CPI Policy

Credit Protection Insurance serves as a protective measure provided by lenders when you take out a loan, often accompanying new loan agreements. It’s designed to safeguard you against unforeseen life events such as death, disability, or unemployment. In the unfortunate event of any of these occurrences, the insurance steps in to either settle the loan entirely or cover the monthly repayments for a specified period. This offers you peace of mind during unforeseen or challenging times.

In terms of Section 106(1) of the NationalcreditAct, 2005 (Act No 34 of 2005), you are required to maintain credit insurance to cover your outstanding obligations towards the repayment of your FASTA Loan Amount, according to your loan agreement. Credit Protection Insurance (CPI), underwritten by African Unity Life Limited FSP 8447, provides security for the repayment of yourFASTALoan Amount so that FASTA will not look to your beneficiaries to settle any outstanding balance in terms thereof.