Singapore's First Loan Protection Insurance

Automatic coverage for all individuals who take up unsecured personal loans with Friday Finance

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More about Personal Loan Protection Insurance

What is it?
What does it cover?
What does it NOT cover?
How much does it cost?
Who does it cover?
Personal Loan Protection1 Insurance is a personal accident insurance plan designed exclusively to insure you as a borrower against the financial burden arising from your outstanding loan in the event of an accident2.

Benefits:

Up to the outstanding balance of your loan in the event of Death or Total & Permanent Disablement due to an accident;
Up to 2 months of loan instalment waiver or $400 per month (whichever is lower) in the event of Total & Temporary3 Disablement due to an accident.

Note:
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‍1. Personal Loan Protection is underwritten by ECICS Limited ("ECICS") and provided by IFS Consumer Services Pte Ltd to its unsecured personal loan borrowers.

2. Personal Loan Protection does not cover pre-existing medical condition and the benefits are only payable due to an accident. For the policy, terms, conditions and exclusions, please download the Policy Wordings here.
‍3. At least 14 consecutive days of hospitalisation leave following an accident.

Trigger
Benefits
Details
Accidental Death or Permanent Total Disablement
Outstanding Loan Waiver
Up to outstanding loan amount
Temporary & Total Disablement (>14 days of hospitalisation leave)
Loan Installment Waiver
Up to the monthly loan instalment or $400 per month, whichever is lower (for 2 months)
Personal Loan Protection insurance does not cover illnesses, suicide and pre-existing medical conditions. For the full terms and conditions, please refer to the Policy Wordings.
Personal Loan Protection insurance is extended to you at no additional cost for all Friday Finance unsecured personal loan borrowers (subject to Policy Terms and Conditions).
*Personal Loan Protection Insurance only covers unsecured personal loans taken with Friday Finance. Secured personal loans (i.e. has an asset such as a property, pledged as collateral for the loan) are not covered under this insurance.

Frequently Asked Questions

Does this Personal Loan Protection insurance cover secured personal loans?

No, Personal Loan Protection insurance only covers unsecured personal loans. If you have a secured personal loan (i.e. has an asset, such as a property, pledged as collateral for the loan), you are not covered under this insurance.

Can I opt-out of this Personal Loan Protection insurance?

No, you cannot opt out of the Personal Loan Protection insurance. This insurance is extended to you at no additional cost.

Am I eligible for this?

You are eligible for Personal Loan Protection insurance if you are:
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(i) An unsecured personal loan borrower of IFS Consumer Services Pte Ltd;
(ii) Aged between 18 and 65 years (age last birthday); and
(iii) A Singapore resident.

Will my loan application be affected if I am ineligible for this?

No, all borrowers are evaluated on a case-by-case basis, and borrowing eligibility is not dependent on their insurance eligibility.

Can I purchase the Personal Loan Protection insurance if I do not meet the eligibility criteria?

No, you are not able to purchase the Personal Loan Protection insurance if you do not meet the eligibility criteria.
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Who is underwriting the Personal Loan Protection insurance?

Personal Loan Protection is underwritten by ECICS Limited ("ECICS").

Both ECICS and Friday Finance ("IFS Consumer Services Pte Ltd") are subsidiaries of IFS Capital Limited.

Can I increase my coverage under the insurance?

No, you are not able to increase your coverage. If you need more coverage, please contact ECICS Limited.

ECICS Hotline: 6337 4779
ECCICS Enquiry Email: enquiry@ecics.com.sg

When does the coverage under the insurance commence?

If you are eligible for insurance, your coverage will commence automatically from the date of your unsecured personal loan disbursement.

When does the coverage under the insurance end?

Your coverage will end automatically at the end of the unsecured personal loan tenure, loan repayment or payment of claims upon Accidental Death or Accidental Total & Permanent Disablement.

Can I nominate a beneficiary under the Personal Loan Protection insurance?

No, you are not able to nominate a beneficiary under the insurance. This insurance is arranged in such a way where any benefits under the insurance will be made payable to IFS Consumer Services Pte Ltd.

What should I do in the event of a claim?

You should let your family know about this insurance so that in the unfortunate event of a claim, they can contact ECICS Limited on your behalf.

ECICS Claims Hotline: 6303 0182 / 6303 0190
ECCICS Claims Email: claims@ecics.com.sg

Friday Finance is a product of IFS Consumer Services Private Limited, a licensed moneylender regulated by the Registry of Moneylenders of the Ministry of Law in Singapore