Payment protection insurance to consumer loans – Description
The payment protection insurance is a part of the consumer loan provided by Komerční banka. This insurance is already included in the price of the loan for all clients who sign the Health Declaration form when arranging the loan. The client then does not have to pay any premiums and s/he is still fully protected against many unpleasant situations.
The payment protection insurance tied to the consumer loan provided by Komerční banka includes:
- insurance against death
If the insured dies, the insurance company settles the current debt balance to the bank. - insurance against total disability
In case of total disability, the insurance company will pay the monthly loan instalments to the bank instead of the client for the period of the total disability duration. - insurance against inability to work
Should the insured be on long-term sick leave, the insurance company will pay the loan instalments to the bank for him/her always in the monthly instalment amount proportionate to the length of the illness. - insurance against loss of job
If the insured loses his/her job not through his/her own fault but, for example, due to organisational changes in the company, the insurance company will pay his/her loan instalments beginning with the third month of unemployment.
