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CHI Credit Life
This policy is designed to protect individuals who collect loans from financial institutions. The policy pays the outstanding loan balance in the event of death, permanent disability and Critical Illness and loss of Job. The Sum Assured under this plan is the outstanding loan amount
- The policy is designed to protect financial institutions against death, permanent disability and critical illness of its customers who has been offered a loan
- The policy includes a loss of job/retrenchment rider benefit, which provides coverage in the event where the policyholder loses their job due to redundancy, it pays the loan instalments that become due within this period, subject to a maximum duration of 6 months.
- The premium amount is either annual or single payable at inception of the policy
- The minimum frequency is 3 months.
- The maximum policy term is 3 years.
- The minimum entry age is 18 years, and the maximum entry age is 65 years
Policy Benefits
- Death Benefit: The policy pays the outstanding loan amount payable upon death of the policyholder within the term of the policy.
- Permanent Disability Benefit: The policy pays an outstanding loan amount payable when the policyholder suffers a permanent disability within the policy term.
- Critical Illness Benefit: The policy pays off the loan balance if the borrower is diagnosed with a covered critical illness
- Job Loss Rider Benefit: The policy pays the loan instalment that falls due when the policyholder loses his job by virtue of redundancy during the policy duration. The job loss benefit structure is as described in the table below
POLICY TERM | LOAN INSTALMENTS |
1 – 6 MONTHS | NIL |
7 -12 MONTHS | 2 MONTHS LOAN INSTALMENTS |
13 – 24 MONTHS | 4 MONTHS LOAN INSTALMENTS |
25 – 36 MONTHS | 6 MONTHS LOAN INSTALMENTS |
- Age at entry (18–65 years) (Means of ID compulsory)
- Loan amount (sum assured)
- Loan tenor (max 3 years)
- Offer letter
- Mode of premium payment
- Loan repayment schedule/amortization schedule
- Coverage type (death, disability, critical illness, job loss rider)
- Waiting periods (where applicable, e.g., job loss rider)
- NIN
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info@chilife.ng
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Plot 33D Bishop Aboyade Cole Street, Victoria Island, Lagos.
