Common use of Credit Shield Clause in Contracts

Credit Shield. Borrowers who wish to obtain life insurance cover for insuring their life shall be free, on voluntary basis, to opt for insurance coverage. USFB will, under no circumstance, insist its borrowers to avail the insurance coverage. USFB may administer life insurance through selected insurance companies, the list of which may change from time to time. Such insurance, subject to the guidelines of the concerned insurance company, would cover the lives of borrowers. If specifically requested by the Borrower, USFB would facilitate the Borrower, through the insurer identified by USFB, to obtain a life insurance cover for a term equal to the tenure of the Loan rounded off to the next full year. The life insurance coverage shall be available only if the Borrower specifically opts therefor and pays the applicable insurance premium. Borrowers who wish to opt for such insurance coverage should peruse the relevant booklet containing the details of insurance companies with whom USFB has tie up, the structure of sum assured, rate of insurance premium etc. and clearly understand the benefits and de-merits of the insurance coverage prior to opting for insurance coverage. USFB shall be mere corporate agent in regard to such insurance arrangement and all issues pertaining to such insurance coverage, including the insurance premium, eligibility norms, insurance claims etc., shall be governed by the terms and conditions of the Master Policy of concerned insurer. Insurance coverage will not be available in case of drop-out or Pre-Closure of the Loan. All matters related to the insurance policy are subject to terms and conditions of the concerned insurer. Any borrower opting for such life insurance being administered by USFB may pay the applicable premium amount either by depositing with USFB or by authorizing USFB to deduct from and out of the proceeds of the Loan, for onward payment to the concerned insurer(s). The borrowers should get proper receipts therefor. However, nothing contained herein shall cast any obligation on USFB to insure the lives of the borrowers or to renew the policy/ies. The borrowers shall be solely responsible to obtain credit shield, insuring his/her life and to get such policy/ies renewed from time to time. USFB reserves the right (but not bound) to pay the premium on behalf of the borrowers in case of the borrowers’ failure and get such amounts reimbursed by the concerned borrower. USFB shall have the right to receive and adjust any payment that insurers may settle in connection with any insurance policy/ies against the Loan, and alter the repayment schedule of the Loan in any manner as it may deem fit notwithstanding anything to the contrary contained in the Finance Documents or any other document or paper.

Credit Shield. Borrowers The Borrower is aware that, borrowers of USFB who wish to obtain life insurance cover for insuring their life the lives of the principal borrowers shall be free, on voluntary basis, to opt for insurance coverage. coverage and USFB will, under no circumstance, insist its borrowers to avail the insurance coverage. USFB may administer life insurance through selected insurance companies, the list of which may change from time to time. Such insurance, subject to the guidelines of the concerned insurance company, would cover the lives of principal borrowers. If specifically requested by the Borrower, USFB would facilitate the Borrower, through the insurer identified by USFB, to obtain a life insurance cover for a term equal to the tenure of the Loan rounded off to the next full year. The life insurance coverage shall be available only if the Borrower specifically opts therefor and pays the applicable insurance premium. Borrowers who wish wishes to opt for such insurance coverage should he/she shall peruse the relevant booklet containing the details of insurance companies with whom USFB has tie up, the structure of sum assured, rate of insurance premium etc. and clearly understand the benefits and de-de- merits of the insurance coverage prior to opting for insurance coverage. The Borrower is aware that USFB shall be is mere corporate agent in regard to such insurance arrangement and all issues pertaining to such insurance coverage, including the insurance premium, eligibility norms, insurance claims etc., shall be are governed by the terms and conditions of the Master Policy of concerned insurer. Insurance coverage will not be available in case of drop-out or Prepre-Closure payment of the Loan. All matters related to the insurance policy are Policy shall be subject to the terms and conditions of the concerned insurerInsurer. Any borrower opting If the Borrower opts for such life insurance being administered by USFB may he/she shall pay the applicable premium amount either by depositing with USFB or by authorizing USFB to deduct from and out of the proceeds of the Loan, for onward payment to the concerned insurer(sInsurer(s). The borrowers should get proper receipts therefor. However, nothing Nothing contained herein shall cast any obligation on USFB to insure the lives life of the borrowers Borrower or to renew the policy/ies. The borrowers Borrower shall be solely responsible to obtain credit shield, insuring his/her life and to get such policy/ies renewed from time to time. USFB reserves the right (but not bound) to pay the premium on behalf of the borrowers Borrower in case of the borrowers’ Borrower’s failure and get such amounts reimbursed by the concerned borrowerBorrower. USFB shall have the right is authorized to receive and adjust any payment that insurers USFB may settle receive in connection with any insurance policy/ies against the Loan, Loan and alter the repayment schedule of Repayment Schedule as set out in the Loan Documents in any manner as it may deem fit notwithstanding anything to the contrary contained in the Finance Loan Documents or any other document or paper.

Credit Shield. Borrowers of USFB who wish to obtain life insurance cover for insuring their life the lives of the borrowers shall be free, on voluntary basis, to opt for insurance coverage. USFB will, under no circumstance, insist its borrowers to avail the insurance coverage. USFB may administer life insurance through selected insurance companies, the list of which may change from time to time. Such insurance, subject to the Annexure to Sanction Letter of Kisan Suvidha Loan guidelines of the concerned insurance company, would cover the lives of borrowers. If specifically requested by the Borrower, USFB would facilitate the Borrower, through the insurer identified by USFB, to obtain a life insurance cover for a term equal to the tenure of the Loan rounded off to the next full year. The life insurance coverage shall be available only if the Borrower specifically opts therefor and pays the applicable insurance premium. Borrowers who wish to opt for such insurance coverage should peruse the relevant booklet containing the details of insurance companies with whom USFB has tie up, the structure of sum assured, rate of insurance premium etc. and clearly understand the benefits and de-merits of the insurance coverage prior to opting for insurance coverage. USFB shall be mere corporate agent in regard to such insurance arrangement and all issues pertaining to such insurance coverage, including the insurance premium, eligibility norms, insurance claims etc., shall be governed by the terms and conditions of the Master Policy of concerned insurer. Insurance coverage will not be available in case of drop-out or Prepre-Closure payment of the Loan. All matters related to the insurance policy Policy are subject to the terms and conditions of the concerned insurerInsurer. Any borrower opting for such life insurance being administered by USFB may pay the applicable premium amount either by depositing with USFB or by authorizing USFB to deduct from and out of the proceeds of the Loan, for onward payment to the concerned insurer(sInsurer(s). The borrowers should get proper receipts thereforIf the Borrower authorizes USFB to deduct the premium from and out of the proceeds of the Loan, the receipt thereof shall be issued by USFB by way of making suitable entry in the loan card. However, nothing contained herein shall cast any obligation on USFB to insure the lives life of the borrowers Borrower or to renew the policy/ies. The borrowers Borrower shall be solely responsible to obtain credit shield, insuring his/her life and to get such policy/ies renewed from time to time. USFB reserves the right (but not bound) to pay the premium on behalf of the borrowers Borrower in case of the borrowers’ Borrower’s failure and get such amounts reimbursed by the concerned borrowerBorrower. USFB shall have the right to receive and adjust any payment that insurers USFB may settle receive in connection with any insurance policy/ies against the Loan, Loan and alter the repayment schedule of Repayment Schedule as set out in the Loan Facility Documents in any manner as it may deem fit notwithstanding anything to the contrary contained in the Finance Facility Documents or any other document or paper.

Credit Shield. Borrowers The Borrower is aware that, borrowers of USFB who wish to obtain life insurance cover for insuring their life the lives of the principal borrowers shall be free, on voluntary basis, to opt for insurance coverage. coverage and USFB will, under no circumstance, insist its borrowers to avail the insurance coverage. USFB may administer life insurance through selected insurance companies, the list of which may change from time to time. Such insurance, subject to the guidelines of the concerned insurance company, would cover the lives of principal borrowers. If specifically requested by the Borrower, USFB would facilitate the Borrower, through the insurer identified by USFB, to obtain a life insurance cover for a term equal to the tenure of the Loan rounded off to the next full year. The life insurance coverage shall be available only if the Borrower specifically opts therefor and pays the applicable insurance premium. Borrowers who wish wishes to opt for such insurance coverage should he/she shall peruse the relevant booklet containing the details of insurance companies with whom USFB has tie up, the structure of sum assured, rate of insurance premium etc. and clearly understand the benefits and de-merits of the insurance coverage prior to opting for insurance coverage. The Borrower is aware that USFB shall be is mere corporate agent in regard to such insurance arrangement and all issues pertaining to such insurance coverage, including the insurance premium, eligibility norms, insurance claims etc., shall be are governed by the terms and conditions of the Master Policy of concerned insurer. Insurance coverage will not be available in case of drop-out or Prepre-Closure payment of the Loan. All matters related to the insurance policy are Policy shall be subject to the terms and conditions of the concerned insurerInsurer. Any borrower opting If the Borrower opts for such life insurance being administered by USFB may he/she shall pay the applicable premium amount either by depositing with USFB or by authorizing USFB to deduct from and out of the proceeds of the Loan, for onward payment to the concerned insurer(sInsurer(s). The borrowers should get proper receipts therefor. However, nothing Nothing contained herein shall cast any obligation on USFB to insure the lives life of the borrowers Borrower or to renew the policy/ies. The borrowers Borrower shall be solely responsible to obtain credit shield, insuring his/her life and to get such policy/ies renewed from time to time. USFB reserves the right (but not bound) to pay the premium on behalf of the borrowers Borrower in case of the borrowers’ Borrower’s failure and get such amounts reimbursed by the concerned borrowerBorrower. USFB shall have the right is authorized to receive and adjust any payment that insurers USFB may settle receive in connection with any insurance policy/ies against the Loan, Loan and alter the repayment schedule of Repayment Schedule as set out in the Loan Documents in any manner as it may deem fit notwithstanding anything to the contrary contained in the Finance Loan Documents or any other document or paper.

Credit Shield. Borrowers of USFB who wish to obtain life insurance cover for insuring their life the lives of the borrowers shall be free, on voluntary basis, to opt for insurance coverage. USFB will, under no circumstance, insist its borrowers to avail the insurance coverage. USFB may administer life insurance through selected insurance companies, the list of which may change from time to time. Such insurance, subject to the guidelines of the concerned insurance company, would cover the lives of borrowers. If specifically requested by the Borrower, USFB would facilitate the Borrower, through the insurer identified by USFB, to obtain a life insurance cover for a term equal to the tenure of the Loan rounded off to the next full year. The life insurance coverage shall be available only if the Borrower specifically opts therefor and pays the applicable insurance premium. Borrowers who wish to opt for such insurance coverage should peruse the relevant booklet containing the details of insurance companies with whom USFB has tie up, the structure of sum assured, rate of insurance premium etc. and clearly understand the benefits and de-merits of the insurance coverage prior to opting for insurance coverage. USFB shall be mere corporate agent in regard to such insurance arrangement and all issues pertaining to such insurance coverage, including the insurance premium, eligibility norms, insurance claims etc., shall be governed by the terms and conditions of the Master Policy of concerned insurer. Insurance coverage will not be available in case of drop-out or Prepre-Closure payment of the Loan. All matters related to the insurance policy Policy are subject to the terms and conditions of the concerned insurerInsurer. Any borrower opting for such life insurance being administered by USFB may pay the applicable premium amount either by depositing with USFB or by authorizing USFB to deduct from and out of the proceeds of the Loan, for onward payment to the concerned insurer(sInsurer(s). The borrowers should get proper receipts thereforIf the Borrower authorizes USFB to deduct the premium from and out of the proceeds of the Loan, the receipt thereof shall be issued by USFB by way of making suitable entry in the loan card. However, nothing contained herein shall cast any obligation on USFB to insure the lives life of the borrowers Borrower or to renew the policy/ies. The borrowers Borrower shall be solely responsible to obtain credit shield, insuring his/her life and to get such policy/ies renewed from time to time. USFB reserves the right (but not bound) to pay the premium on behalf of the borrowers Borrower in case of the borrowers’ Borrower’s failure and get such amounts reimbursed by the concerned borrowerBorrower. USFB shall have the right to receive and adjust any payment that insurers USFB may settle receive in connection with any insurance policy/ies against the Loan, Loan and alter the repayment schedule of Repayment Schedule as set out in the Loan Facility Documents in any manner as it may deem fit notwithstanding anything to the contrary contained in the Finance Facility Documents or any other document or paper.