GLICO LOAN PROTECTION PLAN (GLPP)

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 GLICO LOAN PROTECTION PLAN (GLPP)

What is the GLICO GLICO LOAN PROTECTION POLICY?

The GLICO Loan Protection Policy is designed for GLICO LIFE to assume the liabilities of a borrower as well as cover a banks exposure to risk as a result of the following occurrence to the borrower:

  • Death
  • Total Permanent Disability
  • Total Temporary Disability
  • Dread (Terminal) Disease

 

  • Death benefit

The Balance of indebtedness will be paid assuming that all instalments due from the commencement of the loan agreement have been paid or the full sum insured.

  • Total Permanent Disability Benefit

If the life insured is disabled by bodily injury such that he can no more do own occupation or any other occupation, the sum insured or balance of indebtedness shall be payable.

  • Temporary Total Disability Benefit

If illness or bodily injury disables the life insured, after a deferred period of 30 days (one month), the monthly instalment amount shall be paid by GLICO until the recovery of the life insured.

  • Dread Disease Benefit

If the life insured suffers from heart attack, stroke, cancer, renal or kidney failure, paraplegia, blindness, major organ transplant, coma, major burns, loss of speech, and HIV through blood transfusion, then the sum insured or balance of indebtedness shall be paid by GLICO.

How the GLPP assumes the liabilities of a borrower?

The GLLP ensures that a borrower’s

  • Financial obligations would be paid when the unexpected happens
  • Assets are secured against repossession
  • Family is protected from added financial burdens as a result of death or disability
  • Credit worthiness is protected in the event of temporary disability until such time that he/she is on her feet.

 
How are banks protected with the GLLP policy?

GLICO LIFE shall pay all outstanding debts of a borrower to the bank in the event that the borrower:

  • Dies
  • Becomes Total Permanent Disabled
  • Becomes Total Temporary Disabled
  • Or suffers any Dread (Terminal) Disease such as cancer, kidney failure, heart attack, stroke, cancer, renal or kidney failure, paraplegia, blindness, major organ transplant, coma, major burns, loss of speech, and HIV through blood transfusion, among others that renders the borrower unable to work.

How Can I take a loan Protection Policy?

  1. Fill in the “get a quote” form now to start the process of enjoying a credit life policy today. We will contact you as soon we receive your submission.
  2. You can also call us on 020 2222 113 or send us an email to customerservices@glicogroup.com /creditlife@glicolife.com and we will quickly contact you to start your policy.
  3. Visit any of our bancassurance partners and our well trained financial advisors will assist you sign unto a policy.
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