CREDIT LIFE ASSURANCE

Features: Minimum and Maximum age at entry of 18 and 65 years respectively Minimum period of 1 month and Maximum of 72 months Premium can be paid Annually or Lump sum (Single premium)

Cover against: Death Total permanent Disability Critical Illness Optional Benefits to cover Loss of Job

Product categories: "Option 1" - Credit Life Assurance Cover — to protect an individual who has taken a credit facility "Option 2" - Credit Life Assurance Cover — to protect financial institutions who have large numbers of borrowers on their credit portfolio

The following will be required before the inception of the Credit Life Assurance Cover;

"Option 1" Credit Life Assurance Cover: Completed Proposal Form Required KYC documents — valid means of identification (National ID, Driver’s License, International Passport, or a letter from a Clergy or recognized public authority) Passport photograph of the applicant and one passport photograph for each of the beneficiaries Utility bill within the last six months (telephone bill, bank account statement, electricity bill, or tenancy agreement) Loan documents issued by the financial institution

"Option 2" Credit Life Assurance Cover: Completed Proposal Form Certificate of registration or incorporation / Form CO2 / Form CO7 of the assured Schedule of staff or members under the scheme to take the insurance policy, with the following details — name, date of birth or age, loan amount, loan tenor, interest rate and cover benefit Any other required document

Benefit: It reduces the non-performing loan ratio of the lender It saves the lender the cumbersome process of loan recovery when death or disability happens to the borrower It increases the ability of the lender to grow the loan portfolio Peace of mind to the borrower It protects the beneficiaries against loss of assets and burden of debt on the demise of the borrower

The policy is designed to cover both borrowers/lenders against the default of loan repayment because of death, permanent disability, critical illness and job loss (additional cover) of the borrower.

The policy pays the outstanding loan principal balance as at date of occurrence of the insured event in the event of death, permanent disability and critical illness and some months repayment in the event of loss of job. It does not cover willful default by the borrower.