Credit Shield Insurance
Summary and Limit of Benefits
The Credit Shield policy insures 100% of the covered card’s outstanding balance in the event of:
- Death*
- Permanent Total Disability due to Sickness or Accident*
*Benefits are subject to the limit of the policy benefits and exclusions up to an aggregate of $75,000 (or equivalent local currency) on all types of Cards held by the Cardholder
Eligibility
All Arab Bank Credit Cardholders between the ages of 18 and 70 are eligible to enroll for the Credit Shield Cover.
The cover will cease when the Cardholder attains:
- 70 years of age for both Permanent Disability and Death
Monthly Premium
The premium is charged at 0.5% per month of the Cardholder’s monthly outstanding balance and will appear on the Card Statement.
Making a Claim
Directly through the branch, the branch representative will provide all the necessary assistance to complete the claims process.
Important Notes
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Cover is commenced automatically once the Credit Card is activated or from a date specified by the Bank (for existing card holders).
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The first month of the scheme is free of charge for new credit card customers only.
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The Bank reserves the right to withdraw the one month free period at any time.
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The method for the calculation of the charge may change but customers will be notified in advance of any changes.
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Insurance will only apply to Primary Credit Cardholders and Supplementary Credit Cardholders where a separate limit exists.
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All outstanding balances under the Primary Card and Supplementary Card will be insured.
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The Bank reserves the right, at any time, to change the terms, conditions, rates and/or reject, discontinue or cancel the insurance policy without assigning any reason thereof.
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All other conditions, terms and exclusions are as per the original policy agreed upon by both signatory parties (Arab Bank & the Insurance Company).
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Arab Bank PLC is not liable for and disputes that might arise in connection to this cover.
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The Cardholder has the option of cancelling the cover at any time though once cancelled the cardholder will not be eligible to reinstate the cover or receive a refund for any premiums paid.
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The Bank has the right to increase/decrease the charge for Credit Shield Insurance in line with prevailing market conditions.
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Any kind of fraud by the insured will void the claim.
Definitions
Death: Means Natural, Sickness or Accidental Death
Permanent Total Disability: Means the Total and Permanent Inability of the insured (due to accident or sickness occurring prior to the 60th birthday), to perform any activity or occupation for six consecutive months from date of accident or sickness.
Passive War Risk: Death or disability resulting from Disappearance, Kidnapping, Ransom and violent death for all countries, subject to non participation in any of the acts.
Documentation Requirements in the event of a claim
Arab Bank should be notified as soon as possible of any incident that may give rise to a claim and all required documents (original documentation unless otherwise stated) must be submitted within 180 days from date of incident as follows:
In Case Of Death
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Official document indicating date of birth (copy of ID card or passport or an original birth certificate).
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Original death certificate.
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Original detailed medical report indicating the cause of injury or sickness leading to death in addition to the date and history of diagnosis.
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Original police report in case of an accident.
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Forensic report if conducted.
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Most recent statement of Credit Card Account.
- Any additional requirements by the insurance company.
In Case Of Permanent Total Disability
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Official document indicating date of birth (copy of ID card or passport or an original birth certificate).
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Original detailed Medical report indicating nature and date of sickness / accident as well as degree and nature of disability, in addition to any other document / medical tests the company may consider necessary.
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Original police report in case of an accident.
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Most recent statement of Credit Card Account.
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Any additional requirements by the insurance company.
Exclusions applicable in case of Death and Permanent Total Disability (PTD)
- Suicide or attempted suicide.
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Death or PTD caused by active participation in wars, riots, civil commotion or acts of terrorism.
- Contamination from radioactive, biological or nuclear material(s).
- Criminal act committed by the insured.
- Claims notified after 180 days of incident occurring.
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Yemen and Palestine: PWR, Disappearance, Kidnapping, Ransom and violent death is covered subject to
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Palestine: Gaza is totally excluded from the cover
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Yemen: Cover is restricted to Sanaa' (capital) and to USD 25,000
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No Claim will be payable if Death / Disability was a direct or indirect resulted from working with explosive material or on oil rigs
Additional exclusions for Permanent Total Disability (PTD) whether occurring directly or indirectly from:
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Mental or nervous disorder.
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Self-inflicted bodily injury whether sane or insane (including attempted suicide).
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Alcohol/Drugs Abuse.
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A sickness directly or indirectly attributed to HIV and/or any related illness including AIDS.
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Any medical impairment for which the insured was aware of or treated before the inception of the insurance.
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Aviation, gliding or any other form of aerial flight other than as a fare paying passenger of a recognized airline or charter service.
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Participation in any hazardous sports.
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Insured’s participation in any form of military activities (such as naval, military or air force).
