Higher Education Loans and Scholarships Board (HELSB), in partnership with Madison Life Insurance (MLife) has introduced a student life insurance policy to cover students under government sponsorship.
MLife Insurance, Assistant Manager Frederick Mboma explained that in the event of a student’s death, MLife will repay the loan to HELSB.
Speaking during the HELSB and MLife insurance sensitisation program at the University of Zambia (UNZA) Graduation Square yesterday, Mr. Mboma also stated that the company will compensate the deceased student’s family with about K10,000, provided a death notice has been submitted.
“The family must claim the money through HELSB within 90 days of the death notice, and compensation will be processed within 24 to 48 hours,” Mr. Mboma said.
He added that in cases of temporary disability, once confirmed, MLife will repay three months of the loan.
“In cases of insanity or permanent disability, MLife will cover the total outstanding loan balance as of the date the condition is confirmed,” Mr. Mboma explained.
He further disclosed that for students diagnosed with a critical illness, 50 percent of the loan will be repaid on their behalf.