Cards Features Takaful Credit Shield Insurance Lite

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ADCB

Protect your ADCB Islamic Banking Credit Card payments with Takaful Credit Shield Lite

With the Takaful Credit Shield facility on your ADCB Islamic Banking Credit Card, you don't need to worry about the unforeseen.

0.8295%
Monthly nominal contribution
100%
of sum covered
24 hour
worldwide cover

Keep in mind

  • New: Customers enrolled into the scheme are eligible for Complimentary (Free) Life cover including Natural Death and Top-Up Life cover.
  • Although only Primary cardholders are covered for the benefits under this insurance, we offer coverage for supplementary cardholders as well.
  • The contribution billed is on the total credit card outstanding and will reflect on your monthly credit card statement.
  • As a special offer, The first two (2) month’s premium will be waived and refunded monthly to your card account.

Policy Coverage

Involuntary Loss of employment
10% of credit card account outstanding balance or credit limit whichever is lower, but not exceeding AED 4,000 for each month of the primary credit card holder’s unemployment and the total period of such indemnity shall not exceed 12 months from the date of actual unemployment.
Natural Death & Permanent Total Disablement due to sickness
100% of Sum Covered subject to the maximum indemnity limit of each type of card.
Accidental Death and Permanent Total Disablement (accident)
100% of Sum Covered subject to the maximum indemnity limit of each type of card.
Critical Illness
Critical illness condition shall mean the Covered Member having suffered or developed one of the following critical illnesses during the period of cover of this benefit up to the maximum indemnity limit of each type of card.
Top Up Life Cover
In addition to the above benefits in case of Death by Any Cause (either natural or accidental causes) the Company shall pay to the certificate holder or any named beneficiary a maximum indemnity limits set of each type of card.

Coverage Limits


Policy Coverage Signature/Infinite Platinum Gold/Rewards Classic
Natural Death/Total & Permanent Disablement due to Sickness AED 200,000/- AED 100,000/- AED 75,000/- AED 50,000/-
Accidental Death/Total & Permanent Disablement due to Accident AED 200,000/- AED 100,000/- AED 75,000/- AED 50,000/-
Critical Illness AED 200,000/- AED 100,000/- AED 75,000/- AED 50,000/-
Top-Up Life Cover AED 200,000/- AED 100,000/- AED 75,000/- AED 50,000/-
Involuntary Loss of Employment In the event of involuntary Loss of employment of the primary Cardholder after the Commencement Date and during the Policy Period of Takaful Insurance, the Company shall pay 10% of credit card account as at Date of Event or credit limit whichever is lower but not exceeding AED 4,000/- for each month of the primary credit Cardholder’s unemployment payable and the total period of such indemnity shall not exceed 12 months from the date of actual unemployment.

Eligibility


Age and Geographical Limits Minimum age at entry Maximum age at entry Maximum age at claim Area of Coverage
Natural Death/Total and Permanent Disablement due to Sickness 18 Years 69 Years 70 Years Worldwide
Accidental Death/Total and Permanent Disablement due to Accident
Critical Illness
Top-Up Life Cover
Involuntary Loss of Employment 59 Years 60 Years UAE only

Death and Disability:

  • The Borrower or the Borrower’s representative or the Insured shall submit the required documents within 365 days from the date of event.

Critical Illness:

  • The date of event falls after a waiting period of 120 days from date of enrolment of primary cardholder.
  • The Borrower or the Borrower’s representative or the Insured shall submit the required documents within 90 days from the date of event.

Involuntary Loss Of Employment (ILOE):

  • The date of event, falls after a waiting period of 90 days from the commencement date of the credit Cardholder being covered, however, the ILOE benefits will not be payable for the first 30 days from the date of event.
  • Give immediate written notice to the Company but not later than 30 days from the date of event.

Contribution

On enroling for Credit Shield you are liable to pay a monthly nominal contribution of 0.8295% (includes Value Added Tax (VAT) at the rate of 5%) of your total credit card outstanding balance. The contribution billed will reflect on your monthly credit card statement.

The first two (2) month’s Takaful premium will be waived and refunded monthly to your card account.

Example: If your credit card outstanding balance for any given month is AED 10,000. Your Takaful Credit Shield contribution for that month will be AED 83

Termination of Cover

The Insured Borrower attains maximum age criteria for applicable cover.
Premium is not paid when due.
Upon cancellation of card.
Upon notification of a Death claim or on payment of any claim under the program.
Cancellation of this Policy by the Policyholder or company at any time in accordance with the policy terms & conditions.
Contribution is not paid when due

Claim procedure

Watania Takaful claim requests are handled by Abu Dhabi National Insurance Company.

The credit card holder or his/her beneficiary should contact Abu Dhabi National Insurance Company
Tel.: 02 408 0100 Fax: 02 626 8600, toll free no. 8008040/,or send an email to [email protected] or [email protected]

Upon receipt of claim notification, ADNIC would register the claim, allocate & advice a claim number and required documents.

Please click here to print the claim form.

Terms and conditions

  • Please click here to view Takaful Credit Shield complimentary life cover terms and conditions.
  • Please click here to view Takaful Credit Shield main scheme terms and conditions.

Disclaimers

ADCB Islamic Banking is only the distributor of Takaful Credit Shield scheme which is issued by Abu Dhabi National Insurance Company (ADNIC) as per their policy terms and conditions. ADCB Islamic Banking does not offer insurance advice, nor does it manage, underwrite or issue insurance policies. Accordingly, ADCB Islamic Banking makes no representation or warranty whatsoever in respect of the cover and assumes no liability or obligation for rejected applications or claims in respect thereof. The cover shall be provided as per the ADNIC Credit Shield Insurance Terms & Conditions.

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