In the event of loss of life (borrower/guarantor) due to illness or accident during the term of the validity period of insurance coverage, Ethniki General Insurance S.A. undertakes the obligation to pay the insurance premium to National Bank of Greece. The amount paid to the Bank shall be equal to the outstanding principal of the loan and up to three (3) instalments due, as at the date of the insuree's death, depending on his percentage participation in the insurance.
Key features of the plan
- Minimum age of the Insuree at the insurance inception date: 18 years
- Maximum age of the Insuree at the insurance inception date: 65 years
- Maximum age of Coverage: 70 years
- Maximum insured Capital (€200.000).
- The insurance product becomes available to you once you have been accepted for insurance, having first filled out the health questionnaire included in the Insurance Application.
- The product applies only to permanent residents of Greece.
- Each Insuree (borrower/guarantor) can opt for up to 100% coverage of the amount of the loan, provided that the total insurance coverage rate is at least 100%. E.g. In the case of a joint loan made to two borrowers, both borrowers can get 100% insurance coverage or 50% each. In order for the guarantor to get insured, at least one of the borrowers must be insured for at least half of the principal of the loan.
- The premium is calculated on a monthly basis as a percentage of 0.343% on the outstanding (at any given time) principal of the loan, not including any overdue debts. E.g. for an outstanding loan principal of €10,000, the monthly insurance premium amounts to €3.43 for 100% coverage.
The amount of the premiums to be paid diminishes over the years, since it is calculated on the basis of the outstanding principal of the loan, which diminishes with the payment of the instalments.
The inception date of the insurance shall be the later of the following: the date of the loan activation, or the date of the Insurance Application - Certificate.
The insurance policy shall be terminated, either upon full repayment of the loan, or earlier, by the 70th birthday of the Insuree. Furthermore, the insurance policy will be interrupted if requested by you or if an insured risk occurs or in the event the premiums or the loan instalments are not paid normally as per the agreed schedule.
Visit any of our NBG Branches where our qualified NBG staff, certified in insurance intermediation services, will inform you responsibly and consistently about the features, covers, restrictions / exceptions and the terms of the program.
The information contained herein is purely informative and does not replace neither the pre-contractual information, as stipulated in the current applicable legislation, nor the insurance contract and its general and special terms. Visit any of our NBG Branches, where our qualified NBG staff, certified in insurance intermediation services, will give you responsibly all detailed information regarding the insurance plan's features, coverages, detailed terms, conditions, and restrictions/ exclusions of the plan.
The insurance plans are designed by Ethniki General Insurance and distributed through the branch network of National Bank of Greece S.A., Aiolou 86, 10559 Athens, Company Reg. No.: 311481. For more click here .
The distribution of the insurance plans is only conducted by qualified NBG staff, certified in insurance intermediation services. The Bank is registered with the Special Register of Athens Chamber of Tradesmen under Reg. No. 1028 as an insurance agent. The Registry's data are available through the online platform "Point of Single Contact (ESIP)" Active Insurance Intermediaries, via which you can verify the registration with the Special Registry. ESIP website: http://insuranceregistry.uhc.gr/.