Noor Credit Shield
Group Credit Shield Takaful provides cover to credit card holders under a common single master Takaful Certificate to protect the outstanding credit card balance in the event of an untimely death of the card holders. The plan can be conveniently structured in a way such that the entire financing amount or the balance amount is paid up in case of the untimely demise of the card holder. The takaful contribution can also be adjusted on annual or monthly basis according to the total balance of the financing outstanding.
In brief Group Credit Shield is a protection cover, which ensures that the financing amount is paid back to the financier in case of an untimely demise of the customer.
This plan provides total peace of mind because in case of an untimely demise of the card holder, the family is not burdened with the financing outstanding.
For a credit card facility, the following benefits may be attached as riders benefit:
1. To cover the entire outstanding balance in the event of:
- Permanent Total Disability (PTD),
- Accidental Death (AD),
- Critical Illnesses (CI),
- Terminal Illness (TI),
2. To cover the minimum monthly payment due to:
- Involuntary Loss of Employment
- Temporary Total Disability
The period of cover is on annual basis and renewed automatically until expiry of the financing period.
