Credit Life Policy

A loan protection plan that covers you against the unfortunate event of death during the loan repayment period.    

Benefits:

  • The policy covers any outstanding loan at the time of death of the borrower.
  • It is a reducing balance policy. This means that the cover reduces as the loans are repaid.
  • The duration of the policy is the same as the term of the loan.
  • The premium payable is very low when compared with other life policies.
  • The usefulness of this policy is that the beneficiaries of the deceased are saved the embarrassment of having to repay outstanding loans or forfeit the collateral.
  • Protection of the borrower’s estate and property in the event of death.
  • There is no survival benefit.

Who purchases this cover?

Borrowers who require collateral security for a loan. Also lenders and institutions requiring assurance that loan facility will be repaid.

About Us

AIICO Insurance Plc., is the leading life insurer in Nigeria.

Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.