Creditor Life


Main Benefits

  • Repayment of outstanding loan balances in the event of a customer’s death.
  • Assets pledged as collateral for loan facilities can be returned to the estates of borrowers for the use of their relatives.
  • No medical examination is required for loans up to $7.5 million.
  • No stamping charges, which are normally incurred on assignment of individual life insurance policies.

Eligible Customers
All NCBJ customers in the age range 18 – 65 years availing of personal loan facilities are automatically qualified for coverage under the Creditor Life Loan Insurance Scheme. Customers are NOT required to undergo medical examination for loan amounts of $7.5 million or less. Medical requirements will be determined by an underwriter for loans in excess of $7.5 million.  

Eligible Loan Types
All personal loan types granted under all loan schemes are eligible.

Maximum Insurable Limit
The total loan amount that an individual customer can insure is a maximum of $40 million at any point in time. Customers may insure more than one personal loan under the scheme, provided the maximum insurable limit of $40 million is not exceeded.

An enrollment form is to be completed along with the loan application form. A copy of the enrollment form will be returned to the customer as proof of coverage (i.e. a Certificate of Insurance).

Calculation of Premiums
Premiums will be calculated based on a schedule of single premium rates, which vary according to the customer’s age and the loan repayment period

Coverage of Joint Loan Facilities
Where loan facilities are being granted jointly, only the principal borrower is covered in this policy

Premium Refunds
When a loan facility insured under the Creditor Life Scheme is closed ahead of the scheduled expiry date due to early repayment or consolidation to a new facility, the customer will be eligible for a refund of a portion of the premium paid.

Termination of Insurance Coverage
Insurance coverage will be terminated on closure of the loan account or in the event of non-payment of loan obligations.


To view Terms and Conditions for NCBJ Group Creditor Life Click Here


Credit Card Insurance (“CCI”)

Most persons do not think about how their debts, including outstanding balances on their credit cards, will be repaid in the event of a critical illness or worse, death and as such, surviving family members are often unexpectedly saddled the burden of these obligations. Recognising that the ability to protect loved ones from this burden would provide cardholders with added peace of mind,NCBIC now offers insurance coverage in respect of outstanding credit card balances so that in the event of the death of a credit cardholder or upon diagnosed with any of the specified critical illnesses (Heart Attack, Cancer or Stroke), loved ones are protected from the burden of unanticipated credit card debt.

Main Benefits

  • Repayment of outstanding balances on credit cards (up to $2,500,000) in the event of death of the primary cardholder or upon his/her diagnosis of one of the critical illnesses (Cancer, Stroke, Heart Attack).
  • No medical examination is required.

Coverage Options

The CCI Plan has two coverage options:

  1. The Life Protection Only – In the event of the death of the covered cardholder, the policy will cover the outstanding balance on the card , subject to the maximum benefit limitation*.
  2. Life and Critical Illness Protection – In the event of death, or diagnosis of any of the specified critical illnesses (Heart Attack, Cancer or Stroke) the outstanding balance on the card will be paid subject to the maximum benefit limitation*.

* Under both coverage options, the payment will be made directly to the card issuing financial intuition, that is, National Commercial Bank Jamaica Limited.

Eligible Customers

  • Only personal credit cards are covered.
  • For the Life Only Benefit - Cardholders between the age of 18 and 65 years are eligible.
  • For the Life and Critical Illness Benefit – Cardholders between the age of 18 to 60 years are eligible.

 Maximum Insurable Limit

The total credit card balance that a primary cardholder can insure is subject to a maximum of JMD$2,500,000.00.


New cardholders may indicate their interest to be enrolled in the Group Credit Card Insurance Plan by selecting the appropriate option on the Credit Card application form. Existing cardholders may contact their branch representatives or the Customer Care Centre to indicate their interest.

Premiums rates

Insurance premiums are charged monthly at the rate of 27 cents per JMD$100 of outstanding credit card balance for the Life Only Plan and a rate of 44 cents per JMD$100 of outstanding credit card balance for the Life and Critical Illness Plan.

Termination of Insurance Coverage

Insurance coverage under this plan will cease upon the earliest of the following:


  • The date of death or diagnosis of critical illness under this policy.
  • The payment of any claim in respect of a card account.
  • The date the policy owner (i.e. the Bank or other financial institution) receives written request of termination of insurance from the primary cardholder.
  • The date the credit card becomes classified (90 days past due) or is terminated.
  • The date the cardholder attains age 70.
  • The date the cardholder becomes insolvent or bankrupt or when the credit card privileges have been revoked.
  • The date the Group Credit Card Insurance Policy is terminated.