Basically, as the name implies, this is a life assurance on the life of the banks’ borrowers to ensure that in the unfortunate untimely death of a borrower, the bank does not end up taking the collateral and leaving the dependants in further misery, in times when the dependants need sympathies and not loss of assets.

Our liability is limited to the outstanding loan at the time of death. It is important to note that the cover excludes loan DEFAULT meaning that we will indemnify the bank for the outstanding amounts on death of the borrower, provided loan repayment has been provided in the loan agreement.

We provide also cover for permanent disability. In this event, the insurance cover is as if the borrower were dead and so the total outstanding will be paid by the Insurance Cover. Premium for this scheme is age related, however, for ease of operation if the bank has an established age average we may be able to quote a unit rate for all transactions.
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LIFE ASSURANCE DEATH CLAIM PROCEDURE

As soon as the company has been informed of the death of the insured, the net amount payable upon proof of death and title are checked as follows:

The proofs usually required are:

a. A certified death certificate
b. A declaration of identity
c. A formal letter
d. The original life Assurance document.

HOW TO APPLY
To apply for Credit Life Assurance , download the form(s) listed below, print them as they appear on your screen, fill them out and return to any of the offices of Provident Insurance compant Ltd.

Mode of payment of Premium

Proposal for Credit Life Assurance

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