What is KBC Remission of Debt?
KBC Remission of Debt protects your family or company against having to pay off your debt in the event of your death. If you die during the term of the credit facility, any remaining debit is waived in full. KBC Insurance pays the outstanding principal and interest on your credit facility.
There’s no need to go through a medical questionnaire or examination to take out the insurance.
Life insurance cover for remission of debt in the event of death is available for business credit facilities of up to 100.000 euros. For higher credit amounts, a loan balance insurance provides life insurance cover.
- This insurance includes life insurance cover for up to three people. They must be under 61 on the date the credit facility starts in the case of an Investment, Cash Budget or Agroflex credit facility. The maximum age for an Advance in Current Account or Business Budget Facility is 55.
- The insurance covers assets up to 100,000 euros. KBC Remission of Debt aligns with repayment of your credit facility, so that you’re never over- or under-insured.
What’s not insured
As with any insurance, exclusions apply. These include:
- Death through suicide by the insured during the first year after signing up to the policy.
- Death of the insured within one year of the policy being signed due to a serious condition (listed in the general conditions) for which they were being treated when they signed up to the policy.
Things you also need to know
- KBC Remission of Debt is a life insurance policy (guaranteed-interest life insurance).
- KBC Remission of Debt is an insurance product governed by the laws of Belgium.
- The cost of KBC Remission of Debt varies according to the type of business credit facility you take out. More detailed information is provided in the relevant product fact sheets.
- The end of the credit facility results in termination of the cover of all insured persons. Any insured reaching the age of 65 ceases to be covered. Other insured persons will of course continue to be covered.
- Future tax treatment can change and depends on your individual circumstances. Your intermediary will be glad to give you personalised advice in this respect.
- Your KBC Bank branch is your first point of contact for any complaints you may have. If no agreement can be reached, please contact KBC Complaints Management, Brusselsesteenweg 100, 3000 Leuven, firstname.lastname@example.org, tel. 0800 62 084. If you cannot find a suitable solution, you can contact the Belgian insurance industry’s ombudsman service: Ombudsman van de Verzekeringen, de Meeûssquare 35, 1000 Brussels, email@example.com, www.ombudsman.as. This does not affect your legal rights.
- To request a quote for a credit facility and KBC Remission of Debt, visit our website or contact your KBC Bank branch.
- KBC Remission of Debt is a product provided by KBC Insurance NV – Professor Roger Van Overstraetenplein 2 – 3000 Leuven – Belgium
VAT BE 0403.552.563 – RLP Leuven – IBAN BE43 7300 0420 0601 – BIC KREDBEBB
Company authorised for all classes of insurance under code 0014 (Royal Decree of 4 July 1979; Belgian Official Gazette, 14 July 1979) by the National Bank of Belgium, de Berlaimontlaan 14, 1000 Brussels, Belgium.
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