SMILE Business Loan Protection LITE
Protect your business loan starting from $22 per year1
Benefits
- Receive reducing sum assured benefits in case of Death or Total Permanent Disability (TPD) due to illness or accident. Sovannaphum Life will pay the benefits to the beneficiaries.**
- Your family will have the peace of mind from the loan liability, and your business will live on.
- Easy and flexible premium payment.
- Short premium payment and longer protection.
Product features
| Insured's age | From 18 to 60 years old |
| Expired age | 65 years old |
| Sum assured (loan amount) | From $5,000 |
| Policy term | 5 to 15 years |
| Premium payment mode | Annually, Semi-Annually, Quarterly, Monthly |
| Premium payment period = period term - (minus) 2 years | |
| For all loan borrowers | |
Example: In case the insured decides to choose the sum assured equal to the loan amount, and the life insurance term equal to the loan repayment term.
Benefits and Protection
Case 1: The company will pay the reducing sum assured according to the reducing sum assured schedule as stated in the insurance policy, and the policy will be terminated immediately.
Case 2: The insured can decide either to cancel the policy or to continue the policy by continue paying premium and receive the protection until the end of the policy term.
- 1The data provided is based on the premium calculation for the insured age 18, female with good health condition, with sum assured of $5,000 and 5 years policy term.
- **The company will pay the benefits equal to the reducing sum assured at that specific time.
- ***Subject to the loan interest rate of bank or other financial institution
- #The reducing sum assured is calculated with 12% interest rate.
- Term and conditions apply.
- All information provided in this website is for marketing purpose only. For more detail information, please contact our company or Insurance Advisor at Canadia Bank branches.
