Before concluding life insurance Safe Loan agreement, please familiarise with insurance rules and terms.
Life and Disability Insurance Rules No. 20 (the wording as of 17/02/2020)
ADB “Gjensidige”: Special terms of insurance against financial loss resulting from involuntary unemployment (the wording as of 17/02/2020)
If you signed the insurance agreement according to the Safe Loan Programme, a wording of the Insurance Rules applicable to you is available on the Internet Bank of AB SEB bankas.
Safe Loan agreement terms tailor-made personally for you in line with your financial obligations under your loan agreement:
- the amount of life insurance or insurance against total or permanent disability is equal to the amount of your loan balance (debts excluded). Each month, the insurance amount decreases alongside with a decrease in the loan balance;
- insurance benefit in case of temporary disability or involuntary unemployment is equal to your loan repayment instalment (principal plus interest) or its share selected by you;
- the amount of insurance benefit depends on the loan balance, the instalment amount and risk depending on the age of the insured person;
- the e-bill submission for customers and the insurance premium debiting date, if the automated e-bill payment is selected: the e-bills for the program Safe Loan Insurance‘s customers will be submitted on the next day after the credit disbursement date. If such day falls on a weekend or a non-business day (public holiday), the e-bill will submitted on the nearest business day. If the customer has selected the automated e-bill payment, the e-bills will be also paid up on weekends or non-business days (public holidays) according to the automated service agreement;
- in case of any change in the loan agreement terms and conditions, relevant adjustments are made to the terms and conditions of the insurance agreement;
- Safe Loan insurance may be linked to a single loan agreement and may serve as a help for covering the obligations under such loan agreement. In case several loan agreements have been signed, several relevant insurance agreements are executed, applying the terms and conditions separately by each loan agreement. If there are two borrowers, the insurance agreement may indicate, respectively, two (however, no more than two) insured persons (SEB Bank’s mortgage loan co-borrowers).
Safe Loan insurance agreements may be concluded at the same time as a SEB mortgage loan or a consumer loan agreement, or later after a loan agreement has already been executed. The existing SEB Bank’s mortgage loan holders may also conclude an insurance agreement at any sub-branch of the bank.
Customers have the right to terminate their Safe Loan insurance agreements.
Who may enter into the above-specified insurance agreements?
- Any person who obtained a mortgage loan from SEB Bank (if a period shorter than 6 months remains until the loan repayment date)
- Any new client of SEB Bank who signed a mortgage or consumer loan agreement
One or two private individuals 18 – 55 years of age, who are permanent residents of the Republic of Lithuania, may be provided the insurance coverage under one insurance agreement.
More detailed information about the insurance services, risk factors, applicable requirements and services is available at +370 5 268 2800 or you may contact any selected branch of SEB Bank.
This is promotional information about services offered by SEB Life and Pension Baltic SE Lithuanian branch and ADB “Gjensidige”, and it cannot constitute any basis or part of any subsequent transaction.