What is our personal Loan Cover Plan?
This 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?
- In the event of your Death or Total Permanent Disability and subject to all other Credit Protection policy conditions being met, we will pay the Outstanding Balance on your Personal Loan, up to the maximum Sum Insured. The Death benefits end when you reach the age of seventy-five (75) years.
If Death is due to accidental causes, we will pay an additional amount equal to 15% of the initial loan amount.
