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Credit Life Assurance
Life is unpredictable. And if you are suddenly unable to work, having your credit life assurance policy pick up your loan payments can be a big help at a very stressful time.
This cover provides protection for the loan portfolio of lending institutions. In certain cases, profit sharing can be negotiated where a sizeable portion of the declared underwriting profit can be 'paid-back' to the lending institution.
Scope of the cover
- Permanent Total Disability- if an accident or illness leads to the loss of earning power and the inability to repay the outstanding loan amount.
- Temporary Total Disability- where as a result of bodily injury, a borrower is prevented from earning his normal income from his trade, vocation, or occupation.
- Retrenchment - Where the borrower is involuntarily retrenched from work by the employer after a waiting period of one year of the loan contract.
- Natural and accidental death.
- Covers outstanding loan balances are covered in the event of defaults caused by death, permanent disability or involuntary retrenchment.
*Cover is only available to people aged 18 to 60 years old. Payout conditions apply to specific instances listed above
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