The Federal Bank has partnered with Ageas Federal Life Insurance to make a Group Credit Shield facility that offers life cover equal to the credit limit up to a maximum of Rs 3 lakh to the Federal Bank Credit Card holders.
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.
No type of additional documents or medical examinations are required. According to the bank, it is a single premium plan that meets the needs of clients, particularly millennials, who want simplicity and convenience without sacrificing security.
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The Group Credit Card can be purchased online with a few clicks in three minutes, 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.
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“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.
