Loan Protection Insurance covers eligible loans at no direct cost to the member. This product clears your outstanding loan balance in the event of death subject to policy conditions.
Every borrowing member is eligible for Loan Protection Insurance if they are:
- actively engaged in the usual duties of his/her livelihood on the date they receive the loan, or
- if not working, are in good health and capable of performing the usual duties of their livelihood on that date.
Insurance cover on loans ceases at age 80 for all loans. Members pay no individual charge.