CREDIT LIFE MICRO INSURANCE
Insurance that covers the outstanding principal and interest of one month of a loan upon the death, Total permanent disability, critical Illness of the Borrower and retrenchment. This product is tailor-made to cover short loan balances on reducing balance basis for small scale borrowers (groups and individual level) .It is designed for all MFIs, Saccos, Banks and other micro-lending institutions
Features:
- Covers loans on a reducing balance basis
- Age range is between 18 and 65 years at subscription
- Term 1 months up to 60 Months
- Single premium payable in advance to cover the loan balance during the entire period of loan
