Credit life insurance is a type of life insurance policy designed to pay off a borrower’s outstanding debts if the borrower suffers a loss of income due to disability or retrenchment or if the borrower dies. The face value of a credit life insurance policy decreases proportionately with the outstanding loan amount as the loan is paid off over time until both reach zero value. When applying for a loan, the member must indicate that he needs the insurance and, after acceptance, becomes a member of the scheme. The membership of the scheme continues until such time that the loan taken is paid in full. The minimum age for cover is 18.
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Terms and Conditions
Company Name: Indlu Finance t/a Thuthukani Insurance Co. Reg No 2001/004176/07
Physical Address: 19 Onida Avenue, Rentmeesterpark, Thuthukani House, Val de Grace
Postal Address: Po Box 73789, Lynwoodridge,0040
Telephone Number: +27128041443