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.

 Benefit

  • 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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Credit Life Assurance