Credit Life (NSIA Super Protector)

Most financial institutions now give short term loans for acquisition of consumer durable goods such as televisions, cars, fridges, furniture etc. Typically, the duration of such loans will be between 3 months and 5 years.

NSIA Super Protector (NSP) is a credit life insurance product designed to protect financial institutions against the risk of death of short term borrowers. It also serves the purpose of protecting policyholder’s dependants from the financial consequences of an outstanding loan standing against the breadwinner. Should death occur, the financial institution (eg bank) recoups its loan from the insurance proceeds and avoid the awkward situation of asset repossession or sale. Similarly, policyholder’s dependants also keep the asset in the family thereby reducing the agony of breadwinner’s untimely death.

Key Features

  • Cover is usually arranged for a maximum duration of 5 years
  • Maximum age at entry is 65 years
  • Payment of a guaranteed sum of money (sum assured) if death of the life assured occurs within a specific period of time
  • Payment also made in the event of total permanent disability or diagnosis of a critical illness
  • The guaranteed sum assured will be the original loan amount (or, balance) plus interest
  • Medical examination is not required where the sum assured is below a certain amount.
  • Benefit serves as collateral for loan
  • It is a very cheap way of acquiring assets
  • As the cover is very cheap and it is arranged for short periods, Policyholder pays a single premium (purchase price) to NSIA Life Assurance Limited to secure the guaranteed benefit


ASP is suitable for:

  • An individual who wants to take a short term loan from banks etc.
  • A financial institution that wants to protect itself against the risk of death of a medium to short term borrower
  • Other creditors who want to protect themselves against the risk of death of those who owe them medium to short term loans.


On Death or Disability

  • In the event of death or total permanent disability, NSIA Life pays the sum assured (as at the date of death).
  • If for any reason the sum assured on death exceeds the outstanding loan and interest, the difference is paid to the policyholder’s dependants or next of kin.

On Maturity/Discontinuation

On discontinuation or survival of the policyholder till the end of the specified period of cover, no payment is made.

Loss of Job Cover

NSIA Life also provides a Loss of Job Cover as a rider (supplementary) to the main Credit Life Insurance cover. In the event of retrenchment or disability of the life assured which prevents him from meeting loan repayment obligations, NSIA Life takes over the responsibility of such loan repayments for a maximum period of six (6) months.

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