This is a loan protection policy for homogeneous groups of individuals who take loans from financial institutions, banks or any registered money lending institutions. The product aims at providing cover which is sufficient to meet the balance of the outstanding loan on Death, Total permanent Disability, Critical illness and optionally extends to cover the temporary disability, funeral expenses and loss of employment.
Benefits
- Death & Total Permanent Disability: Outstanding loan amount and accrued interest
- Critical illness: Outstanding loan amount and accrued interest
- Funeral expenses of borrower
- Accidental death of pre-determined spouse
Definitions
- Outstanding loan: Principal plus interest outstanding at the time of assured event.
- Death: For whatever cause
- Total Permanent Disability: In event where the debtor is permanently prevented as a result of illness or bodily injury due to accident from earning his normal income for a period of at least 12months and there is no reasonable expectation of recovery.
- Funeral Expenses cover- Where death occurs in respect of the debtor
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