Credit Life / UT Life Loan Protection Plan covers the Bank against the borrower’s inability to repay a loan facility as a result of:
- Death (that is Natural/Accidental)
- Total and Permanent Disability as a result of Accident/Illness.
- This is a group policy and is taken by the Bank for its loan customers.
- By the Bank taking this policy it becomes the sole beneficiary of all benefits due under the policy.
- Premiums are borne by loan customers of the Bank and are usually deducted upfront front the net loan amount before disbursement.
- Premium once paid up is for the entire loan tenure.
GENERAL BENEFITS OF CREDIT LIFE / UT LIFE LOAN PROTECTION PLAN
- Provides loan repayment security to Bank
- Provides total peace of mind to the surviving members of the deceased loan customer.
- Prompt claims payment