Enterprise Life's Credit Life Policy is tailored for Financial Institutions or companies, which offer loans to clients.
This is a single premium policy with a maximum term of 5 years.
This provides the payment of death benefits on the death of the life assured or permanently and totally incapacitated. The cover will be applied for by the policyholder who would have been authorized by the life assured in a contract to apply for the insurance and to pay the premiums in respect of such insurance.
The initial sum assured shall be the initial loan amount and thereafter shall be the balance. The basis of indebtedness shall be the balance outstanding which will allow for the reduction of the initial sum assured by all instalments which were due to be paid up to the date of death or total permanent incapacitation.
The premium is the rate (depending on the number of years for repayment of the loan amount) of the loan amount that is, rate (%) * loan amount.
The Life Assured at the date of death or total permanent incapacitated should be 18 years and above but below 60 years.
Death Benefit/ Total Permanent Incapacitation
Benefit is payable upon proof of death or total Permanent Incapacitation and the amount is payable to the creditor.
Premium is payable at the beginning of the contract.
Terms & Conditions
Standard exclusions apply.
On the seventh day following the end of each calendar month, the financial institution will furnish Enterprise Life with an electronic copy of covered members together with a paycheque.