Credit Life
Assurance Plan
Features
This policy is designed to pay the outstanding debt in the event that the borrower dies, is permanently disabled or loses his job. The premium on the policy decreases proportionately with an outstanding loan amount as the loan is paid off over time.
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What it covers
- Death
- Permanent Disability
- Critical Illness of the policyholder
- Loss of job
Benefits to the Lender
- Credit Life Assurance will reduce the non-performing loan ratio arising from death of beneficiaries or accidental damage to the assets if property insurance is included
- The fund will be protected from the cumbersome process of loan recovery arising from death or disability
- It will allow the lender to take reasonable and moderate risk while increasing lending portfolios for beneficiaries
- Attracts new and retains existing beneficiaries
Benefits to the Beneficiaries
- Achieves a seamless process as premium and cover are standard across all beneficiaries
- It will protect the family of the borrower from loss of assets or burden of debt as a result of the passing or permanent disability of the beneficiaries
- It gives the beneficiaries peace of mind