Enterprise Insurance Company Ghana Credit Life
Enterprise Life’s Credit Life Policy is tailored for Financial Institutions or companies, which offer loan to clients. This is a single premium policy with a maximum term of 5 years.
This provides the payment of death benefits on the death of the life assured or permanently and totally incapacitate. The cover will be applied for by the policyholder who would have been authorised by the life assured in a contract to apply for the insurance and to pay the premiums in respect of such insurance.
The initial sum assured shall be the initial loan amount and thereafter shall be the balance. The basis of indebtedness shall be the balance outstanding which will allow for the reduction of the initial sum assured by all instalments which were due to be paid up to the date of death or total permanent incapacitation.
The premium is the rate (depending on the number of years for repayment of the loan amount) of the loan amount that is, rate (%) * loan amount.
Scope Of Cover
The Life Assured at the date of death or total permanent incapacitated should be 18 years and above but below 60 years.