Personal Loan Protection Plan
Let us help settle your personal, student or revolving credit facility when you are unable

Personal Loan Protection Plan

Take care of the unforeseen

A financial safety net

Flexible options available

Anyone with a personal loan, including revolving credit accounts, overdraft and student loan may apply for this cover.

You only pay for the cover you need

  • Premiums are calculated monthly on your outstanding balance

Discount

  • A discount of 40% is applicable to the rate of the younger life insured, when it is a joint life policy.

Death cover

  • On your death, the outstanding loan amount will be settled.

Permanent disability cover

  • If you are permanently disabled, your loan amount will be paid.

Retrenchment

  • If you become retrenched , the policy will pay a maximum of 12 monthly instalments.

Dread disease cover

  • If you are diagnosed with a dread disease, the outstanding balance on your loan will be settled. Critical Illness (dread disease) Benefit Disclosure Grid as measured against ASISA critical illness definitions. The grid below shows percentage benefit payable per severity level. Liberty Active will pay 100% of benefit on all severity levels.

    No medical examination required and Cover ceases at age 75

LEVEL A MOST SEVERE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

LEVEL B MODERATE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

LEVEL C MOST SEVERE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

LEVEL D MODERATE IMPAIRMENT

  • 100%

    History
    Coronary artery by-pass graft
    Stroke
    Cancer

Plan D covers

  • Death, disability, retrenchment and dread disease. Plan D is available only if both the insured person and (joint insured person, if applicable) are younger than the age of 60. Cover for disability, retrenchment and dread disease will continue until the person(s) reaches the age of 60 and will be converted to death cover, which will cease when they turn 75.

Plan E covers

  • Death, permanent disability and retrenchment. Maximum entry age 60 for Plan E.

Plan F covers

  • Death only Plan F (conversion plan only when customers turn 60 and cover continues till age 75 years).

Exclusions

  • Pre-existing conditions for the past 12 months are excluded for the first 12 months
  • Suicide is excluded within the first 24 months of the policy

Premium

  • The premium is calculated on an "interest strip" basis, which means that as your balance decreases, so does the premium on your Personal Loan Protection Plan.

    Premiums are adjusted according to the outstanding balance and cover selected.

    A policy fee of R4 will be applicable.

How do I get personal loan protection plan?

  1. 1. Please visit your nearest branch.
    Visit nearest Standard Bank Branch
    Branch Locator
  2. 2. Complete the call me back form and a consultant will call you back

    Call Me Back
  3. 3. Call the personal loan protection plan contact center for assistance

    0860 123 999
Standard Bank Insurance Brokers (Pty) Ltd (“SBIB”) is an authorised financial services provider FSP 224. SBIB is a group company of The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06), an authorised financial services and registered credit provider (NCRCP15). Moving Forward is a trademark of The Standard Bank of South Africa Limited.