Smile: Making Insurance Affordable
SmileLife Insurance Company Limited, Making Life Insurance Affordable
Group Life Products Policy

Product Profile (Group Credit Life Insurance Scheme)

Group Funeral Insurance Policy


This scheme is designed for financial lending institutions i.e. commercial banks and micro-finance
institutions that offer loans.

What does it cover?

The scheme covers the outstanding loans. In the event of the borrower dying, the scheme pays the outstanding
loan balances to the lending institution.

Additional Benefits payable under the scheme

The scheme could, in addition, pay funeral expenses benefit equivalent to the outstanding loan amount
or an amount requested by the lender.

Additional risks that may be covered under the scheme

* Total disablement
* Localised natural catastrophes such as fire and floods only
* Retrenchment in the case of borrowers who are employed, i.e. salaried borrower but excluding self-employed or in business as main occupation
Requirements for a Quotation

To enable us produce a quote for you at no cost at all, we would require the following information:
* Size of loan book (amount and number of loans)
* Duration of loans (in months), i.e. minimum, maximum and average duration of the loans
* Size of loan, .i.e. minimum, maximum and average loan amounts
* Minimum, maximum and average age of the loan holder
* Type of premium required, i.e. single, monthly or annual reviewable premium
* Type of cover to be provided i.e. death, disability, retrenchment e.t.c
* What the loans are for (purpose/usage of the loan proceeds)
* Typical occupation of borrowers
* Sex distribution
* Lending requirements