GROUP CREDIT LIFE INSURANCE

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.

Product Benefit Extendability

The product can be extended to include Disability and / or Retrenchment benefits as follows

Disability Benefit

Disability benefit is payable in cases of total and permanent disability of a borrower and the amount payable is the outstanding loan amount

Retrenchment

This benefit is available to commercial banks and employers in respect of salaried borrowers and employees for personal loans. In the event of the retrenchment of the borrower, Smile Life pays the bank loan repayments or loan installments for say three to six months