Group Credit Life Assurance Scheme
Group Credit Life insurance product is offered to Financial Institutions such as commercial banks, micro-finance lending Institution and to employers who extend loans to their employees. The Policy covers loans taken by the borrowers and employees.
The policy pays on death of the borrower, the outstanding loan amount. The benefits are paid to the lending institutions who utilize the proceeds to pay off the outstanding loan.
Premiums are payable monthly, annually or as single premium for the duration of the loan.