The Arab Misr Insurance Group (AMIG) affirmed its commitment to the repayment of the due value owed by borrowers by virtue of the micro insurance policy if they could not repay their debts.
The lenders shall take the legal procedures against the borrowers if they defaulted in the payment of three consecutive installments. The insurance policy also obligates the insured to extend life insurance coverage for the borrowers with the value of the loan for the period of the loan term as well as extending supplementary insurance coverage for the insured object with the value of its market share for the period of the loan term.
The insured shall also receive a signed pledge from the place of work of the borrower, if any, concerning transferring the borrower’s salary or the value of the monthly installment to the bank. The insured also shall receive a written promissory note of the value of the loan signed by the borrower.
