Federal Bank credit card holders now benefit from a group credit protection facility that offers life insurance for a credit limit of up to a maximum of Rs 3 lakh. The Federal Bank has partnered with Ageas Federal Life Insurance to make this offer available to its credit card users.
In a statement, the Federal Bank said that Group Credit Shield is an exclusive cover and equalizes the credit limit, up to a maximum of Rs 3 lakhs for a period of 1 year.
No additional documents or medical exams are required for this product. It is a single-premium plan aimed at customers, particularly millennials, who want comfort and convenience while maintaining 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, the Federal Bank offers three variants of credit cards namely Celesta, Empire, and Signet along with Visa, Mastercard, and Rupay respectively.
“We are very pleased to be working with Federal Bank to introduce our Group Credit Shield to our Federal Bank credit card customers. Group Credit Shield offers its customers life insurance protection that safeguards their loan expenses and prevents their loved ones from having to shoulder the burden of debt repayment in the event of an unfortunate event,” Karthik Raman, Chief Marketing Officer, and product manager for Ageas Federal. Life Insurance commented on the ad.
“The Group Credit Shield product was developed to enhance Federal Bank’s credit card offering. The simplicity and convenience offered by a fully digital process will certainly add to the convenience of the customer. By offering such small product bundles, we hope to further increase insurance penetration in the country,” said Shalini Warrier, Executive Director of Banco Federal.