1,000 of his loan to the bank
- Sovannaphum Life will pay the remaining debt of $4,000 to the bank, and
- Give the remaining benefits of $1,000 to the second beneficiary (could be Mr. A's family)
Case 2: If Mr. A has already repaid all the loan to the bank before the insurance terms, then Mr. A has two options as follows:
- Continue the life protection until the end of the policy term. In case an unfortunate event due to illness or accident occurs to Mr. A that causes Death or TPD, the second beneficiary (could be Mr. A's family) or Mr. A will receive the sum assured of $5,000
- Cancel the life insurance policy and receive the surrender value (if any) and the policy will be terminated.
- *The data provided is based on the premium calculation for the insured age 18, female with good health condition, with sum assured of $5,000 and 1 year policy term.
- **Subject to the business loan interest rate of Canadia bank.
- Term and conditions apply.
- All information provided in this booklet is for marketing purpose only. For more detail information, please contact our company or Insurance Advisor at Canadia bank branches.