In the event of an insured’s death, Chubb will pay the outstanding debt (calculated according to the decreasing sum assured table) to the bank. Should the insured’s death be a result of an illness, there will be a waiting period of 90 calendar days before a lump sum payout can be made.
An insured is entitled to a lump sum benefit in the event a repayment is made. This repayment benefit amount is calculated based on the terms stated by Chubb.
The material presented is a product summary. Please refer to the Terms and Conditions of this policy for further information.
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