Credit Life Assurance is exactly what the name implies – life assurance that will pay off the amount of debt on a line of credit. Credit Life assurance covers mortgage, personal/home/student loans, business loans, overdrafts, credit-card limits, etc.
Bancassurance Credit Life Assurance is a unique line of credit insurance facility that banks and other lending institutions, including microfinance organizations, Savings and Credit Societies (SACCOs), offer to their clients. The plan shall ensure the payment obligations of the customer of the bank in cases where death occurs or permanent total disability, thus protecting the family and the guarantors.
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