Credit Insurance is a risk management service offered by private insurance companies and Governmental export credit agencies to business entities wishing to protect their accounts receivables from loss due to credit risks such as prolonged default or bankruptcy. There are many kinds of credit insurance products to cater varied needs.
Credit Insurance
Risks covered
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Delayed payments |
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Failure of payments |
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Cash flow implications |
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Bad debt risk |
Types of Credit Insurance
Credit Life Insurance
Credit life insurance is a type of life insurance policy designed to cover a borrower's debt if the borrower dies.
Credit Disability Insurance
Credit Disability Insurance is designed to cover the payments if the borrower becomes sick or injured and is unable to work.
Credit Involuntary Unemployment Insurance
Unemployment protection is an insurance policy designed to make payments for specific tenure on policyholder’s behalf if the policyholder loses his/her job.
Credit Property Insurance
It protects the insured’s collateral property in the event of theft, loss or natural disasters.
Trade Insurance
Trade Credit insurance is a trade financial tool purchased by institutional entities to insure their accounts receivables from losses due to insolvency of the debtors.
What are Credit Insurance Covers?
It covers two types of risks – Domestic Risk and Political Risk
Domestic Cover
Insolvency of the buyer (debtor)
Protracted default
Political Risks
Currency Inconvertibility
Export or Import Restriction
Why Credit Insurance?
Credit insurance helps business owners deal with customer default losses, improve quality, increase business profitability and reduce unpredictable customer bankruptcy risks and also protects exporters against losses incurred during export of goods and services.
At Jubiliant, our data analysts have reports on credit repayment performance of the various credit segments. Our team then recommends the right fit of credit insurance policies to ensure adequate coverage of all risks associated with a particular business transaction.
We provide companies with solutions that free them up from the worry of payment receivables and help them to focus more on business development activities.
Eligibility Criteria:
Any company that has receivables on its balance sheet is exposed to loss due to the inability or failure of a customer to pay them. Such companies can opt for a credit insurance policy.
Claim Process
You can reach out to Jubiliant’s toll-free number 1800 1234 303 or email care@jubiliant.co.in to register your claim. Our claim processing team will reach out to you and help you register the claim with the appropriate insurance company. We will also guide you through all the steps from registration to settlement.
Documents Required for Claim Process
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Claim form duly filled in and signed |
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FIR |
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ID Proofs |
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Books of Accounts and Financial Statements for inspection by insurance company |
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Bank details of the policyholder |
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Any other document(s) requested by the insurance company |
