Group Life and Disability Assurance
This cover, available to organizations, provides a death benefit in the event of an employee’s death whilst in the employment before attainment of retirement age, as a result of an accident or natural illness. In the unfortunate event of the death of the member during the term of the policy, the outstanding loan amount would be repaid by the insurance company thus relieving the member’s family.
• Disability benefit equivalent to specified years’ salary/ earnings
• Disability benefit may be extended to include a critical illness rider of up to 25% of the life sum assured.
• Option to select benefit based on a multiple of the employee’s annual salary, or a lump sum figure (Capital sum insurance) which is a flat rate
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SACCO Credit Life Insurance
The insurance covers members of a SACCO with outstanding loans against death, total permanent disability, loss of income and critical illness.
Group Credit Life Assurance
Group Credit Life Assurance provides life cover to a group of borrowers of credit institutions e.g Banks.