US lender Citibank has expanded its suite of personal banking services in the United Arab Emirates by introducing its own extended version of payment protection insurance.
According to Citigroup, its Credit Plus insurance program is a unique service that protects Citibank loan customers against a host of risks including, for the first time in the UAE, the involuntary loss of employment.
The coverage program provides a fixed daily amount for hospitalization, and monthly payments for involuntary loss of full-time employment caused by business closure or company layoffs.
Furthermore, Credit Plus covers outstanding balances against permanent and temporary total disability, and against death with an additional flat benefit of $5,000 payable to the assigned beneficiary.
The bank says that subscription to Credit Plus requires no medical examinations, while premiums are very competitive and represent only a fraction of the loan amount.