Loan Protection Plan
Loan Protection Plan provides protection for both credit providers and their consumers. The purpose is to protect the financial assets of credit providers in the event that borrowers are unable to meet their financial obligations.
This policy is to ensure that credit providers are adequately compensated in the event of the death or disability of their borrowers during the tenure of the loan and consequently avoid the financial stress resulting from having to rely on the personal assets of a deceased, or disabled loan beneficiary.
The policy also provides protection for the dependents of these beneficiaries by removing the obligation to repay the loan after the death of their loved one
MAIN POLICY BENEFITS
Death /Total and Permanent Disability Benefit
In the event of the above, StarLife will pay the outstanding loan amount to the Loan granting institution. The effective date of assurance shall be the day he/she is granted the Loan and will run concurrently with the stipulated period for the repayment of the loan.
The insurance cover however, will not extend to cover: