This scheme covers companies against loss through loans given to salaried employees .First Mutual takes the risk of paying the loan in full if the in the case of death or disability of the member of the scheme.
Monthly premiums will be charged as a rate per thousand of the outstanding debt balance . The premiums payable will thus be reducing with the reduction in debt.
The Benefits are payable in two instances which are upon death of the insured and in the case of total permanent disability. These are totalled below:
Death Of Insured (Employee)
Upon death of the insured member of the scheme, First Mutual Life Assurance will take over the debt repayment. First Mutual Life will have the option of either paying outstanding balance as a lump sum as at the date of death or taking over the debt repayment.
Total Permanent Disability
Permanent disability caused by physical accidents or accidental and immediate illness attacks (e.g. Stroke, Heart attack) which totally incapacitates the Group member’s ability to carry out his day to day work will also be covered. First Mutual Life will take over the debt repayment.