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:
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.
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.
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.
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
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:
How Can I take a loan Protection Policy?