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CHI CO-Operative Plan
The Cooperative Plan is a decreasing term protection policy designed for cooperative societies that provide loans to their members. It settles the outstanding loan balance in the event of the insured member’s death or permanent disability, ensuring financial protection for both the member and the cooperative
- A decreasing term protection plan designed specifically as a loan protection solution.
- Single premium payable once at policy inception.
- Eligibility: Minimum entry age of 18 years and maximum entry age of 65 years.
- The policy is a loan protection plan.
- The policy has a maximum term of 5 years.
- There is no waiting period for benefit payment.
- A 30-day waiting period applies before benefit eligibility.
Policy Benefits
- Death Benefit: The policy pays the outstanding loan amount upon death of the policyholder within the term of the policy.
- Permanent Disability Benefit: The policy pays the outstanding loan amount payable when policyholder suffers a permanent disability as defined in the policy documents within the term of the policy.
- List of Members aged 18 – 65 years
- Age Next Birthday of Members.
- Loan amount (sum assured)
- Loan tenor (max 5 years)
- Repayment schedule (monthly)
- 30 days waiting period
- NIN of all members.
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0700 700 0400
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info@chilife.ng
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Plot 33D Bishop Aboyade Cole Street, Victoria Island, Lagos.
