- The life cover equals the credit limit, up to a maximum of Rs. 3 lakh, for a term of 1 year
- A digital-first product, the cover can be bought within 3 minutes with just a few clicks
Federal Bank, one of India’s leading Private Sector Banks, announced an extension of its partnership with Ageas Federal Life Insurance by offering Group Credit Shield for Federal Bank’s Credit Card holders. 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 hassle-free and innovative sachet product requires no additional documents, no medical examinations, and 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 Group Credit Shield plan can be bought online within 3 minutes with just a few clicks.
Federal Bank currently has three variants of Credit Cards, namely, Celesta, Imperio and Signet in association with Visa, Mastercard and Rupay respectively. Each card is designed to cater to the needs of different segments of customers.
Commenting on the launch, Mr. Karthik Raman, Chief Marketing Officer and Head – Products, Ageas Federal Life Insurance, said: “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.”
Ms. Shalini Warrier, Executive Director, Federal Bank, said: “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.”