Credit Protection Plan/Credit Life

This is an insurance cover that personally protects an individual or directors of company against a facility that they are acquiring.

Credit Protection Plan/Credit Life

This is an insurance cover that personally protects an individual or directors of company against a facility that they are acquiring.

The benefits of this product are as follows:

• Death Cover and Permanent Disability Cover
• Temporary Disability
• Hospitalization Cover
• Retrenchment
• Suicide

Death Cover and Permanent Disability

If the customer dies or suffer permanent disability during the period of insurance; a payment will be made on the amount owing under the agreement at the date the insured event occurred, less
Any monthly installments more than 3 months in arrears
Any amount owing in excess of the maximum benefit payable under the policy.
Any rebate that you would have been entitled to have you settled the agreement on the day the insured event occurred.

What is not covered under Death Cover and Permanent Disability

A self injected injury or suicide or suicide within 2 years of the transacting date.
Any condition you had at the start and not disclosed
War, riots nuclear and similar risks
Participation in criminal act
Participation in hazardous pursuits
Alcohol or drug abuse

A disability arising while you are working outside Botswana
Any condition which the life cover benefit will not be paid.
Unreasonable failure to obtain or follow medical advise

Temporary Disability

To receive this benefit you must
Must have been working when the disability occurred
Be prevented from working as a result of the disability
Provide prove or evidence to ensure that your claim is valid
Medical prove that you are disabled and unable to attend work
When you are no longer disabled you must return to work for at least 6 continuous months before a claim can be made

What is not covered under Temporary disability

Any condition listed under (a)
A condition of mental or nervous origin including stress, anxiety, depression unless the condition is being treated under the direct and regular care.
A back or spinal condition unless it is shown to exist by MRI or CT scan conducted or supervised by an appropriate Specialist.

Hospitalization Cover

This is a cover applicable to self employed customers
If you are hospitalized for more than seven consecutive days the insurance will pay a benefit equal to your monthly installment.
Thereafter a payment will be made for each further 30 continuous days you remain hospitalized, subject to a maximum of 12 payments for anyone claim.

In order to receive the hospitalization benefit:
Have been at work when the hospitalization occurred
Under continuous care of a doctor in respect of the reason for hospitalization
Be prevented from working

Retrenchment

If during a period of insurance you are retrenched and remain unemployed for more than 30continuos days the benefit equal to you monthly installment will be paid
Thereafter, a payment will be made for your monthly installment for each 30 continuous days you remain unemployed until a maximum of 6months.
You must return to work for at least 12months before you can lodge a claim again

What is not covered under Retrenchment

If at the time of transacting with the Bank you knew or had a reason to believe you might loose your job.
You have been advised that you would loose your job within 90days.
You had not been working continuously for more than 12m immediately before retrenchment occurs.
Job lost as a result of casual, seasonal, temporary or occasional work
You resign or accept voluntary unemployment
Job lost due to participation is strikes
You loose your job due to misconduct, fraud, dishonesty or any act you carried out.

Suicide

Will be payable only after two years of transacting with the bank.
When the cover ends

The insurance will end and no further benefit will be payable as per the following:

The date your agreement is due to end
The date at which your agreement actually ends
The lapse, cancellation or expiry of your cover under this policy