Peace of Mind: The Value of Borrower Protection Plan Coverage

Are you aware that you can safeguard your financial future with affordable loan insurance coverage that can be tied to your Home Credit product loan or cash loan?

With the Borrower Protection Plan, you'll enjoy financial assistance to help pay your installments or loan balance, support your loved ones in case of unforeseen events, and access FREE online medical consultations whenever needed.

In this article, we'll explore the significance of this coverage and explore how it can benefit your financial well-being.

When you're feeling unwell or dealing with an emergency, unlimited online consultations can be a real lifesaver—no need for pricey hospital visits or long clinic lines. This allows access to medical advice and treatment 24/7 while keeping your financial burdens under control. 

Home Credit's Borrower Protection Plan offers free unlimited online consultations for you and your family members through Grepa Medical and Diagnostic Center (GMDC). This benefit allows you to consult with physicians without the need to visit clinics or hospitals in person. Eligible customers can enjoy unlimited consultations throughout the loan term, while family members are entitled to up to 10 consultations in total.  

To schedule an online consultation, you can contact GMDC via their hotline at (02)888-75434 or email slgficontactcenter@sunlifegrepa.com. Consultations are conducted via video call through Zoom, ensuring convenience and accessibility for all members. 

When unexpected medical expenses arise, it's not uncommon for people to struggle to make loan payments on time. Borrower Protection Plan coverage can provide a vital safety net in these situations that can pay the monthly installment due up to a maximum of Php 20,000 (per installment).  

With this coverage, you'll be better equipped to stay on top of your loan payments. By covering medical expenses, you'll have more financial breathing room to make timely payments on your loans. This can help you avoid late fees, penalties, and even defaulting on your loans, ensuring that you don't fall behind and put your credit score at risk.  

In addition, if the customer is advised by the doctor to rest at home due to sickness or injury for a minimum of 5 consecutive days, the Borrower Protection plan also waives your monthly loan installment. 

If you’re facing hospitalization or home confinement due to illness or injury, Home Credit's Borrower Protection Plan offers an Installment Waiver to ease your financial burden. This benefit covers your monthly loan installments during such difficult times. 

• Hospitalization Coverage: If you're hospitalized for a minimum of 24 hours, the plan covers your monthly installment up to ₱20,000 per installment. 
• Home Confinement Coverage: Should a physician advise at least five days of home confinement due to sickness or injury, the plan waives one monthly installment. 

This installment waiver ensures you can focus on recovery without worrying about loan payments, giving you peace of mind during unforeseen health challenges. 

If uncertainties arise, aside from covering your monthly loan installment due to hospitalization and home confinement, the Borrower Protection Plan also gives you financial assistance of Php 500 for each day of confinement due to accident or sickness up to a maximum of 10 days per month. 

If you’re hospitalized due to sickness or injury, Home Credit's Borrower Protection Plan offers a Hospital Cash Benefit to help cover your expenses. This benefit provides daily cash assistance, easing the financial burden during your recovery. 

Coverage Details: 

• Amount: ₱500 per day of hospitalization. 
• Limit: Up to maximum of 10 days per month 
• Eligibility: Available to customers enrolled in the Borrower Protection Plan. 

Waiting Period: 

• Sickness: Benefits become available 30 days after loan contract signing. 
• Accident: No waiting period; benefits are available immediately. 

This Hospital Cash Benefit ensures you get the financial support you need during hospitalization, so you can focus on getting better. 

Empower your loved ones with financial security by availing of the Borrower Protection Plan. This comprehensive coverage provides peace of mind, knowing that in the event of your untimely passing, your family will be protected from the burden of outstanding loan payments.  

With this plan, Home Credit will settle the remaining loan balance, ensuring that your loved ones are not left with a heavy financial burden. 

Additionally, your beneficiaries will receive up to 120% of the financed amount as a lump sum payment with a maximum of Php 150,000 providing them with the financial freedom to pursue their financial goal. 

Home Credit's Borrower Protection Plan offers Life Coverage, providing financial assistance to your beneficiaries in the event of your untimely passing. This benefit ensures that your remaining loan balance is settled, relieving your loved ones from financial burdens during a difficult time.  

Coverage Details: 

• Amount: Up to 120% of the financed amount. homecredit.ph+1homecredit.ph+1 
• Limit: Maximum coverage of ₱150,000. homecredit.ph 

Beneficiaries: The insurance proceeds shall be payable to the first surviving class of the following order of classes of beneficiaries deemed named by the customer:   

• Widow/Widower 
• Surviving legitimate and illegitimate children 
• Surviving parents 
• Surviving brothers and sisters of the full blood  
• Surviving brothers and sisters of the half-blood 
• Executors, administrators or assigns.  

How It Works: 

In the event of your passing, the Life Coverage benefit first settles any outstanding loan balance with Home Credit. Any remaining funds, up to the coverage limit, are then disbursed to your designated beneficiaries. To designate or update your beneficiaries, please send an email to SLGFIAMCustomerService@sunlifegrepa.com. homecredit.ph 

This coverage offers peace of mind, knowing that your family's financial well-being is protected even in your absence. 

The Borrower Protection Plan offers comprehensive accidental medical expense coverage, providing financial assistance up to Php 10,000 per borrower and family member for unexpected medical expenses incurred by you and your family members. This coverage ensures that you're not burdened by out-of-pocket medical expenses, helping to maintain your financial stability. 

Home Credit's Borrower Protection Plan offers comprehensive Accident Coverage, ensuring financial support for you and your family members in the event of accidental injuries or death.  

Coverage Details: 

Customer: Provides coverage of up to 120% of the financed amount, with a maximum benefit of ₱150,000. Our coverage for dismemberment varies per loss of use of specific body parts. 

Family Members: Offers a benefit of ₱50,000 per family member. 

Eligibility: 

Both customers and their immediate family members are eligible for this coverage. The benefit applies if the loss occurs within 180 days from the date of the accident. homecredit.ph 

The covered losses are listed below: 

• Death 
• Loss of sight in one or both eyes 
• Loss of hearing in one or both ears 
• Loss of the use of a hand or foot 
• Loss of the use of two limbs other than hands or feet 
• Dismemberment of the body, such as the loss of a leg or arm 

Home Credit's Borrower Protection Plan offers up to ₱10,000 in accidental medical reimbursement for both customers and their family members. This covers necessary expenses such as physician's fees, prescription drugs, surgery costs, and diagnostic tests like X-rays, all within 52 weeks after the accident. 

Eligible customers and their immediate family members can claim these reimbursements for medical expenses that are reasonable and customary. The plan ensures financial support during unexpected medical events, providing peace of mind when you need it most. 

The Borrower Protection Plan is an affordable service you can add to your product loan. The cost is included in your monthly installments, so there's no extra fee when you purchase your loan. 

For a Product Loan, it costs ₱60 + 0.25% of your loan amount per month. 
For a Cash Loan, if your loan amount is up to ₱25,000, it costs ₱50 + 0.4% of your loan amount per month. 
For Cash Loans above ₱25,000, it’s ₱50 + 0.3% of your loan amount per month. 

This ensures you get full access to all the benefits of the Borrower Protection Plan at a budget-friendly price! 

Don't wait until it's too late – take control of your finances today by exploring the benefits of Borrower Protection Plan. Your future self will thank you!

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