What is Group Credit Life Insurance (including disability coverage)?
The borrower is required to enroll in the Group Credit Life Insurance (GCL) policy specified by SMBC Trust Bank.
GCL is an insurance which in case the worst should happen to the borrower*1, the insurance money will be paid to the bank by the insurance company and then used to repay the customer's outstanding amount of the loan*2*3. This insurance system provides reassurance to the borrower, and also to his/her family.
- *1.In case the customer who enrolls in GCL passes away, or has been in the situation of disability prescribed by the insurance company, the insurance money will be paid from the insurance company to the bank, then used to repay the customer's outstanding amount of the loan.
- *2.The maximum amount guaranteed by GCL is 200 million yen (including disability coverage up to 100 million yen), and capped at the outstanding amount of the loan.
- *3.SMBC Trust Bank will be the policy holder, customer who enrolls in the insurance will be referred to as "Insured person (=debtor)". Insurance money will be paid only in the case of an insurance accident caused by the insured person.
- *4.Applied to those applications with notification date of on and after April 1, 2020.
This insurance includes disability coverage.
In case the insured person becomes unable to repay the loan due to disabilities or diseases prescribed by the insurance company, the insurance money will be paid to SMBC Trust Bank, then used to repay the customer's outstanding amount of the loan.
- The maximum amount guaranteed by disability coverage is 100 million yen and capped at the outstanding amount of the loan.
Images of insurance coverage
- *4Applied to those applications with notification date of on and after April 1, 2020.
Health Certificate not required for insurance enrollment (loan up to 50 million yen)
The doctor examination or health certificate are not required for loan up to 50 million yen in general.
To enroll in GCL, "Group Credit Life Insurance (including disability coverage) Application and Notification Form" prescribed by the insurance company is only required to submit.
- *For customers who will have loan of 50 million yen or more, or has existing conditions to notify, health certificate prescribed by insurance company is required.
Disadvantages for miswriting medical history
To enroll in GCL, we ask you to submit "Group Credit Life Insurance (including disability coverage) Application and Notification Form" and notify your health conditions in advance. "Notify" means telling us the bare fact, if there is any willful or gross negligence and the fact was not notified or incorrectly notified, insurance contract will be invalidated as "violation of obligation to notify" and thus, please note that the insurance money may not be paid (= The debt will not be paid).
About insurance premiums
SMBC Trust Bank will cover premiums for GCL, including disability coverage.
Notification date (The date an insurance policy's coverage is started)
Notification date will start from the date of SMBC Trust Bank loan disbursement (borrowing date), or the date the insurance company has accepted the customer's insurance enrollment, whichever is the latest.
About payments of insurance money
|Payments for insurance accident
|Main Contract Section
|When the insured person passed away during the period of insurance
|Advanced disability coverage
|When the insured person occurred disabilities or diseases on or after the notification date, and became advanced disability prescribed by the insurance company during the insurance period.
|In case the insured person becomes the first grade of disability as defined in the National Pension Law during the period of insurance coverage, on or after the coverage commencement date. (*1)
- (*1) Will be determined by the National Pension Law at the time of the disability status. In the event that there is a revision of laws and ordinances, etc. related to the grounds for payment of this rider, and the revision is deemed to affect the grounds for payment of this rider, the grounds for payment of this rider may be changed with the approval of the competent government agency. In the event of such revision, the grounds for payment shall be revised prospectively from the specified date approved by the competent government agency.
Below are the situations insurance money may not be paid.
- When the insured person committed suicide within 1 year of notification date
- When insurance contract was invalidated because of violation of obligation to notify
- When insured person got prescribed disability on his/her purpose
- When insured person got injury or disease and became in the situation of prescribed disability before notification date
- When insured person was killed or got prescribed disability by an act of war or other disturbance
- When insurance contract was invalidated because of fraud from insurance policy holder or insured person
- When there was objective to receive insurance money illegally by himself/herself or from others
- When all or part of insurance contract was invalidated because the insurance policy holder, insured person, or insurance money recipient had the objective to exploit insurance money and made insurance accident intentionally, or they came out to fall under Anti Social Force, or any other significant reasons
What is written on this page is SMBC Trust Bank as the policy holder, and we are putting the overview of insurance system for customers who may use our loan. This description is not what is called an insurance solicitation.
To enroll in the insurance, please be sure to read "Group Credit Life Insurance (including disability) Document for Insured Person" and confirm about insurance accident definition and situations which insurance money may not be paid.
Underwriting Insurance Company (Organizer)
Mitsui Sumitomo Aioi Life Insurance Company, Limited
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