GROUP CREDIT LIFE BUSINESS

Covers loans advanced to borrowers. This may be by employers or financial institutions.

Such organizations may comprise banks, building societies, micro- finance institutions, co-operative savings & credit societies, hire- purchase dealers and employers who offer credit facilities to their own employees.

 The main objective of the group credit cover is to provide a capital sum on death of any member of the scheme, equal to the loan outstanding in the books of the scheme at the time of death of the member, instead of the loan being written-off. A loan cover can also be taken to provide a capital sum on the total and permanent disability of any participating member of the scheme equal to the loan outstanding in the books of the scheme at the time of the total and permanent disability of the member.