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Credit Life Assurance Plan
Credit life insurance is designed to protect financial institutions
against non-repayment of loans as a result of death, disability or Loss of Job
of short to medium term borrowers.
It also serves the purpose of protecting customers’ dependent’s from the
financial consequences of untimely death while there is an outstanding loan
against him (the customer).
Should death occur, the financial institution recoups its loan from the
Capital Express Assurance Limited and avoids the awkward situation of asset repossession.
Similarly, customer’s dependents keep the asset in the family thereby
reducing the agony of breadwinner’s untimely death.
- Cover can be arranged for a maximum of 2 years.
- If the age next birthday of a proposer is above
55years the proposer would need to go for medical.
- The benefit payable will be the outstanding loan as at
the date of loss
- Premium is expected to be paid as a lump sum
- Policy does not cover default in loan repayment.
extendable to permanent disability and critical illnesses
convenient and stress-free way to acquire assets