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
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.
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
You can report a claim by:
- Call 02 01 270 6801
- Send an email to [email protected]
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 |
|
|
Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims |
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|
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 |
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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 |
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Other Riders |
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N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria. |
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*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents. |
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-
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)
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.
- 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.
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
You can report a claim by:
- Call 02 01 270 6801
- Send an email to [email protected]
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 |
|
|
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. |
||||