Stanbic IBTC Group Credit Life Assurance

Stanbic IBTC Credit Life Assurance is designed to cover both borrowers and lenders against the default of loan repayment because of death, permanent disability, critical illness or job loss of the borrower. The policy pays the outstanding loan principal balance as at date of occurrence of the insured event or set monthly loan repayments in the event of job loss. It does not cover willful default by the borrower

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Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money

Features

Term of policy is limited to 72 months
The policy is on a declaration basis and can be subject to renewal
Decreasing Sum assured in line with Outstanding Loan Balance
Minimum Entry Age: 18 and Maximum Entry Age: 64
Maximum Exit Age: 65 (Extended to 70 for Professors and Judges)

Product categories

Formal sector plan - This covers death, accidental total and permanent disability, critical illness and loss of job.

Informal sector plan - This covers death and critical illness.

Benefits

It reduces the non-performing loan ratio of the lender.
It saves the lender from the cumbersome process of loan recovery when death or disability happens to the borrower.
It increases the ability of the lender to increase the loan portfolio.

Peace of mind to beneficiaries of the borrower as it protects them against loss of assets and burden of debt in the event of death or disability

How to get started

Documents required to sign up

For individuals

Proposal form or KYC document
Schedule of cost and benefit showing loan amount
Loan offer letter
Credit notes or evidence of payment

For Groups

Loan Schedule
Certificate of incorporation
Bye laws and constitution
Corporate Affairs Commission (CAC) Documents- Form C02 and C07

How do I make a Claim

Claim Turnaround Timelines

CLAIMS TYPE	EVENT	TIMELINE	REMARK
ALL CLAIMS	Acknowledgement of claim	Within 24 hours of receipt of notice	Count from noon of the working day of receipt of claim notification
ALL CLAIMS	Acknowledgement of claim	Within 24 hours of receipt of notice	Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims
CLAIMS TYPE	CLAIM EVENT	PAYMENT TIMELINE	REMARK
	Maturity	Payment on the due date	Count from noon of the working day of receipt of executed voucher
SAVINGS and ENDOWMENT	Surrender and Termination	72hrs after receipt of the request

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN	Death	48hrs - 72hrs after receipt of executed discharge voucher	Count from noon of the working day of receipt of executed voucher
	Other Riders

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.
*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

Frequently Asked Questions

Does term insurance get maturity benefits?
No. Term Insurance do not give maturity benefits as your funds are not invested during the policy period.
Why is term insurance premium low?
The Term Insurance premium is low because it covers the probability of an event happening within a time period.
What will happen at maturity of the term insurance?
At maturity of the term insurance, the insured can either withdraw their funds or opt for another term insurance contract.

Features
Benefits
How to get started
How do I make a Claim
Frequently Asked Questions

Term of policy is limited to 72 months
The policy is on a declaration basis and can be subject to renewal
Decreasing Sum assured in line with Outstanding Loan Balance
Minimum Entry Age: 18 and Maximum Entry Age: 64
Maximum Exit Age: 65 (Extended to 70 for Professors and Judges)