What are the benefits?

This Policy provides credit life cover benefits for individuals that have successfully applied for the Absa Bank Zambia lending product.
Upon the occurrence to the Insured of the event as described below, the Insurer will pay to the Policyholder the following benefits as specified:

• Death Benefit - This benefit provides cover in the event of the death of the Insured occurring during the term of insurance. The Insurer shall pay to the Policyholder the balance of indebtedness in one lump sum payment. This benefit continues for the remaining term of the Agreement.
• Permanent Total Disability Benefit - This benefit provides cover in the event of the total and permanent disablement of the Insured, occurring during the term of insurance. The Insurer shall pay the Policyholder an amount equal to the death benefit. This benefit will expire on the Insured’s 70th birthday. For the purposes of this Policy, the Insurer will regard permanent disability to mean medically certified total disability, as a result of illness, injury or disease, which cannot be cured or treated, and which prevents the Insured from earning an income by following his own or similar occupation in keeping with his/her education, training or ability and experience. The Insured shall also be deemed to have suffered permanent disability upon the permanent loss of or loss of use of both of his hands, feet or eyes.