This is a policy that protects the Loan book of the lending institution. Under this scheme, Prudential covers the life of the borrower in that should he/she pass on from an Accident or natural cause, Prudential pays the entire outstanding loan balance plus interest as of that time.
The Lending Institution’s Loan book is protected from default arising from the insured events.
Protects assets from repossession by the lending Financial Institution
The borrower’s family is supported with last funeral expenses in case of his/her death.
Peace of mind for both Financial Institution and borrower
If option is selected, the bank will receive loan installment payments up to a maximum of 12 installments from the date the borrower gets retrenched.
A good reputation for the lending Institution
This product ensures the lender does not lose money as a result of the death of the borrower and a such also protects the assets of the borrower/borrower's estate.
It can only offer a relief in the event that the borrower is retrenched thus unable to pay loan instalments by paying up to 12 months of instalments.
Prudential Uganda is regulated by the Insurance Regulatory Authority of Uganda, whose main responsibility among others, is to ensure that insurance companies honour claims. Furthermore, Prudential Uganda is a subsidiary of Prudential plc, UK, a company that has been honouring claims for over 175 years.
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