Group Credit Assurance Policy

A cover designed to fulfill your loan obligation in the event of death or disability

Group Credit Assurance Policy

A cover designed to fulfill your loan obligation in the event of death or disability

RIDERS

Riders are benefits that complement your plan and offer additional benefits at a relatively low cost. The riders include:

Last Expense (Funeral) Rider

The benefit under this rider is for the benefit of the mortgagers’ dependants and is not related to the
loan granted. The benefit is payable within 48 hours of official notification and satisfactory proof of
death.

Permanent Disability rider
This rider provides for the payment of the full loan balance if the mortgager becomes permanently
disabled due to sickness or disease.

Critical Illness Rider
This cover prepays 30% of the Sum Assured up to a maximum of the agreed amount under the scheme if
the Life Assured suffers from the diseases listed under the policy during the term of the policy.

BASIC REQUIREMENTS FOR GROUP CREDIT POLICY

  • Complete a group proposal form.
  • The Bank/Sacco to provide the following details for each creditor-:
  • Date of birth
  • Names of member / Loanee
  • ID No
  • Loan account number
  • Outstanding loan amount
  • Medical requirements determined by the Free Cover Limit.
  • Client Policy document issued on receipt of group proposal and premium chargeable.
  • The bank to provide a list of new creditors with all relevant requirements as provided above.
  • Premium charged on a pro-rata basis for new members during the year.
  • Acceptance terms are communicated to client within 24 hours of receipt of medical reports.

Benefits

  • Covers loans on a reducing balance or on declaration basis
  • Premium based on total outstanding loan, loan term and age of loanee.
  • Provides cover to joint borrower on a first death basis
  • Premium paid covers loan for the whole repayment duration.
  • The Policy is not subject to an AIDS Exclusion clause.

Features

  • Cover is open to members aged between 18 to 65 years
  • Covers loans on a reducing balance
  • Provides cover to joint credit on a first death basis
  • Premiums are paid annually in advance based on outstanding amount
  • The policy is not subject to an AIDS exclusion clause

FAQS