Federal Bank credit card users will now enjoy a Group Credit Shield facility that provides life cover equal to the credit limit up to a maximum of Rs 3 lakh. The Federal Bank has partnered with Ageas Federal Life Insurance to bring this offer to its credit card users.
In a statement, the Federal Bank said that Group Credit Shield is an exclusive cover and is equivalent to the credit limit, up to a maximum of Rs. 3 Lakh for a duration of 1 year.
This product would not require any additional documents or medical examinations. It is a single-premium plan, aimed at customers, especially millennials, who want ease and convenience, while ensuring safety and security, the bank said.
The Group Credit Shield plan can be purchased online in 3 minutes with just a few clicks, he added.
Currently, Federal Bank offers three variations of credit cards namely Celesta, Imperio and Signet in association with Visa, Mastercard and Rupay respectively.
“We are delighted to partner with Federal Bank to introduce our Group Credit Shield to Federal Bank Credit Card customers. Group Credit Shield offers its customers life insurance coverage that will secure their credit spending and save their loved ones from having to bear the burden of debt repayment in the event of an unfortunate incident,” Karthik Raman, Chief Marketing Officer and Head – Products at Ageas Federal Life Insurance said commenting on the announcement.
“The Group Credit Shield product is designed to enhance Federal Bank’s credit card proposition. The ease and convenience that a fully digital process provides will surely add to the convenience of the customer. By offering such small bundled products, we hope to further increase insurance penetration in the country,” said Shalini Warrier, Executive Director of Federal Bank.