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.
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.