This is a group life assurance policy taken by organizations, which offer credit facilities to third parties. Such organizations may for instance include Banks, Building Societies, Micro- Finance Institutions, Co-Operative Savings & Credit Societies, Hire- Purchase Dealers and Employers who offer credit facilities to their own employees.

Benefts / Advantages

• Death Benefits: The policy guarantees to settle 100% of the outstanding loan in respect of a deceased member of the scheme.
• Total and Permanent Disability Benefits: The policy guarantees to settle the outstanding loan balance when a member becomes totally and permanently disabled by accident to engage in any occupation for wage or profit.
• Funeral Expense Benefit: The policy can be taken with funeral expense benefit at an additional but modest premium. The cover guarantees to avail funds to finance funeral expense in respect of deceased member of the scheme.

The benefit is payable within 48 hours of notice. The level of benefit per member under this cover will be decided by the financier in consultation with members of the scheme and should be uniform. These levels of cover range from Kshs. 50,000/= to Kshs. 100,000/=

Depending on the arrangements of collection of premiums from the debtors by the creditor, premium can be paid in two ways;

• Annual Premium payable on commencement of cover and there after annually on renewal data.
• Single premium paid for the whole term of loan.

Large organizations prefer single premium method because it is easy to administer.

Pan Africa Life offers very completive premium rates arrived at through careful risk assessment, negotiations and agreement with the client in accordance to their needs.

For convenience and ease of administration of the scheme we try to minimize as much as possible the number of documents and forms to be completed and submitted by the client.

For more information and quotations please click on the links below or contact our Corporate Business Unit.