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.

Features of the Plan

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.

Benefits

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

Call Us

234(0)12784555 / +234(0)12785500
07040021123 (WhatsApp and Text only)

Email Us

customercare@prudentialzenith.com
claims@prudentialzenith.com

Visit Us

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