Stanbic Bank launches business loan protection plan

| Monday November 15, 2010 00:00

 

The product, simply dubbed the Business Loan Protection Plan, prevents the company from losing the assets attached to a loan in case of the death or permanent disability of the owner.

'As a bank, we come across a lot of cases where company goods or equipment have had to be repossessed and the company subsequently closes down, all because it is somehow no longer able to service the business loan as a result of death or permanent disability of the owner(s). We came up with the Business Loan Protection Plan because we believe that a company must be able to outlive its problems, and there must still be business continuity after such tragedies,' said the Stanbic Bank's Head of Private Banking and Wealth, Sabrina Mahlalela.

'Cover can be provided for up to two lives in respect of a particular Business Loan while a claim will be paid in the event of the first death or permanent disability of the two lives covered. Premiums for the Business Loan Protection Plan are paid monthly together with the loan instalment, it's really that easy,' said the head of Business Banking, Tapela Mpuchane.

The Business Loan Protection Plan will repay the outstanding amount of your Business Loan facility in the event of either the death or total and permanent disability of the owner, ensuring that the business is not left with a financial burden at the time they are least able to deal with it.

Underwritten by Liberty Life Botswana, the product offers cover of up to P6.7 million, with no medical exams needed for cover of up to P1 million .