Credit Shield Plus
Enjoy complete peace of mind with HSBC "Credit Shield Plus" (CSP)
For HSBC cardholders whom are already enrolled in the "Credit Cover" insurance which is arranged by ALICO, we are pleased to announce that we have upgraded the coverage to include a new protection which is Critical Illness (CI) under a new name "Credit Shield Plus ".
"Credit Shield Plus" benefits
A summary of the key features of your "Credit Shield Plus" cover is provided below:
Death and Permanent Total Disability Benefits
In case of Permanent Total Disability or Death of the Primary Cardholder, 100% of the outstanding balance on the card will be settled.
Critical Illness Benefits
- In case the Primary Cardholder is diagnosed having a Critical Illness, 100% of the outstanding balance on the card will be settled.
- The benefit payment is subject to a deferral of coverage period, so your cover will start 90 days from introducing the coverage.
- Critical illnesses under this coverage are as follow:
(Cancer, Heart Attack, Kidney failure, Stroke, Coronary artery disease requiring surgery, Major organ transplantation and Blindness).
Limit of Benefits:
- 100% of outstanding balance up to JOD 10,000 (HSBC Classic Cardholders)
- 100% of outstanding balance up to JOD 15,000 (HSBC Gold Cardholder)
- 100% of outstanding balance up to JOD 20,000 (HSBC Premier Cardholder)
Not to exceed any aggregate amount of JOD 40,000 payable to any insured life irrespective of the number of cards held and their outstanding balances.
Summary of Cover
- 100% of the Card's outstanding balance is covered subject to the Limit of Benefits outlined above, in the event of permanent total disability, death or diagnosed by any of the seven mentioned diseases below.
Eligibility
- All existing cardholders whom enjoy the credit shield protection, between the age of 18 and 64, will automatically be enrolled to benefit from CSP. The cover will cease when the Cardholder attains 65 years of age.
- All cardholders whom wish to enroll and enjoy the benefit of CSP, they have to contact our customer service at any branch.
Monthly Premium
- All cardholders whom are automatically enrolled into the CSP, a monthly premium of %0.5 per month of the Card's monthly outstanding balance will be charged.
- For cardholders whom are not enrolled into the CSP and wish to be enrolled, a monthly premium of %0.5 of the card's monthly outstanding balance will be charged to them.
"Credit Shield Plus" Terms and Conditions
a) Death and Permanent Disability
- The monthly premium for HSBC "Credit Shield Plus" will be added to the Amount Outstanding and the minimum amount Due to the Card Account.
- The Cardholder may cancel the HSBC Credit Shield Plus by giving notice to the Bank, such notice shall be effective from the next billing Period for the Card. Once cancelled, the HSBC Credit Shield Plus cannot be reinstated.
- The bank may cancel or amend the terms of the HSBC CSP or vary monthly premium by giving notice to the Cardholder.
- HSBC CSP is provided by American Life Insurance Company (ALICO- Jordan) It is subject to terms and conditions and exclusions of the policy. The list of exclusions is available on www.hsbc.jo or from the Bank upon request.
b) Critical Illness (CI)
Definition & provisions:
- If an Insured credit cardholder is diagnosed having one of the stated CI as explained previously, the Insurance Company will, upon receipt of due proof in writing of the diagnosis of the CI , pay the amount of the covered CI Benefit to the Policyholder (HSBC Bank).
- The claim date is defined as the date of the first diagnosis of the CI covered, or as the date upon which the condition needing the covered surgery to be performed is diagnosed.
- The covered CI Benefit, at any time before the expiration of coverage under the Policy, shall be equal to 100 % of the Outstanding Balance as at the claim date, according to the amortisation schedule set in force on the Entry date. CI benefit is payable only once, as a lump sum. This benefit cannot be cumulated with any other benefit defined under the Policy. Insurance automatically stops as soon as a CI benefit is paid to the credit cardholder.
- Payments in arrears and interests give no right to any benefit.
- If the claim date corresponds to the due date of one installment, it is considered that this installment is not yet paid.
Deferral of coverage:
The benefit payment is subject to a deferral of coverage period of 90 days continuously. The deferral of coverage period is calculated from the entry date. If the claim takes place within these 90 days, the claim is automatically turned down
Waiting period:
The benefit payment is subject to a waiting period of 30 days continuously. The waiting period is calculated from the first day of diagnosis of the CI. No benefit is paid for the first 30 days. No CI benefit is paid if death occurs within these 30 days from the claim date (i.e. the claim may be paid therefore as a Life claim).
Details of the critical illnesses are as follows:
- Cancer: a malignant tumour characterised by the uncontrolled growth and spread of malignant cells and the invasion of the tissue. This includes leukaemia (except chronic lymphocytic leukaemia), lymphomas and malignant melanomas, but excludes non-invasive cancers in situ, all skin cancers and tumours in the presence of a human-immune-deficiency virus.
- Heart attack: the death of a portion of heart muscle as a result of inadequate blood supply, which must occur with prolonged chest pain, new electro cardio graphic changes and an elevation in cardiac enzyme levels.
- Kidney failure: end stage renal disease due to chronic irreversible failure of both kidneys to function as a result of which the person insured must be required to undergo regular peritoneal dialysis or haemodialysis or renal transplantation.
- Stroke: any cerebrovascular incident producing neurogical sequel lasting more than 24 hours and including infarction of brain tissue, haemorrhage from an intra cranial vessel and embolisation caused by an extra cranial source. Evidence of permanent neurological deficit must be produced. Transient ischaemic attacks are specifically excluded.
- Coronary artery disease requiring surgery: open heart surgery undergone to correct narrowing or blockage of two or more coronary arteries by the use of saphenous vein grafts or internal mammary grafting, but excluding all non-surgical procedures such as balloon angioplasty or laser techniques. Angiographic evidence of the underlying disease must be provided.
- Major organ transplantation: the actual undergoing as a recipient of a transplant of a heart, lung, liver, pancreas or bone marrow.
- Blindness: Total and irreversible loss of sight in both eyes as a result of illness or accident. The blindness must be confirmed by an ophthalmologist.
Exclusions applicable in case of death and permanent total disability
- Suicide while sane or insane.
- Pre-existing conditions.
- A Sickness directly or indirectly attributed to HIV and/or any related illness including AIDS.
- Abuse of alcohol or drugs.
- War, or riot, or civil commotion, acts of terrorism.
- Radioactive contamination.
- Service in armed forces while on duty and active war.
- Illegal act/ criminal activity.
- Flight in a non-scheduled aircraft.
- Participation in any sport involving a motor engine (including rallies), Professional sports, boxing, scuba/ski, diving, parachuting or hang-gliding, horse racing and mountain climbing.
Additional exclusions for Permanent Total Disability
- Self-inflicted bodily injury while sane or insane.
- Psychiatric illness or any mental or nervous disorder.
- Subjective complaint not detectable with laboratory measurement, microbiological, biochemical means and/or imagining.
- Failure to undergo medical treatment recommended by a legally qualified medical practitioner.
In the event of claim
Just call us on 00962 6 5507000 Ext 819 and submit the relevant documents immediately in case of death or permanent total disability and within 30 days of the Diagnosis of Critical Illness accompanied by medical evidence as required by the Insurance company.
If you have any queries about "Credit Shield Plus" or would like to enjoy the benefits of the product, please don't hesitate to call us free on 0800 22044
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