Credit Life

//Product Type - Term Life (attached to credit accounts)

Credit LIfe Insurance

The distribution partner types are Microfinance Institutions (MFIs), Banks, Coops, Saccos.

In case of death of the loan taker due to all causes or in case of total permanent disability of the loan taker due to accident, 100% of the initial loan amount or outstanding loan balance is paid.

This is a group product, Compulsory.

Awesome Image

What does Credit Life cover?

The covered riska and benefits are:

    • Death of the loan taker due to all causes Death of spouse (as voluntary add-on)
    • Total permanent disability of the loan taker due to accident (medically certified)
    • Sum Insured: If 100% of the initial loan amount, the lender receives the outstanding loan balance, the borrowers family receives the difference between the initial loan amount and the outstanding loan balance
    • If only loan balance is covered, lender gets full sum insured
//Insurance Type

Sum Insured- Third Party Only, Value of Motor Vehicle, Selected PA plan.

Premium Rate- TBA

Premium Payment- Annual or Monthly

Third-party liability cover is a statutory requirement for motor vehicles in Kenya. Comprehensive motor private cover and personal accident cover are voluntary