Group Credit Life Assurance
Group Credit Life Assurance provides life cover to a group of borrowers of credit institutions, such as banks. In the unfortunate event of the death of the member during the term of the policy, the outstanding loan amount would be repaid by the insurance company thus relieving the member’s family.
Benefits
- Eliminates the risk of loan default in the event of death
- Financial relief to the family
- Facilitate competitive pricing for the lender
- Cost-effective plan
- Convenient administrative and medical procedures
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