Why do I need loan repayment insurance for my Singapore business
If you are considering a business loan, loan repayment insurance can provide added peace of mind.
Taking on a business loan is a significant commitment. In the event of an accidental death or injury, an unpaid loan can be a major source of stress. Here’s why taking on a business loan for your Singapore-based business, with the added protection of loan repayment insurance, is a prudent decision to make for you and your business.
Loan repayment insurance protects your business against accidental death and injury
All qualifying DBS loan applicants will receive complimentary loan repayment insurance on their business loans for 12 months, meaning you can borrow up to S$500,000 without having to put up any collateral, while enjoying greater peace of mind with S$100,000 coverage per insured person.
You can insure more than one individual
If your business has more than one key executive, it’s important that your loan repayment insurance provides comprehensive coverage for both – especially if both individuals contribute significantly to the company’s loan repayment capability. The DBS business loan with loan repayment insurance covers up to two directors/partners/guarantors/owners of your company – all for an annual premium of S$267.50 per insured person, including GST.
You don’t need to worry about servicing your loan when the unexpected happens
The main advantage of loan repayment insurance is that it takes the financial strain off you in the event of unexpected circumstances, such as accidental death or accidental permanent disability. For example, if you are hospitalised for at least seven days due to an accident, your loan repayment insurance will provide you with coverage for up to three DBS Business Loan monthly instalments, comprising the principal amount and interest – capped at S$3,000 a month.
In the unfortunate scenario of accidental death or accidental permanent disability, your loan repayment insurance provides a payout of S$100,000. Knowing that you are covered during a devastating event goes a long way in providing reassurance to your loved ones.
Applying for a DBS Business Loan with complimentary loan repayment insurance is easy and convenient. All you need to do is start a new online loan application, and key in the promotional code “SMEINS” when prompted to indicate your interest in this product. If you qualify for a business loan with DBS, you’ll receive complimentary loan repayment insurance for 12 months.
Apply for a DBS business loan online today with a complimentary 12-month Loan Repayment Insurance. Loan Repayment Insurance is underwritten by Chubb and distributed by DBS.
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