Metropolitan Cannon Life Assurance Limited “The Insurer” would like to provide a Group Master Policy for the insurance covering the customers’ who have taken loans through your institution.
This we propose to provide for any loan products that you offer your clients.
The benefits covered include;
- Death & disability cover
- Critical illness cover
- Last expense
- Retrenchment cover
The Financier to the extent of the indebtedness of the borrower whose debt is notified to The Insurer
All persons who on or after commencing the cover become indebted to the insured and whose indebtedness is notified to The Insurer within the agreed days of grace.
As specified in the register of lives assured, being for each debtor, an amount equal to the amount that would have been outstanding had the debtor been making regular monthly payments to the creditor.
DAYS OF GRACE The cover shall be assumed to be in force from the time the Financier issues the loan, the Financier shall be expected to notify The Insurer via mail or any other method agreed by the two parties within but not later than 5th of the subsequent month on all new loans, redemptions or restructured loans issued to be added to the schedule.
The Financier shall give notice of claim to The Insurer within three (3) months of the occurrence of an insured event and furnish satisfactory proof to The Insurer.
The Insurer will pay the full outstanding loan amount inclusive of the defaulters’ accrued interest.
The Financier should notify The Insurer of all death claims with 24hours from the date they received the information.
No restriction of cover once issued
Any member with cover above limits will be required to undergo medical tests to facilitate issuance of acceptance terms. The financier shall be provided with a medical letter template defining the medicals that the insured is meant to undergo, and the panel of doctors. Once the insured is sent for medicals, the financier shall notify the insurer who will follow up so that they receive the medicals and provide the acceptance terms to the financier.
Death and Disability - TBA
Critical Illness - TBA
Last Expense - TBA
Retrenchment - TBA
*The maximum joining age is 65 years.
- No exposure to liability of unsettled debt when clients die or become permanently disabled.
- Reduced risk and cost as the cover is compulsory for all clients.
- The availability of inexpensive, “peace of mind cover’ serves to attract consumers to the financial institution.
- Protection for dependents against having to source finance at a very traumatic time.
- Prevention of claims against the estate of the deceased.
- Inexpensive premiums in return for extensive cover.
- Peace of mind for the life insured while meeting financial obligations of life (house, car etc.)
- No unnecessary medicals to qualify for cover.
Upon the death of a borrower during the term of the policy, the outstanding loan amount of the deceased shall be paid to the insured.
30% of the Sum assured subject to a certain maximum amount
Upon 100% disability of a borrower during the term of the policy, the outstanding loan amount of the deceased shall be paid to the insured.
Six (6) months repayment subject to a certain maximum. There is a waiting period of 6 months.
Upon the death of a borrower during the term of the policy, a certain amount of money will be paid to the insured’s beneficiary within 48 hours.
EXCLUSIONS (DEATH, DISABILITY, LAST EXPENSE)
The Insurer shall not pay the death benefit in respect of an ELIGIBLE MEMBER if the death was caused, directly or indirectly by:
(i). Active participation in war, invasion, acts of foreign enemies, hostilities, warlike operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power;
(a) the use of nuclear, biological or chemical weapons, or any radioactive contamination; or
(b) Attacks on or sabotage of facilities (including, but not limited to, nuclear power plants, reprocessing plants, final repository sites and research reactors) and storage depots, which lead to the release of radioactivity or nuclear, biological or chemical warfare agents,
Irrespective of whether any of the aforesaid has been performed with the specific use of information technology.
RETRENCHMENT BENEFIT EXCLUSIONS
A customer will not be eligible for benefits under this cover: -
- If the Insured Member’s Retrenchment commences within the first 180 (one hundred and eighty) days of the Commencement of Insurance.
- If unemployment occurs due to the Insured Member’s resignation or the acceptance of voluntary Retrenchment, the expiry of a nonrenewable fixed term contract or the termination of a work contract whether of a temporary or casual nature, or any form of retirement or fair dismissal in terms of his/her contract of employment.
- If the Insured Member was aware or had reasonable grounds to believe prior to the Commencement of Insurance that he/she would be retrenched.
- If the Insured Member loses his/her job due to fraud, dishonesty or any illegal conduct, or if he/she has received one or more verbal or written reprimands which constituted to form part of the disciplinary procedure.
- If the Insured Member’s loss of employment is directly or indirectly due to any sickness, disease, accident, injury, childbirth, abortion, pregnancy, miscarriage, mental disorder or medical condition.
- If the Insured Member’s Retrenchment is as a result of his/her participation in any strike action, labour disturbance, unrest, political activity, civil commotion, public disorder or riot.
- If the Insured Member becomes unemployed due to misconduct or by lack of performance to the employment specification or description as decided by their employer
How do I Make a Claim
- Process death claims within 5 working days of receipt of all documentation.
- Process Last expense within 48 hours of receipt of all documentation.
- Process disability & retrenchment within 5 working days of receipt of documentation.
CLAIMS DOCUMENTATION (Applies to all benefits)
The following documents will be required to facilitate processing of a claim;
- Notification letter from the bank.
- Original Death Certificate for certification and return
- A copy of National ID or an original surrender certificate from registrar of persons.
- A Police Abstract if death was accidental, say Road Traffic, murder etc.
- Ledger Card to show outstanding loan (where initial loan commencement date is not provided)
- A medical report from our appointed medical Doctor in case of critical illness benefit.