This product is designed to be used as security ceded to the financial institution that has provided a personal or vehicle finance loan to the policyholder. The product insures the life of the policyholder and pays the benefits in the event of death or disability within the term of the policy. The term of the policy should coincide with the term of the loan provided by the bank or any financial institution licensed to offer such loans. The maximum loan term is 7 years.
This product does not have a return of premium benefit.
This product comes with an option to add rider benefits such as capital disability benefit, critical illness benefit, accidental death benefit, waiver of premium on disability, family commuter as well as Thuso 992 benefit.
The sum assured will be used to settle the loan if the policyholder dies within the term and any sum assured remaining after settling the loan will be paid to the beneficiaries.
- The minimum sum assured for this policy is P50 000 while the maximum sum assured is P1million.
- There is no waiting period.
- There is no medical underwriting.
This policy will be terminated at the age of 70 years or upon reaching the end of the selected policy term whichever is earlier.