Mortgage Protection Assurance
Mortgage protection policy offers cover in respect of outstanding Mortgage balances from the insured. This policy may be a long-term contract running from 5 to 20 years issued on a decreasing term basis as the outstanding amount of the original debt reduces over time to repayments by the debtor.
The Insurance Company is liable to pay only the outstanding amount of the loan to the creditor.
Age Limit:
Life assurance cover is provided from ages 18-60.
Premium Payment:
The policy is effected by the payment of a single premium calculated based on a percentage of the capital sum assured.
Benefits:
- Pays the outstanding balance of the loan in event of death and total permanent disability
- Pays the outstanding balance of the loan in event of loss or damage to the property/house caused by fire or other perils
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Credit Life Insurance (Loan Protection)
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Mortgage Protection Assurance
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