Credit Life Insurance

Credit Life Assurance Scheme is a policy that provides for the payment of an outstanding loan in the event of the occurrence of death/permanent disability or critical illness of the policy holder (bank customer) before the complete repayment of the loan.

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The loan covered by this contract is a short term consumer loans with minimum term of 6 months and Maximum term of 4 years.

  • This is a policy that provides for the payment of an outstanding loan in the event of the occurrence of the death of the policyholder.
  • This consumer loans covered usually do not require any form of collateral, although, a steady source of income is usually a criteria for eligibility.
  • On death after the guaranteed period, no further payment will be made.
  • The product is designed to secure the consumer loan holder against the financial risk of death/critical illness before repayment of amount owed.
  • The policy duration will be equal to the term of the loan taken subject to a minimum of 6 months.
  • The minimum age at entry is 20 years while the maximum entry age is 60 years.
  • The Sum Assured under the contract is the original loan amount taken from the financial institution.
  • Only single and annual premium payment is allowed under the contract.
  • The product does not attract any surrender/lapse/maturity benefit.
  • The policyholder will have the option of adding Loss of Job Benefit.
  • The financial institution is the first loss payee.
  • It helps Banks and other financial institutions manage their loan portfolios
  • It protects policyholders’ dependents from the financial consequences which may arise as a result death/incapacitation of the borrower and the resultant inability to repay the loan.
  • It gives peace of mind to both the life assured and the financier

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13th Floor Civic Towers, Ozumba Mbadiwe Road, Victoria Island, Lagos, Nigeria

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