Who benefits from Credit Life Insurance cover?
Client
Settlement of any outstanding capital amount.
Total Disability
Pensioner, (a person of or above the official retirement age of 65 years, receiving a regular payment made by the State or chosen pension scheme): The insurer shall pay the CP:
- For a period of 12 months:
- During the remaining repayment period of the Credit Agreement; or
- Until the insured is no longer disabled. The benefit will be payable for whichever is the shorter period.
Non-Pensioner: In the event of the Insured’s Temporary Total Disability, an amount equivalent to but not exceeding the Sum Assured under this Policy shall be paid. The Outstanding Balance shall be paid to the Credit Provider and any difference between the Sum Assured and the Outstanding Balance shall be paid to the Insured.
Total Disability
An amount equivalent to the death benefit shall be paid. The outstanding balance shall be paid to the Credit Provider and any difference between the sum assured and the outstanding balance shall be paid to the Insured.
0.45% of
Capital Amount
In the event of the Insured experiencing the Loss of Income as defined below, the monthly instalments will be paid to the Credit Provider:
- For a period of 12 months;
- During the remaining repayment period of the Credit Agreement; or
- Until the Insured finds employment or is able to earn an income. The benefit will be payable for whichever is the shorter period. There is a 3 (three) months waiting period after the commencement of the cover where the term of the Credit Agreement is more than 6 (six) months.
0.55% of
Capital Amount
In the event of the Insured becoming unemployed or experiencing the Loss of Income, other than as a result of Permanent or Temporary Disability, an amount equivalent to but not exceeding the Sum Assured under this Policy shall be paid. The Outstanding Balance shall be paid to the Credit Provider and any difference between the Sum Assured and the Outstanding Balance shall be paid to the Insured.
No retrenchment benefit.
Beneficiary
Difference between Sum Assured and outstanding balance.
Death Benefit
Non-pensioners – R250
Pensioners – R500
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