BNP Paribas Cardif Life Insurance launches ‘(e)Loan Safe Protection Insurance (Plan Type)’

January 3, 2022

BNP Paribas Cardif Life Insurance announced that it launched the ‘Non-dividend (e)Loan Safe Protection Insurance (Plan Type)’, which is more convenient and reliable to customers with three types of plan. Starting today, this product will be sold through ‘Bank Mall’, an online mortgage loan interest rate comparison platform, and ‘FP Korea’, an independent General Agency (GA).

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.

The newly introduced ‘(e)Loan Safe Protection Insurance (Plan Type)’ is divided into 3 types of plans including <General Plan>, <Cancer Plan>, and <3 CI[1] Plan> so that the customers can choose a coverage that suits their needs. In the event of an insurance accident such as death due to illness or accident, the insurance company will pay off the remaining balance on behalf of the borrower, so the debt is not passed on to the family. Also, as the insurance benefits in excess of the loan outstanding balance can be used as living expenses, this product will help protect the household economy even in case of an unexpected situation.

Si Hyuk Lim, the Head of GA/Business Development department of BNP Paribas Cardif Life Insurance said, “As a sole provider of Creditor Insurance in Korea, BNP Paribas Cardif Life Insurance has expanded its sales channels of Loan Safe Protection Insurance from offline to online, and diversified customer choices by launching this new plan type option. We will continue to improve the convenience and benefits of our customers, and do our best to make insurance more accessible and be a reliable supporter for their loan repayment journey.”

‘(e)Loan Safe Protection Insurance (Plan Type)’ can be subscribed from the age of 19 to 65, and the customer can select the coverage options from the general plan, cancer plan, and 3 CI plan. The face amount starts from KRW 5 million, and up to KRW 1 billion can be subscribed in the case of a general plan that covers death and permanent disability. When a 40-year-old subscribes the general plan, the monthly premium is KRW 16,200 for male and KRW 10,700 won for female customer (standard: face amount of KRW 100 million, 10-year policy period, 10-year payment period).

BNP Paribas Cardif Life Insurance, Bank Mall, and FP Korea signed a Memorandum of Understanding (MOU) in August to activate ‘Credit Insurance’ as a safety net for the risk of unexpected accident during the loan repayment. Based on BNP Paribas Cardif Life’s expertise in Creditor Insurance and Bank Mall’s mortgage interest rate comparison service, those companies will collaborate to support mortgage loan borrower while managing their long-term debt repayment risk.

Meanwhile, BNP Paribas Cardif Life Insurance will hold an event to present gift voucher worth up to KRW 30,000 to customers who newly subscribe ‘(e)Loan Safe Protection Insurance (Plan Type)’ until the end of January.

[1] Critical Illness (CI)