Bank Assurance sounds like a very complicated term, but all it means is that banks sell insurance products.

Bancassurance covers a wide range of detailed arrangements between banks and insurance companies, but in all cases it includes the provision of insurance and banking products or services from the same sources or to the same customer base.

Barclays Africa is pleased to announce that is has entered a partnership with African Life Assurance. African Life Assurance is the only life insurance company in Zambia that has a pan African presence that matches Barclays Africa’s presence.

This insurance offering is targeted at existing and potential Barclays’ customers. All customers (staff inclusive) are likely to have insurance requirements.

1. Credit Life
   Credit Life (or credit insurance) is a term for an insurance policy associated with a specific loan or line of credit which pays back the outstanding balance of a loan owed by the customer should they die or become permanently disabled. The insurance company will pay on behalf of the customer the outstanding loan amount if the customer is said to be unfit to work or dies. The customer pays a one-off premium in advance for the term of the loan.
2. Embedded Funeral Insurance
   This is funeral expenses insurance cover on Current, Bank, Instant Savings and Tonse Bank accounts and pays a benefit upon the demise of the account holder. See table below on benefit structure: