Group Credit Life Insurance
Protect the money you lend out
Product Features
Every time you lend out cash, you most likely save lives. But can you guarantee that you’ll get your return? Group credit life is one way to ensure you do.Credit life protection covers financiers such as Banks and Microfinance institutions against the risk of losing funds in case borrowers suffer disability or loss of life making it difficult for the borrowers to meet their loan repayment obligation to the financier. This cover also protects the family of the borrower from incurring an unplanned debt above their grief.
- Eligibility: The policy is available to all the existing and future borrowers.
- Age limits: The age limits at entry is between 18 and 60 years
- Medical Examination: Will be advised upon provision of customer data
- Geographical Scope: 24 Hour, worldwide cover
Product Benefits
Eligibility
All existing and future borrowers
48-hour payout
Last Expense Payable within 48 hours of written notification
24-Hour Worldwide Cover
Covers the entire Geographical scope
Affordable
Competitive, cost-effective premium rates
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Summary of Benefits
Categories of Loans/Credit covered under the Policy- Short Term Credit - such as car loans, asset finance, personal loans, school fee loans etc.
- Long-term loans - such as construction and mortgage loans.
- Open-ended credit - such as overdrafts and credit card.
Onboarding Process
The client will complete a group proposal form for KYC purposes. The details required will include;
- Full names
- Amount of loan
- Term of the loan in months
- Interest rate of the loan
- For existing loans, we shall require the outstanding loan amount and outstanding loan term.
General Exclusions under Credit Life Assurance Policy
- Death or disability as a result of suicide or judicial sentence by a valid and legally constituted law court within twelve (12) months from the commencement date.
- Death or Disability arising directly or indirectly from active participation in mutiny, riot, strikes, military or popular uprising, insurrection, rebellion, revolution, military or usurped power, stage of siege, or any of the events or causes which determine the proclamation or maintenance of martial law or stage of siege.
- Death or Disability arising directly or indirectly from active participation in war, invasion, act of foreign enemy, hostilities or warlike operations.
Claim Documentation
Death Benefit
- Duly completed claim form
- Original or certified copy of burial permit
- Death Certificate
- Police Abstract (accidental death)
- National ID card or Passport of the deceased
- Statement of accounts of loan repayment
Total Permanent Disability
- Duly completed claim form
- Medical report
- Police Abstract (accidental disability)
- National ID card or Passport of the deceased
- Statement of accounts of loan repayment
Important Note
It’s essential for the insured member to nominate a beneficiary who is over 18 years to handle the claim under the last expense benefit category. For joint life (applicable only to Mortgage Protection), the cover stops on the loss of the first insured life.
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