LOAN REPAYMENT INSURANCE WHAT IS LOAN REPAYMENT INSURANCE? The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses,…
About AFNICO
For over four decades now, Al Fujairah National Insurance Co (AFNIC) is the only insurer in the United Arab Emirates that has its headquarters in Fujairah, situated in the Eastern part of the country. AFNIC serves a multitude of clients across a wide-spectrum of industries throughout the UAE.
About Loan Repayment Insurance
The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses, such as:
Purchase or expansion of a
practice or business,
Purchase of expensive equipment, Facility renovations, an increase in working capital or build-up of inventory.
Loan Repayment Insurance helps the business pay any outstanding borrowings such as commercial loan, should the borrower covered die or become diagnosed with a specified critical illness or the business covered becomes insolvent (if chosen). In some situations we are able to take over the loan repayment including the accrued interest.
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As a company, we believe that customer service is at the core of our business. We make every effort to ensure that our customers feel secure and assured in their interaction with us, and to this end, we train our team to deal with every inquiry accordingly.
FAQs
WHAT IS LOAN REPAYMENT INSURANCE?
The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses, such as:
Purchase or expansion of a
practice or business,
Purchase of expensive equipment, Facility renovations, an increase in working capital or build-up of inventory.
Loan Repayment Insurance helps the business pay any outstanding borrowings such as commercial loan, should the borrower covered die or become diagnosed with a specified critical illness or the business covered becomes insolvent (if chosen). In some situations we are able to take over the loan repayment including the accrued interest.
WHY IS IT NEEDED?
Loan Repayment Insurance (LRI) provides borrowers and lenders added peace of mind because Loan Repayment Insurance is a loan tenure assurance.
Many businesses take out loans and their ability to repay often rests on a few key people.
Insurance helps to pay an
WHAT DOES IT COVER?
Most types of business loan can be protected, including:
(1) Commercial loans and mortgages.
(2) Director’s loans.
(3) Venture capital loans.
(4) Personal guarantees.
MAKING A CLAIM?
MAKING A CLAIM?
When a claim is made, the proceeds are paid to the policy owner, who can then decide to pay off the loan in full or to continue repayments according to the loan contract agreement. But if the policy has been assigned to a lender, we make things simple by paying them the claim proceeds directly.
WHAT IS A PRODUCT DISCLOSURE STATEMENT "PDS”?
This PDS is designed to assist you in understanding this insurance.
We may need to update this PDS from time to time if certain
changes occur where required and permitted by law. If this happens,
we will issue you with a new PDS or a Supplementary PDS or other
compliant document to update the relevant information except
in limited cases.
Where the information is not something that would be materially
adverse from the point of view of a reasonable person considering
whether to buy this insurance, We may issue You with notice
of this information in other forms or keep an internal record of such
changes (You can get a paper copy free of charge by contacting us using our details.
Al Fujairah National Insurance Co (AFNIC) issuer and underwriter
of this insurance product is a United Arab Emirates based insurance
company authorized by the UAE Prudential Regulation Authority
(UAEPRA) to carry on general insurance business in Gulf region
under the Insurance Act 1999 and holds a United Arab Emirates
and GCC Financial Services License issued by the United Arab
Emirates Securities and Investments Commission (UAESIC).