Citibank Lifestyle Protect Credit Shield Insurance for Credit Cards in UAE

By Shivam Sharma
  | Published: 26 October 2021

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Citibank Credit Shield Insurance for Credit Card in UAE

When you use your Citibank credit card, you borrow money from the bank which you promise to return within the set time period. However, there might be times when an unforeseen event prevents you from making your Citibank credit card payment on time. Irrespective of the claims, no one can accurately predict the future. In case you use a credit card and fail to pay the bill, you and your family can bear some significant consequences. To ensure that loss of employment or illness or any other reason does not prevent you from paying your credit card bills, Citibank offers Lifestyle Protect credit shield insurance.

Citibank Lifestyle Protect

Citibank Lifestyle Protect is an optional credit card insurance that covers Citi credit card dues in case you are unable to pay your bills. With this programme, you receive peace of mind since your expenses will be covered in case of any unfortunate event.

Policy Coverage for Credit Card by Citibank Credit Shield Insurance

Loss of Employment

  • Up to 12 months coverage of 10% outstanding balance on your credit card with proven unemployment
  • You will be paid 5% of the last 3 months’ outstanding amount prior to the date of loss of employment. This amount will be paid to you for up to 12 months of proven unemployment.
  • The maximum amount to be paid will be AED 1,000.

Loss of Life

  • Coverage of full outstanding balance as on Date of Loss payable to the policyholder, which is capped at AED 350,000 for all credit cards held by the insured credit cardholder.
  • Your heir or nominee will receive up to three times the average outstanding balance for the last three months prior to the date of the demise.

Critical Illness

  • Entire outstanding amount on the date of diagnosis of critical illness, not exceeding a maximum aggregate of AED 350,000 for all credit cards held by the insured credit cardholder. 
  • Thrice the Average Outstanding Balance will be paid to you on the last three months’ statements prior to or on the Date of Diagnosis.
  • The coverage will remain active even after the payment for the rest of the benefits under this policy, along with coverage for the other two medical conditions under the covered diseases of Critical Illness, until the death of the insured credit cardholder at a later date. 
  • A Critical Illness claim is not eligible if you are diagnosed with one of the defined Critical Illnesses within the first 30 days from the date you enrol for LSP cover.

Critical Illness Covered

  • Cancer
    • Malignant Tumour
    • Pre-Malignant Tumour
    • Non-invasive
    • Cancer in Situ
    • Borderline malignancy 
    • All tumours of the prostate  
    • Chronic Lymphocytic Leukaemia
    • Skin Cancer
  • Heart Attack
  • Stroke

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Coverage Limits of Citibank Credit Card Shield Insurance

Benefit

Maximum Amount of Benefit

Loss of Life

AED 500,000

Involuntary Loss of Employment

AED 1,000

Critical Illness

AED 350,000 - AED 500,000

Premium Cost of Citibank Credit Card Shield Insurance

The monthly premium cost of Citibank Credit Card Shield Insurance is 0.79% of the total outstanding balance on your credit card.

Eligibility Criteria For Citibank Credit Card Shield Insurance

You are eligible for Citibank Credit Card Shield Insurance if:

  • Your age is between 18 to 64 years old.
  • You are a UAE resident/citizen.
  • You pay the monthly premium.

How to Apply for Citibank Credit Card Shield Insurance?

You do not need to apply for Citibank Credit Card Shield Insurance separately. If you have a Citibank credit card that offers credit card shield insurance, you are automatically enrolled to the programme. However, in case you wish to discontinue, you will need to call at +971 43114000 or use the ‘Write to us’ option after logging into your account.

Terms & Conditions for Citibank Credit Card Shield Insurance

Exceptions

The policy will not be liable to cover any loss or expense caused by or resulting from: 

Death 

∙ Any Death claim due to Sickness occurring within thirty (30) days from the Entry Date.

∙ Suicide or any self-inflicted injuries during the first 12 months.

 ∙ Claims arising during the policy term due to the undertaking or an attempted undertaking of an unlawful act or illegal activity. 

∙ War, riots, invasion. 

Critical Illness 

∙ Pre-existing conditions during the first year of enrolment to this insurance coverage. 

∙ Critical Illness notified during the deferral of coverage period of 30 days. 

ILOE

∙ ILOE which is notified during the deferral of coverage period of 90 days 

∙ Termination known about or impending at the start of the coverage 

∙ Voluntary termination of employment. Refusal to accept suitable alternate employment offered by the employer, where alternative employment has been refused. 

∙ Retirement, including early retirement.

∙ Self-employment 

∙ Unemployment caused by misconduct. 

∙ Strikes, lockouts or other organised labour disputes or any unlawful acts 

  • Partial, seasonal or casual employment. 

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Notice of Claims

Claims are valid only if the insured credit cardholder was covered under the policy on the date of claim. In the interest of rapid claims processing, the insurance company must be notified immediately of the insured credit cardholder’s death. It should also be notified immediately of the insured credit cardholder’s Permanent Total Disability as soon as the provisions attached to this coverage are met. For each claim reported, the insurance company must obtain: 

From the claimant: 

1. In case of Death: a legal death certificate and an official personal identity data of the insured credit cardholder and any other additional documents that may be asked by the claims department of the insurance company. 

2. In case of Critical Illness: Diagnosis of the critical/terminal illness by the specialist physician who diagnosed it and medical evidence related to the critical illness reported. 

3. In case of ILOE: Letter by means of which dismissal or redundancy was notified to the insured credit cardholder by his employer, including the date, the cause and the effective date of dismissal and a copy of the valid passport and visa as on the date of termination of employment. UAE Nationals shall furthermore provide: 

• A Certificate of registration of unemployment with Tamnia.

• Evidence of payment of allowances for total unemployment by Tamnia. 

From the Policyholder: 

∙ A certified copy of the credit card account statements of the past 3 months. 

∙ A certified extract of the credit card account showing the outstanding balance on the Date of Loss.

International and Local Sanction Limitation and Exclusion 

MetLife is bound by and must comply with all applicable trade and economic sanctions laws and regulations, including those set forth by the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) and the United Nations. MetLife will not provide coverage and/or payment under the Policy and/or any Supplementary Contract if the policyholder, insured or person entitled to receive such payment is: 

(I) residing in any sanctioned country; 

(II) Listed on the Office of Foreign Asset Control (OFAC) Specially Designated Nationals (SDN) list or any other international or local sanction list; or 

(III) Claiming the payment for any services received in any sanctioned country.

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Termination of Individual Insurance 

The insurance of an individual shall automatically terminate at the earliest time below: 

∙ The insured credit cardholder completes his 65th birthday.

∙ Upon notification of the death of the insured credit cardholder or the payment of claims for all three covered illnesses under the Critical Illness benefit, whichever occurs earlier. 

∙ Upon cancellation by the policyholder of the credit card agreement of the insured credit cardholder, whatever the reason. 

∙ If the credit card agreement is not renewed, or if terminated earlier by the insured credit cardholder. 

∙ Credit cardholder opts out of the insurance program 

∙ Cancellation of master policy in case of ILOE 

∙ Upon payment of death or critical illness benefit as stated in the Group Credit Life Policy CL-27 (when such benefits offered with ILOE)

∙ On settlement by the insured credit cardholder of the amount of the loan, including in the event of early termination.

∙ When the claim is no longer justified as required.

∙ When the maximum benefit payment term is reached.

∙ When the borrower resumes work (even if it is only part-time work).

∙ On the date of retirement or early retirement.

Other Bank's Credit Shield Insurance for Credit Card in UAE

Emirates NBD Protect Plus Credit Shield Insurance for Credit Cards
HSBC Credit Shield Insurance for Credit Cards
ADCB Credit Shield Insurance for Credit Cards
Shivam Sharma
Shivam Sharma0 Post

He has a content writing experience of over 6 years in academics, newspapers, and biography writings along with a Masters and M.Phil in History. A researcher at heart, he likes to read books, play games, and binge-watch. He seeks to garnish the driest of topics in humour whenever he can and believes in brevity and simplicity.