What is the GLICO Mortgage Protection Policy?
The GLICO Mortgage Protection Policy is an insurance policy which protects financial institutions against the mortgage borrower’s inability to make repayments as a result of:
The Balance of indebtedness will be paid assuming that all installments 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, among others.
What advantages do I get for taking a GMPP?
The GMPP ensures the following advantages that the borrower’s:
What advantages do financial institutions get from GMPP?
The GMPP guarantees that the sum insured or balance of indebtedness of the borrower shall be paid to the financial institution when the borrower’s:
How Can I take a Mortgage Protection Policy?