Group Credit Life

Group Credit Life Insurance - Bank Borrowers Scheme

It is a group life insurance providing death & disability cover to the salary related loan borrowers of the commercial banks, finance companies and other financial institutions.

The bank enters into an agreement with NLG to provide such coverage to its borrowers. In the event of unfortunate death or disablement of the borrower, NLG indemnifies the lender by paying the outstanding loan and interest in the account of the borrower and thereby relieving the family of the deceased or disabled from the financial hardship of repaying the outstanding debt.

Types of cover offered:

  • Single premium level cover - Original loan amount is covered for the entire period of loan in return for a single premium.
  • Single premium outstanding cover - Outstanding loan and interest is covered for the entire period of loan in return for a single premium.
  • Monthly premium outstanding cover - Outstanding loan and interest is covered in return for a monthly premium.

The Group Credit Life explained above takes care of the protection requirement for one segment of your customers, the borrowers. You would ideally not want to leave the other important segment of your customers, the investors such as deposit holders. We do also have the expertise to provide a tailor-made group life cover to suit your investors.