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Credit Life Plan
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Option I

 

IGI Credit Life Plan is designed to secure Financial Institutions and other organizations granting consumer loans/credit against the risk of death/total permanent disability of their Loan Holders/Borrowers while the loan is still being repaid.

 

It also serves the purpose of protecting Guarantors from the financial consequences of the inability of the Borrower to repay the outstanding loan.

 

For Whom

 

This policy is for Financial Institutions and other organizations or individuals who grant credit facilities to their Clients/Public or Employees.

 

Features

 

  • It is a Short Term Policy
  • The initial sum assured under the contract will be the original loan amount/the outstanding loan balance, and this will reduce as repayments commence
  • Premium payment is yearly in advance or can be made as a single payment
  • There may be no medical examination for this policy
  • The minimum and maximum policy terms are 3 months and 5 years respectively
  • Minimum age at entry is 18 years
  • Maximum age at entry is 70 years

 

Benefits

 

  • The policy offers protection to the Lender from forfeiting any outstanding balance on the loan in the event of the death of the Borrower
  • It also protects the Dependants of the Borrower from losing the asset being bought on credit in the event of his death
  • The policy guarantees security of the ownership and peace of mind to both the Lender and Borrower

 

Scope of Cover/Benefits

 

Death
In the event of the death of the Borrower within the policy term, the outstanding loan plus interest becomes payable.

 

Total Permanent Disability

In case the Borrower becomes totally permanently disabled due to accident/critical illness, which results in him/her being incapacitated, preventing him/her from being engaged in any occupation for remuneration/income or profit, the outstanding loan with interest will be payable according to the policy conditions.

 

The payment of this Total Permanent Disability benefits terminates the policy immediately.

 

Premium Payment

 

Premium payments are allowable in single and annual payment modes. The annual premium will be calculated each year on the outstanding loan at the policy anniversary date.

 

Example of Premium Computation

 

Assuming a loan amount of N2,000,000

 

  • Where the cover provided is for Death and Permanent Disability

 

 age

 3 months (N)

 6 months (N)

 1 year (N)

 2 years (N)

 5 years (N

 <=40

  7,520

 8,500

 10,420

 14,940

 24,940

  41-50

 8,480

  10,400

 14,120

 22,440

  40,800

 51-60

 12,800

 18,980

 31,020

 56,300

 108,440

 Over 60

 15,640

 24,600

 42,080

 77,840

 149,180

 

Information Required

 

IGI requires the following information to enable the underwriting assessment and account management.

 

NameOf

Borrower

DateOf

Birth

AmountOf

Loan/Credit

TenureOf

Loan

InterestRate

AddressOf

Borrower

Occupation  PhoneNumber  Guarantor 
                 
                 


Ancillary Cover

 

  • IGI Plc offers Insurance Cover to protect the assets being bought on credit e.g. motor cycles, cars etc in the event of:             
    - Theft
    - Loss
    - Damage or destruction of the property or asset

 

  • IGI Plc also provides other classes of Non-Life Insurance namely:
    - Marine and Aviation
    - Oil and Gas
    - Workman Compensation
    - Group Personal Accident
    - Fire and Burglary
    - Travel Insurance
    - Household Insurance
    - Contractors All Risks
    - Engineering
    - Public Liability etc.   

 

Option II

 

Scope of Cover: Default Credit Insurance

 

  • The cover gives protection against the risk of default, whether fortuitous, arising from:
     - Death
     - Permanent incapacitation
     - Loss of job
     - Disappearance

 

  • The policy will only be sold to selected trustworthy and credit-worthy clients vetted by the bank or financial institutions

 

  • If it covers card holders, the holder must have an account with a Bank/Institution

 

Premium on Default Credit life  

 

  • 1.5% per annum of the loan value will be charged for Credit Life/Default Insurance
  • Additional benefits will be charged separately, however bundle discounts may be negotiated

 

Important Conditions

 

  • All payments should be made in cheque and written in the name of IGI Plc, or paid in cash into the company‚ ôs designated bank account
  • Always request for a receipt for all payments made to IGI Plc
  • You will always get an alert SMS confirming all payments made to IGI Plc within 5 working days
  • If there is any change of address, kindly notify us immediately
  • We need a colour photograph of the policy holder
  • If any answer has been written by any person(s) other than the assured, such person(s) shall for that purpose be regarded as the agent(s) of the proposer and not the agent(s) of the Insurer.

 

To be a tear off slip.

 

In case you are interested in taking up the IGI Credit Life Plan, please detach and send this form to our nearest branch office.

.......................................................................................................................................

 

Name of Company/Institution: .......................................................................................
Contact Person: .............................................................................................................

Title/Occupation: ............................................................................................................
Address: ........................................................................................................................
Telephone: .....................................................................................................................

Mobile No: .....................................................................................................................
E-mail Address: ..............................................................................................................

 

Please arrange for IGI Plc's representatives to call me on numbers given above.
Date: ............................................................................................................................
Place: ...........................................................................................................................
Time: ............................................................................................................................

 

IGI is one of Nigeria's front line insurers with strong asset and capital base which guarantees the safety of your investment. We have the strength and resources to deliver options that suit your needs and priorities.


      
  

 

 
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