Consumer Credit Insurance is an added feature and benefit of the BSP Personal Loan Product. With no added costs to you, as part of your loan, BSP will take out Consumer Credit Insurance cover (as amended from time to time) with BSP Life PNG Limited that will, subject to the terms and exclusions of the policy, pay your outstanding loan balance up to a maximum of K50,000 and a funeral assistance benefit of K5,000 to your nominated administrator, if you die, provided you are not over 70 years of age at the time of death.
Consumer Credit Insurance cover provided by BSP Life PNG Limited expressly excludes payments where death arises out of any of the following:
- Suicide or
- War (whether war be declared or not), invasion, act of foreign enemy, terrorism (other than hijack of a commercial passenger aircraft, vehicle or vessel), civil war, rebellion, revolution or military usurped power or
- Engaging in a criminal act or
- An epidemic as declared by the World Health Organization or other recognised health organisation.
All claims must be lodged within six months after the death of the borrower by completing a Claim Form and lodging together with the following documents at a BSP Branch;
- A death certificate or medical certification of death from a hospital or certified health professional specifying the date and cause of death of the insured. This may be supplied together with the Insured include, funeral account, any document issued by the courts (e.g. probate or letter of administration), notice received by the next of kin or legal representative and any certificate issued by the public curator of the Insured. In the absence of a death certificate or medical certification of death a letter from the employer or village court magistrate confirming date and cause of death must be provided.
- Evidence of the change of any of the insureds names (if applicable)
The above terms of the Consumer Credit Insurance cover may change from time to time.