This is a life insurance policy designed to pay, for a borrower, the remaining principal balance, assuming the borrower had made all the due installments.
The policy applies in case of death, disability or even loss of employment of the borrower of a lending institution during the term of their loan.
Lending institution includes: Banks, Microfinance and Saccos.
The cover is meant to protect the lending institution against risk of unexpected death, disability or even loss of employment of a borrower. This ensures that the lending institution gets paid.
What are the benefits of Credit Life Insurance?.
Covers death of a borrower due to illness, accident or natural causes.
Covers permanent total disability, of a borrower due to an accident.
Covers a first positive diagnosis of a critical illness, of a borrower [Heart attack, Cancer, Stroke, Kidney failure, major Organ Transplant, Coronary Artery Bypass Surgery & Paraplegia].
Cover can be extended to cover the nuclear family for the same amount.
Payment to cater for the immediate burial costs upon death of the borrower
Covers loss of employment/Involuntary termination of employment
This means without the employee’s fault, their employment is terminated through the employer’s initiative..
Pays an equivalent of a multiple of the member’s savings to his beneficiaries upon his unfortunate death.
If you are interested in learning how much motor insurance would cost you, or if you are interested in purchasing motor insurance, please click Get Cover.
If you would like further explanation or assistance about motor insurance, please click I Need Assistance.
Download forms will give you access to any relevant documents for motor insurance, such as the claim form etc.
