Top-up Debt Protection Plan explained Sample Clauses

Top-up Debt Protection Plan explained. 35.2.1 Top-up Debt Protection Plan is offered as a top up to the Automatic Debt Protection, to extend your specified maximum debt cover at an additional cost as follows: • This benefit protects you and your family in the event of your death or permanent disability from the outstanding debit balance of your personal FNB Credit Card or the specified maximum amount as stated in the table below, whichever is the lesser, at the time of the event. In the event of temporary disability or retrenchment we will pay the minimum monthly instalment for up to six (6) months as per your monthly statements. The risk benefit cover will end on your 70th birthday. This risk benefit is subject to the exclusion as contained in the Top-up Debt Protection Plan Policy Brochure. • However, should your account not be in good standing at the time of the event, no benefit will be paid out to you. • The benefits are outlined below: • In the event that a client has Top-Up Debt Protection, and takes up either the FNB Private Clients Credit Card or FNB Private Wealth Credit Card or RMB Private Bank Credit Card without cancellation of the policy, the client will remain covered to a Maximum Specified Amount of R100 000, at a premium of R5/ R1 000, with no amount covered under Automatic Debt Protection. • In the event of your death (Death), we will pay an amount equal to the outstanding balance of your personal FNB Credit Card or the specified maximum amount, whichever is the lesser at the time of the event. We will not settle any purchases made after the date of your death. • If you become permanently disabled (Permanent Disability), we will pay out an amount equal to the outstanding debit balance of your personal FNB or RMB Private Bank Credit Card or a specified maximum amount, whichever is the lesser at the time of the event. We will not settle any purchases made during the period of your permanent disability. • If you become temporarily disabled (Temporary Disability), we will pay your minimum monthly credit card instalments as per your monthly statements for a period of six (6) months, starting on the second due date after the date you became temporarily disabled. We will not pay any arrear instalments, interest or fees that became payable before you became disabled. If we, in our sole discretion, find that you are still disabled after the first six (6) month period, we will continue to make similar payments for a maximum period of another six (6) months. If we find that you are still...
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