Always stay safe from non performing loans and unforeseen events that may affect your balance sheet.
Our credit life scheme plan provides a cost effective way to ensure that outstanding debt is settled
should a client die or become disabled during the period that he/she accessed credit or
loan facilities from the institution.
This benefit protects the credit provider against the risk of the loan holder dying while there is still credit outstanding.
The benefit can be structured to pay out any of the following to the credit provider should the loan holder die:
The most appropriate type of benefit will depend on the type of loan being covered. Credit Life is a cost effective way for credit providers to manage the risk of default in the event of the loan holder’s death.
Lump sum payment
The following optional benefits can be added to Credit Life :
Cover will continue until the earliest of the following:
This is a lump sum benefit paid out to the credit provider if the loan holder becomes permanently disabled and
is no longer able to perform their job or a similar job. The benefit amount will be the same as covered by the Credit Life Benefit
(e.g. outstanding balance, original loan amount etc.)
It is a cost effective way for credit providers to manage the risk of default in the event that the loan holder becomes disabled and is no longer able to work and earn an income. By adding the Permanent & Total Disability Benefit to Credit Life the credit provider is comprehensively covered against the major life risks that often cause default.
Lump sum payment
In simple terms, the member is regarded as disabled if they can no longer do their own job or a similar job.
The claim will be paid after a waiting period of 6 months from the date of disability. The purpose of this period is to assess if the disability is permanent and total.