BCR launches unemployment insurance policy

Customers of Romanian Commercial Bank (BCR) that take out a personal consumption loan now have the option to protect their earnings by acquiring a complex insurance policy, according to a press release of the bank.

The insurance policy covers several risks, including the risk of being laid-off.

The new product of the life insurance division of BCR - BCR Asigurări de Viaţă - is available in all agencies of BCR, together with the personal consumption loan with no guarantees - Divers BCR. The insurance policy covers the following risks: total and permanent disability, temporary inability to work, voluntary layoff.

"People resort to loans not only because they have immediate or long term personal needs, but also because they are confident they will be able to pay their loans in the future", said Ştefan Coroianu, executive manager o the Retail Loan division of BCR.

This complex insurance is offered to the client upon signing the loan contract.

The insurance will be paid by BCR Asigurări de Viaţa Vienna Insurance Group SA. In case any of the events covered by the policy occur, as follows: for total and permanent disability: the total value of the loan on the date the event occurred; for temporary inability to work: the value of six monthly payments per event, without exceeding the value of 24 monthly payments for the entire duration of the insurance policy; for the involuntary loss of employment: the value of 9 monthly payments per event which may not exceed the equivalent of 24 monthly Total amounts for the entire duration of the insurance policy, the press release of BCR says.

The amount insured in the case of full and permanent disability, in the case of temporary and involuntary loss of employment, represents the value of the loan offered to the client mentioned in the Loan Contract.

The complex insurance does not exclude the death insurance policy for the lender, which will continue to be provided free of charged.