Loan Protector



The Policy has been developed to pay the outstanding loan or balance when the borrower (loan beneficiary) dies or suffers total and permanent disability arising out of illness or accident. The outstanding loan does not include unpaid scheduled payments before death or disability. This plan reduces the default risks (non-payment of loans) of financial institutions in the administration of their Consumer/Retail Loans.


  • Eligibility: Persons aged between 18 and 60 years and in good health.
  • Premium Payable
    The premium payable is dependent on some factors such as: -
  • The insurable events covered
  • The repayment term of the loan
  • The interest rate chargeable on the loan


  • Death Only: The Policy pays the principal outstanding only when the borrower dies within the repayment term of the Loan.
  • Death , Total and Permanent Disability: The financial institution receives the principal outstanding when the borrower dies or suffers total and permanent disability, within the repayment term of the Loan.


  • Benefits payable under the policy shall be made to the Financial Institution.
  • Every legitimate claim shall be paid within one week, on receipt of all the appropriate claim documents evidencing that the insured event has occurred.

These include: Death Certificate and Medical evidence of total and permanent disability/ incapacity.