Borrower's Insurance

The BORROWER'S INSURANCE contract, taken out as a guarantee for a loan, is ancillary to the loan agreement. The borrower's insurance covers the risks of death and total and permanent disability (TPD). It is an insurance coverage that is required by the bank for any prospective individual borrower.

The borrower's insurance protects both the borrower and the lender. In the event of the guarantee being triggered, the beneficiary of the benefits paid by the insurer is not the insured, but the lending institution.

ADVANTAGES

Credit insurance protects the bank first and foremost, but it is also a protection for the borrower and their family.

It also prevents the transfer of debts to the heirs of the borrowers in the event of death.

It ensures the payment of the remaining capital to the borrower in the event of total and

Rapid deployment of the loan as it is an integral part of the services offered by the lending bank.

FEATURES

Risk acceptance criteria

Having a current account with BRIDGE BANK GROUP CI;

Aged between 18 and 65 at the time of joining;

Being an applicant for a loan for the realization of a project

Nature of the contract

The borrower's insurance is limited to the duration of the loan. It starts, depending on the bank, from the disbursement of funds and ends when the loan is fully repaid or within the limits detailed in the insurance contract (age limit, for example).

BRIDGE BANK GROUP Ivory Coast has taken out a group contract on behalf of its loan applicant clients according to the following characteristics:

Short-term loans (duration of 36 months or less),

Medium-term loans (duration from 37 to 60 months),

Long-term loans (duration exceeding 60 months).

The borrower's insurance from BRIDGE BANK GROUP Ivory Coast is a single premium contract regardless of the loan's lifespan. However, the bank may, exceptionally, authorize the payment of an annual premium over the life of the loan. To do this, a formal decision from the hierarchy is required.

Insurance premium

Short-term loans (≤ 36 months) / Flat rate of (0.74%)

Medium-term loans (from 37 to 60 months) / Flat rate of (1.54%)

Long-term loans (> 60 months) Flat rate of (4.13%)

The minimum amount of the premium is: 10,000 XOF

Note: The final premium amount depends on the result of the medical examination

Coverages and beneficiaries

Death (natural or accidental)

Total and Permanent Disability

Under this contract, the Insured is considered to be affected by Total and Permanent Disability if before the age of 65, as a result of illness or accident, they are permanently incapable of engaging in any occupation or work that provides them with gain or profit and are also permanently in need of the assistance of a third party for ordinary acts of daily living.

Delegation of technical acceptance of individual forms

SUNU Life Insurance has granted BRIDGE BANK GROUP CI a delegation of technical acceptance for maximum credit amounts of 25 million (25,000,000) XOF. (Without medical examination)

For this purpose, BRIDGE BANK GROUP CI will analyze the completed Individual Subscription Forms (ISF) by the prospects and may apply additional premiums based on medical history and responses to the medical questionnaire.

An application will allow the account manager to determine the premium to be applied.

Declaration and settlement of claims

In the event of the insured person's death or Total and Permanent Disability, after the declaration by the Subscriber, the Insurer will pay them the guaranteed capital after submission of the following documents:

In case of death

the death certificate of the insured issued by a civil registrar,

the birth certificate or the ID of the insured,

the attestation from the subscriber specifying the outstanding balance of the insured's loan at the time of death,

the medical certificate specifying the cause of death.

In case of Total and Permanent Disability

A photocopy of the Individual Subscription Form,

The extract of the insured's birth certificate or civil status sheet (suppletive judgment),

The medical documents attesting to the disability (in case of Total and Permanent Disability).

In the event of a claim occurring before the end of the loan term, the remaining outstanding balance as of the date of the borrower's death is paid to BRIDGE BANK GROUP Ivory Coast.