Credit Life Assurance
This is a product that is designed to provide death benefits on death of the insured customer. During the term of the loan the amount outstanding on the loan as per the register of Members is paid to the lenders or financiers who lent the money.
The Policy incorporates the following benefits: -
Temporary Disability Benefit
In the event of the borrower being unable to work as a result of an accident or sickness the cover provides an amount equal to the monthly installment due under the loan agreement for each full month off work.
Permanent & Total Disability Benefit
On the borrower becoming totally and permanently disabled during the term of the loan and is unable to engage in his normal occupation, or from performing any work for remuneration or profit, and that there is no reasonable expectation of recovery in the opinion of the Company's medical officer, the amount outstanding on the loan will be paid to the lenders or Financiers who lent the money.