Credit Life Assurance
This is a group policy where all loans falling in this category will be automatically insured by Jubilee Life Insurance Corporation of Tanzania Limited from the date of issue.
In case of death, the principle loan balance on the original amortization schedule and the associated interest for the month of death will be payable. Any amounts in default including any penalties, service charges or extra interest are not payable.
Benefits at a glance
- Death.
The Full amount of the outstanding principal loan will be payable to the financier in the event of death of a borrower. - Total and Permanent disability.
In the event of total and permanent disability the full amount outstanding under the credit arrangement is paid. - Funeral expense cover
Upon death of a borrower, an agreed amount will be paid to the beneficiary of the borrower.
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