Single Premium Credit Life Insurance
Upon loan taker’s Death or Total Permanent Disability before full repayment of the loan, his/her dependents are protected from taking up liabilities that they were not a party to and/or privy to and from the loss of the mortgaged property.
Lenders (Bank or Microfinance or Financial Institution)
The Sum Insured and Coverage Period will be loan amount and loan term.
ii. Total Permanent Disability
iii. Surrender Value (upon full loan repayment by the borrow before the end of loan term)
iv. Tax Deductible