Level term
(ETLA and EPA – Entrepreneur Tern Loan Assurance and Entrepreneur Prtection Assurance))
The insured needs to pay only a single premium for this term policy which gives you complete coverage with high levels of protection throughout its tenure. It also safe guards his/her business commitments including business loans, outstanding credit facilities in the unfortunate event of death and total permanent disability (TPD).
Reducing term (EOA – Entrepreneur Overdraft Assurance)
Similar to the above, a reducing term policy also safe guards his/her business commitments including business loans, outstanding credit facilities in the unfortunate event of death and TPD. However the coverage is based on the insured’s outstanding loans on a reducing basis according to the loan reduction schedule.
2. Single premium products (investment cum protection)
This kind of product ensures guaranteed capital, guaranteed returns and guaranteed protection. It is usually a 5 or 10 year plan where a customer can accumulate high guaranteed returns on top of his capital investment. The product comes with insurance protection against death and total permanent disability (TPD). The longer you hold the plan, the higher the death and TPD benefits.
4. All general insurance products (fire, other perils, marine, inventory, consequential loss)
Fire insurance
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Scope of standard policy covers Fire & lightning as well as explosion (domestic).
Other perils
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Riot, strike and malicious damage
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Aircraft damage, wind storm, earthquake, flood, land slide and subsidence
Marine insurane
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Risk covered included fire & explosion, vessel being stranded, grounded, sunk or capsized
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Overturning or derailment and Collision
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Pirates, thieves and non delivery
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Washing overboard
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Discharge of cargo at port of distress etc
What are the features?
1. Premium financing option
OBMB also provides premium financing in the form of Unsecured Term Loan to our business customers who take up bancassurance with us.
2. Single Life protection & Joint Life protection
Joint life protection is designed for joint owners e.g. your spouse, sibling or business partner. This plan allows you (the insured) to share the responsibility with them to protect your loans. It settles the insured's outstanding loans in the event of death or TPD of either one party.
3. Refund of premium option for insurance tenure of more than 10 years
A refund of premium option gives the insured the benefit of premium refund on the basic premium amount paid if no claim is incurred prior to the expiry of the policy. This option is subject to a minimum tenure of 10 years.
4. Supplementary 36 critical illnesses plan
This plan gives the insured the dual benefits of the basic plan plus an added protection for 36 critical illnesses. Please see attachment for details of the illnesses. Claim is effective upon diagnosis of the 36 critical illnesses.
5. Supplementary Accidental Death Benefit plan - double indemnity
This plan provides double indemnity in the event of death or TPD due to accidental causes. With double indemnity, not only will your loan be repaid, there will also be a surplus cash benefit to paid to your family.
