ttb one life business insurance

ttb one life is the life insurance for business owner who has loan with ttb. It provides risk protection from disease, death and disability to your business and your family. The insurance covers the Insured in case of severe critical illness diagnosed, death or totally disability that will help you and your business move on in difficult time.

The insurance company will indemnify the claims to the bank equals to loan outstanding balance (as per insurance policy). The remaining sum insured will be paid to beneficiary mentioned in the insurance application form.

There are 2 types of insurance coverage

  1. Insurance for business term loan. Sum insured will be decreased as loan outstanding decreases over time.
  2. Insurance for revolving loan. Sum insured is same level throughout insurance coverage period.

Juristic Person: The Insured must be the Executive Director or Managing Partner with authorized signatory.

Benefits
  1. Help customer avoid the risk of liquidity shortage by stopping interest expense at difficult time. In the event of critical illness diagnosed, death or totally disability of the insured, the Insurer will pay claim to clear loan outstanding with bank, and remaining sum insured to beneficiary.
  2. Insurance premium can be used as company taxable expense in case insurance applicant is a Juristic Person.
Conditions

Borrower is Individuals

Insured person must be principal borrower and or co-borrower.


Borrower is Juristic Persons

Insured is Individual (Premium is paid by individual): The individual must be Executive Director or managing partner with authorize signatory or loan guarantor or shareholder with the shares 50% or more.

Insured is Juristic Person (Premium is paid by Juristic): The Juristic Person must choose the Insured who represent of Juristic Person with the following qualifications.

  • Executive Director or managing partner with signatory authorized.
  • Significant person to the insured such as the loan guarantor Or the shareholder with 20% or more shares.
  • Key person with the significant duties and responsibilities to the business.