Group Credit Premium Guaranteed is a credit life policy designed for medium to large SACCOS who desire to pay a one-off premium at the beginning of the insurance period irrespective of the changes in the loan portfolio during the insurance period.
Group Credit Open insurance is a life policy designed for Banks and other corporate lenders who desire to place the cost of insurance on the borrower.
Under Group Credit Life Insurance, the lender is the policyholder and pays the premium.
Our Group Credit policy does not cover arrears or default on loan repayment
Benefits at Glance
Group Credit Premium Guaranteed Benefits:
Covers loan balances in the event of Death or Total Permanent Disability of an insured member on a reducing balance basis
Automatic coverage for the ages between 18 years and 75 years.
Guaranteed premium payable in advance. New loans are automatically covered during the insurance period without any additional premiums
The following optional supplementary benefits are available under this policy; Deposits Insurance, Critical Illness, Funeral Expense Benefit
Group Credit Open Benefits:
Covers loan/mortgage balances in the event of Death or Total Permanent Disability of an insured member.
Automatic coverage for the ages between 18 years and 65 years.
New / additional loans advanced to the policyholder’s borrowers to be declared and insured subject to payment of additional premium. The effective date of coverage is the date the Company receives instructions and premium.
The following optional supplementary benefits are available under this policy; Critical Illness, Retrenchment and Funeral Expense Benefit