Group Credit Life Assurance

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Group Credit Life Assurance

Credit Life Assurance is a reducing Term Assurance policy which guarantees the payment of balance of outstanding in respect of the credit loan given by a financial institution, Credit Life policy that covers loss of job. In other words, if the life assured should lose his job while the scheme is still running, the assurer shall make an installment loan repayment for a maximum period of six months. Payment shall however cease if the life Assured secures a new employment at any time within the six months.

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