Balance Protect: Your Credit Card Protection Plan
We, together with FWD Life Insurance Corporation, will start providing Balance Protect, a credit card insurance plan that Security Bank credit cardholders can apply for. It acts as a safety net so that you and your loved ones will be protected in case life takes unexpected turns.
Balance Protect is a Group Credit Life Insurance (GCLI) product designed to pay for your total unpaid credit card transactions up to a maximum of PHP2,000,000 per cardholder in the event of your death, the first diagnosis of covered critical illness, or total and permanent disability. You or your beneficiaries will receive any excess amount after the credit card payment.
How does Balance Protect work?
Your Balance Protect coverage starts upon the first approval and charging of your premium to your Security Bank credit card. The premium is paid monthly based on your total unpaid credit card transactions multiplied by the premium rate of 0.366%.
Balance Protect covers the following transactions:
- Regular Straight – Local, International, and Online retail transactions
- Merchant Installment* – 0% ChargeLight Installment, Charge Now, Pay Later, and Reduced Rates Installment – including unbilled principal amount
- In-House Installment* – Ready Cash, Balance Transfer, Balance Convert, Convert To ChargeLight , and SimplyPay – including unbilled principal amount
- Cash Advance – Over the Counter and ATM
- Continuous Billings System – Auto Debit Arrangement
- All fees and charges such as but not limited to late payment, finance charge, over the limit, pre-termination, interest, monthly add-on, service quasi-cash, and annual fees
*For Merchant and In-House Installment transactions, the computation of your premium will be based on the principal amount.
Your Balance Protect coverage will end on the earliest of any of the following:
- Date of death or total and permanent disability
- Date of payment of Critical Illness Benefit
- Date when you turn 61 years old
- Date we are unable to successfully charge the premium to your credit card for 31 days after it becomes due
- Date when we approve your request to cancel your coverage
Check out our Frequently Asked Questions to learn more about how Balance Protect works.
Key features and benefits
- Group credit life insurance (GCLI)
Death benefit equivalent to 200% of your total unpaid credit card transactions, with a maximum of PHP2,000,000 per cardholder. This will be used to pay your credit card amount due, including unbilled installments. Your beneficiaries will receive any excess amount after the credit card payment.
- Family Assistance Benefit (FAB)
Your beneficiary will receive a family assistance benefit equivalent to 10% of your total unpaid credit card transactions, with a maximum of PHP100,000 per cardholder.
- Total and Permanent Disability Benefit (TPD)
Advanced from the death benefit that will pay for your total unpaid credit card transactions, including unbilled installments, if you become unable to independently perform at least three out of six activities of daily living: 1) washing, 2) dressing, 3) transferring, 4) mobility, 5) continence and 6) feeding, for a continuous period of six months and it leads to permanent inability to perform these activities. You will receive any excess amount after the credit card payment. After which, your coverage will end.
- Critical Illness Benefit (CIB)
Advanced from the death benefit that will pay for your total unpaid credit card transactions, including unbilled installments in case of critical illness diagnosis, provided it first occurs, is first diagnosed or, you first experienced it 90 days from the start of your coverage; and that you survived at least 14 days after the diagnosis. You will receive any excess amount after the credit card payment. After which, your coverage will end.
How can I apply for Balance Protect?
You may apply online by visiting our Balance Protect application form.
In these uncertain times, peace of mind goes a long way. With our Balance Protect credit card feature, you can rest easy knowing that you will have coverage to pay off your credit card balance in case of death, disability, or critical illness.