Credit Life Insurance

The policy covers the loan balance upon the demise/ death of a debtor as a result of accident or natural illness. The benefit is offered to members who take out loans from the Bank. 

The policy pays out the amount owing to the Bank in the event of death or on Total and Permanent Disability of the life assured. 

For ease of management and convenience to customers, premium is payable upfront at disbursement of the loan.

The following are the details required per member for the policy to be effected:-

  • Debtors’ Names
  • Amount of loan granted 
  • Repayment Period
  • Type of loan 
  • Interest rate applicable 

 

Benefits Payable

The full amount of outstanding loan as at the time of demise/incapacitation of the insured member is payable to the Bank.

However members whose sums assured (loans) exceed the free cover limit stipulated under the policy shall be required to undergo the required medical tests.

 

Target Group

This policy is ideal for:

  • Financed customers.

 

How To File A Claim

  1. Original death certificate/ medical report incase it’s a claim on disability
  2. Original burial permit
  3. Original I/D or Birth certificate or surrender of I/D form.
  4. Marriage certificate in case of spouses
  5. Police abstract if the death is as result of road traffic accident, Murder assault or sudden death( All documents must be duly certified)

TIPS

Insurance Tips

Here are five tips for buying insurance: 

1. Shop smart. When

General Insurance Tips

1. Maintain a Security System and Smoke Alarms: A burglar alarm that is