Credit card liability insurance

Credit card liability insurance

  • The service is for insuring used credit card limit.
  • Insurance protection is applied in case of accident, sickness or loss of employment.
  • Insurance premiums are paid only if credit card limit is used.
  • The agreement may be terminated at any time without obligation to pay additional agreement termination fees.

Conclude Insurance agreement

You do not have agreements

A broad protection is applied to credit card liability insurance:

  • protection “Incapacity for work due to illness” covering not only complications after flu or myocardial infarction but also traumas (for example, ankle injury suffered when walking down the street and placing the foot in a wrong position or femur fracture when skiing) as well as other injuries (for example, pelvic bone fractures during traffic accident).
  • protection „Loss of employment“ covering not only involuntary loss of employment (for example, in case of loss of job because of bankruptcy of the company) but also loss of employment by the agreement of the parties (for example, redundancies).


Insurance Premium payment

Premium size 0.6 per cent from the amount of credit card limit used at the end of previous month.
Example: if you use 100 euro of your credit card limit during January, you will have to pay only 0.60 euro for insurance protection. If you did not use credit limit at the end of previous month, insurance premium shall not be calculated.
Payment date Insurance premium payment date is the same as payment date specified in credit card agreement.


Insurance indemnities and payment principles

Insured events Incapacity for work due to illness or loss of unemployment
Indemnity size First 11 monthly indemnities – 5 per cent from used credit card limit.
In case of payment of final twelfth insurance indemnity, total remaining amount of used credit card limit is paid out.
Waiting period (deduction) 30 calendar days.
Indemnity payment Insurance indemnities are paid every month for previous period but no longer than for the period of 12 months.


Example

You fell sick and incapability for work due to illness started on 01/03/2015 and lasted for 14 months. Used limit of your credit card on the day of determination of damage extent (25/02/2015) is 2,000 euro.

Insurance indemnity shall be paid every month and the amount of 2,000 euro shall be paid during the period of 12 months (see illustration).

Attention!

Insurer by paying insurance indemnities shall not compensate for interest calculated by the bank for used credit card limit of the insured.

You may familiarize with credit card liability insurance rules and download the copy here (pdf).

Insurance services are provided by “Swedbank P&C Insurance AS” Lithuanian branch through representative “Swedbank”, AB.

Incapacity for work due to illness

Incapacity for work due to illness is an event occurring because of accident or sickness suffered by you or your minor child. Event mentioned must be confirmed by sickness certificate issued by physician.


Loss of employment

Loss of employment means your registration in Lithuanian Labour Exchange as the unemployed looking for a job if such registration is the result of:

  • unexpected termination of employment relationships at the initiative of employer or in case of removal from the board of legal entity provided this happened without your request and you have no valid employment relationships;
  • unexpected termination of employment relationships at the suggestion (initiative) of employer by the agreement of both parties provided this happened without your request and you have no valid employment relationships.

Who can conclude the agreement?

Credit card liability insurance agreement may be concluded only by clients having any “Swedbank” credit card and having entered into consumer credit agreement.

Note

The insurer upon assessing the risk and (or) other circumstances has the right not to conclude Credit card liability insurance agreement.

  1. Log in to internet bank.
  2. Review agreement data and confirm conclusion of the agreement.

If you have questions regarding conclusion of agreement you may always get consultation by phone 1884.

Please, inform “Swedbank” customer service employees of it in a way convenient to you:

  • by phone 1884 (when calling from abroad +370 5 268 4444);
  • on internet;

Upon receipt of your notification, we shall contact you and give advice on what to do next and what action should be taken.

We use cookies on this website to enhance your browsing experience. By clicking "Accept" or continuing the browsing session you confirm your consent. You can withdraw your consent at any time by changing the browser settings and deleting the saved cookies. Please read our cookies policy.