Group Credit Life
Group Credit Life insurance is designed for financial institutions such as commercial banks, micro-finance lenders, and employers who provide loans to their employees. This policy covers the outstanding loan amounts taken by borrowers and employees.
In the unfortunate event of the borrower’s death during the loan term, the policy pays the outstanding loan amount directly to the lending institution, effectively settling the borrower’s debt and relieving their family of this financial burden
Additional Benefits:
Disability Benefit
Covers total and permanent or total and temporary disability of the borrower. The benefit amount equals the outstanding loan balance, ensuring loan protection despite disability.
Critical Illness Benefit
Pays out a specified number of instalments or a lump sum if the borrower is diagnosed with critical illnesses named in the policy, such as cancer, stroke, or heart disease.
Involuntary Retrenchment Benefit
Available for salaried borrowers, this benefit covers loan repayments or instalments for a period of three to six months if the borrower is involuntarily retrenched, providing financial support during job loss.
Funeral Benefit
Provides a specified lump sum to cover funeral expenses for the borrower and can be extended to cover their spouse and children.
Premium Payment Options:
Premiums are paid in advance.