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:-
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.
This policy is ideal for: