Credit Life Insurance

Credit Life Insurance acts as a protective measure for the loan portfolio in case of unfortunate circumstances such as Death, Disability, or Retrenchment of clients. This coverage entails consumers paying the premium alongside their loan installment, ensuring the company’s protection as the beneficiary in case of a claim.

The credit life premium is competitively calculated at 0.45% on the deferred amount (Capital + Initiation Fee), encompassing interest and service fees within the coverage upon a claim.

Integration of Credit Life Insurance into the loan management system is seamlessly executed, enhancing overall efficiency.

Consumer coverage begins immediately upon signing the loan agreement and remains in effect until the loan’s due date or the date of early settlement. Upon a claim, the company receives settlement for the outstanding amount as of the claim date, excluding any unearned charges.