Federal Bank Credit Card owners will now get a Group Credit Shield facility that offers 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 make this offer to its credit card users.
In a statement, Federal Bank said that Group Credit Shield is an exclusive cover and equals the credit limit, up to a maximum of Rs. 3 Lakh for a term of 1 year.
This product would require no additional documents or medical examinations. It is a single premium plan, catering to customers, especially millennials, who desire ease and convenience, while at the same time ensuring safety and security, the bank said.
The Group Credit Shield plan can be bought online within 3 minutes with just a few clicks, it added.
Currently, Federal Bank is offering three variants 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 for Federal Bank’s Credit Card customers. Group Credit Shield provides customers a life insurance cover that will secure their credit spends and protects their loved ones from having to shoulder the burden of repaying the debt in case of an unfortunate incident,” Karthik Raman, Chief Marketing Officer and Head – Products at Ageas Federal Life Insurance said while commenting on the announcement.
“The Group Credit Shield product is designed to enhance Federal Bank’s credit card proposition. The ease & convenience that a completely digital process provides will surely add to customer convenience. By offering such bite-sized, bundled products, we hope to further increase insurance penetration in the country,” said Shalini Warrier, Executive Director, Federal Bank.