Credit Life Insurance
Life assured
A member who takes out a loan facility from the insured (SteadFin SACCO) and signs a Loan Agreement with the Insured; and whose life shall be assured under this Agreement, and he/she shall not be below the age of 18 years or over the age of 70 years, when the loan is applied for.
This cover is extended at a one-off fee of 1% of the loan amount extended.
Scope of cover;
The loan facility is covered by an insurance policy with CIC Insurance specifically covering the following events:
- Death with the exclusion of intentional self-injury, suicide and war
- Permanent Total Disability
- Critical Illness; Stroke, Cancer, Coronary Artery Surgery, Heart Attack, Major organ transplant, Blindness,
- Involuntary unemployment/Retrenchment
Scope of Cover
Cover Type | Overall Cover | Out patient |
|---|---|---|
Death | 100% of Principal outstanding loan balance
| Policy limit – None
|
Permanent Total
Disability
| 100% of Principal outstanding loan balance
| Policy limit – None
Deferment period – 6 months.
|
Critical Illness | 30% of Principal outstanding loan balance
| Policy limit – None
Waiting Period – 4 months
|
Retrenchment /involuntary unemployment
Due to factors beyond the borrowers control such as
downsizing
| In the event of loss of employment leading to defaulted loan after a period of 60 days, the policy pays up to 24 months loan installments or the actual loan instalments or until the member acquires a new job, whichever comes first
| Waiting period – 60 Days Deferment period – 60 days
Policy limit – 300,000,000
|
Territorial Limit
| The policy is valid worldwide.
| |
Basis of cover
| 24 Hours
| |
Maximum Age
| 70 Years
| |
Maximum Loan Period
| 7 Years
|
EXTENSIONS
Critical Illness: As defined by World Health Organization (WHO), and specifically for the purposes of this policy, CIC Africa Life Assurance will cover;
Stroke: Any cerebrovascular incident producing neurological sequelae lasting more than twenty-four hours and including infarction of brain tissue, hemorrhage and embolization from an extra cranial source, Evidence of permanent neurological deficit shall be produced.
Cancer: A disease manifested by the presence of malignant tumor characterized by the uncontrolled growth and the invasion of normal surrounding tissue. This includes leukaemia, lymphoma, Hodgkin’s disease and mixed tumors of the parotid gland.
Such cancer as defined above must be positively diagnosed by a Medical Practitioner qualified in the appropriate specialty of pathology. All skin cancers, cancer in situ and melanoma in situ and tumors in the presence of nay human immunodeficiency virus are excluded.
Coronary Artery Surgery
Surgery that is required after diagnosis via accepted angiograph testing and as a direct result of all or part of the diseased coronary arteries but excludes percutaneous angioplasty and/or intra-arterial procedures not necessitating thoracotomy
Heart Attack: The death of a portion of the heart muscle as a result of inadequate blood supply to the relevant area, the diagnosis is based on the following three criteria:
The suffering of a typical chest pain
New ECG changes
Elevation of cardiac enzymes
Major organ transplant
The human-to-human organ transplant from a donor to Customer person of one or more of the following organs: Kidney, heart, Lung, Heart-Lung, Liver or Pancreas. The transplant of bone marrow is included. The transplantation of all other organs, parts of organs or any other tissue transplant is excluded.
Blindness: This shall mean total and permanent loss of sight in both eyes
The compensation on critical illness claims shall be 30% of the outstanding loan balance on first diagnosis or loan instalments of up to a time a member regains employment in case he/she had been terminated on grounds of critical illness.
Exclusions
Death Claims:
- Death claims as a result of intentional self- injury or suicide.
- War (whether war be declared or not), civil war, mutiny, riot, insurrection, rebellion, revolution, terrorism, military or usurped power except for passive risk of war, riot and terrorism.
Permanent Total Disability (PTD)
Disability as a result of;
- Intentional self-injury or suicide.
- Aviation other than as a fare paying passenger travelling on a scheduled flight of a recognized airline.
- Engaging in hazardous sports like motor racing, hunting, mountaineering, professional football, rugby, polo etc.
- PTD resulting from war, rebellion revolution, terrorism, military or usurped power except for passive risk of war, riot and terrorism.
Critical illness claims
Critical illness arising from;
- Intentional self-injury.
- Indulgence in alcohol or drugs not prescribed by a registered medical practitioner.
- Mental illness or any other nervous disorders.
- Aviation other than as a fare paying passenger travelling on a scheduled flight of a recognized airline.
- Dangerous sports like racing, hunting, and any other hazardous sports.
- War (whether war be declared or not), civil war, mutiny, riot, insurrection, rebellion, revolution, terrorism, military or usurped power except for passive risk of war or riot.
- Participation in any criminal act.
- Service in any capacity of police, armed forces or security guard.
- Failure to follow medical advice and any pre-existing conditions.
Retrenchment / involuntary unemployment claims
Claims arising from loss of employment due to resignation, retirement, misconduct/ criminal activity, and dismissal.