Key Features

• It is a special policy for financial institution’s loan customers
• Low premium rate as it does not carry any Saving factor
• Reducing coverage of the insurance corresponding to customer’s reducing outstanding loan balance
• In the event of death of the borrower, the proceeds of the policy will be paid to the Financial Institution to cover the current outstanding loan

Policy Requirements
Banks or Financial Institution will act as an administrator for collection and remittance of premiums and submission of loan customers’ application form to Prime Life Insurance Company Ltd.

• Minimum Entry Age: 20 Years
• Maximum Entry Age 55 Years
• Maximum Maturity Age: 60 Years
• Minimum Policy Term: 5 Years
• Maximum Policy Term: 20 years
• Premiums Payment Mode: Yearly

Benefits

• Maturity Benefits- None
• Death Benefits – Outstanding loans due to financial institutions will be paid by PrimeLife.