What is our Home Mortgage Protection Plan?
Credit Life insurance is a debt protection cover which protects you in the unfortunate event of your death or disability by settling the outstanding balance of your loan.
Death benefit
Your family is protected from the burden of repaying your loan. The death benefit provided by this policy reduces on a monthly basis during the term of the loan. The death benefit will be paid to Absa Bank Zambia Plc to settle the outstanding balance on your loan less any arrears.
Permanent total disability benefit
In case of total permanent disability, an amount will be paid to Absa Bank Zambia Plc to settle the outstanding balance on your loan less any arrears.
What can you expect?
- Accidental death benefit: In case of accidental death, an additional benefit equal to 10% of the initial loan amount will be paid to the nominated beneficiary apart from settling the outstanding balance on your loan.
- Easy sign up for cover: Quick and easy enrolment process. You simply need to read and sign the declaration/certificate of insurance which is available at any Absa Bank Zambia branch.
- Free Cover Limit of up to K3M: This means no medical examination will be required for any amount below the K3M threshold, however customers will be required to go through medical underwriting for any amount above K3M.
To know more about this plan:
For more details on our Home Mortgage Protection Plan please download the product brochure as a PDF from here.
