About Group Credit Life Assurance

Banks offer short/medium and long term loans to their customers and our Group Credit Life Assurance product  insures the Bank and its borrowers on this lending.

Insured Events

Our   Group Credit Life Assurance  product covers Banks and it Customers (Borrowers):

• In case of death (due to accident or illness) of its Borrower whilst he is servicing his loan with the Bank
• In case of permanent & total disability (due to accident) of its Borrower whilst he is servicing his loan with the Bank
• In case of first positive diagnosis of a critical illness of its Borrower whilst he is servicing his loan with the Bank

Benefit Details

Death

In case of death (due to accident or illness) of a Borrower: the outstanding loan amount of the Borrower is paid to the Bank

The difference between the principal loan amount and the outstanding loan amount is paid to the Borrower’s nominated beneficiaries. Cover is on a 24/7-Worldwide basis

 Permanent Total Disability:

In case of permanent total disability (due to accident) of a Borrower:

• the outstanding loan amount of the Borrower is paid to the Bank
• the difference between the principal loan amount and the outstanding loan amount is paid to the

Borrower

Cover is on a 24/7-Worldwide basis

Critical Illness

In case of first positive diagnosis of a defined Critical Illness of a Borrower:

1. the outstanding loan amount of the Borrower is paid to the Bank
2. the difference between the principal loan amount and the outstanding loan amount is paid to
3. the Borrower

Cover is on a 24/7-Worldwide basis.

Critical Illness is defined as:

• Heart Attack
• Coronary Artery Surgery
• Stroke
• Cancer
• Renal Failure
• Aorta Surgery
• Replacement of Heart Valve
• Paraplegia
• Blindness
• Major Organ Transplant

Term

Contract Term

This is a 12 month contract renewable yearly till the full repayment of the loan.

Loan Term

Loan terms can be for any period between 1 to 30 years.

Medicals 

The Borrower might be required to undergo medical examinations

Premiums

Premiums for each borrower is paid annually (in advance) from the date the loan amount has been discharged to the borrower

Quotation

For a credit Life assurance quote, we require the following:

• Date of Birth of the Borrower
• Amount of Principal Loan
• Duration of Loan (in months)
• Loan Start Date
• Interest Rate per annum charged on the Loan.