Overview
This policy protects the lender, dependants and guarantors against the risk of death or disability before full settlement of the advanced mortgage/loan.
Features
- The amount of sum assured decreases proportionately to the remaining duration of initial policy term.
- The benefits are payable to the lender of the mortgage if the insured dies within the term of the loan. This being the balance of the loan.
- The policy term ranges from term 1 – 25 years which should be equal to the duration on loan borrowed.
Benefits
- Peace of mind during the loan period.
- The beneficiaries continue to enjoy the benefit of the house after the demise of the insured.
FAQs
1. Is there a refund of the premium after clearing the loan?
Nothing is payable as it provides loan protection only and has very low premiums with a higher benefit.
2. Does cover, cover defaulting on the loan?
No, it only covers death and disability of the Mortgage taker.
How do I get Started
- Complete a proposal form, Attach a copy of you ID and PIN.
- Pay the first premium
