This product is offered to banks or micro-finance lending institutions to cover loans taken by borrowers in the event of death. This product pays on death of a borrower the outstanding loan amount at the time of his/her death.

The benefits are paid to the lending institutions who utilize them to recover the outstanding loan at the time of death of the borrower.The product can be extended to include bereavement assistance (funeral) and can also be tailor made to suit specific needs of clients.

Credit Life insurance

Credit life insurance is a type of life insurance designed to pay off a borrower’s debt in the event of death or permanent disability. 

Why should I have credit life insurance?

Credit life insurance gives you peace of mind knowing that your family (or estate) will not be required by NBS bank will not be required to pay off any outstanding loan in case of death or permanent disability.

Why should I have credit life insurance?

Credit life insurance will not pay if death or permanent disability are a result of the following:

  • Death caused by suicide.
  • War, invasion, act of foreign enemy hostilities or war like operations (whether war be declared or not) civil war. mutiny, military or popular uprising, insurrection. rebellion. revolution. military or usurped power, martial law or state siege or any of the events or causes which determine the proclamation or maintenance of martial law or state of siege.
  • Attacks on or sabotage of facilities (e.g. nuclear power plants. reprocessing plants, final repository sites and research reactors)
  • Storage depots, which lead to the release of radioactivity or nuclear. biological or chemical warfare agents
  • The benefits under this policy shall not be paid in the event of misstatement of age

What does it cover?

Credit life insurance covers death or permanent disability of the borrower.

How much do I pay?

Credit life insurance premiums vary depending on the loan term. Below are rates for different loan terms:

Up to 1yr:

Up to 2yrs:

Up to 3yrs:

Up to 4yrs: 5.5%

Up to 5yrs: 7.2%

Up to 6yrs: 8.8%

Up to 7yrs: 10.6%

Up to 8yrs: 12.5%

Please note that these are once off premiums but alternatively they can be paid monthly at a monthly rate of 2.5% of monthly balance.