BNP Paribas Cardif Life Insurance announced that it has signed a business agreement with Kbank, the first internet bank in Korea, to provide a group creditor insurance service ‘Loan Safe Plan’.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas, and the world leader in creditor insurance. Currently, BNP Paribas Cardif Life Insurance is a sole creditor insurance provider among local life insurers.
The ‘Loan Safe Plan’ provided through BNP Paribas Cardif Life Insurance’s ‘(NP) The Safe Group Creditor Insurance IV (renewable)’ will repay the remaining loan balance to the lender on behalf of a policyholder when he or she passes away due to unexpected accident or is diagnosed with more than 80% of Total Permanent Disablement.
Up to KRW 50 million is guaranteed, and customers can easily benefit from this service with a simple agreement to subscription document after the loan is executed, since the insurance premium is fully covered by Kbank,
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance said, “While household loans recorded the highest increase this year, the increase in heavy debtors and the risk of a rise in loan interest rates are threatening the household economy. The need for safety net during the repayment period is also increasing accordingly. Through this collaboration with Kbank, a leading online financial service in Korea, we hope to help customers on their safe loan repayment journey and contribute to the expansion of a healthy loan ecosystem.”