Get your Quote here!

Group Credit Life Assurance provides life cover to a group of borrowers of credit institutions (banks, retail finance providers etc.) with the life assured being the borrower and the credit institution being the beneficiary to the extent of the outstanding loan.

In the unfortunate event of 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 of the loan liability and eliminating risk of loss due to death of the borrower to the credit institution.

47″ type=”text/javascript”>


The insured

  • Copy of customer’s death certificate duly certified as a true copy of the original by the Branch Manager (To bear bank stamp).
  • Certified copy of burial permit.
  • Copies of loan applications and authorization forms which were signed by the deceased customer.
  • Copy of the letter of offer also signed by the deceased customer
  • Copy of the deceased’s loan statement printed on the official bank statement print paper.
  • Copy of the deceased’s national ID card.
  • Police abstract incase death caused by accident or Murder ,sudden or arson In case of permanent disability or critical illness medical report from attending doctor should be presented
  • In case of retrenchment, letter from employer advising on the decision to retrench

Note that, the copy documents above must be duly certified by the credit manager, Operations manager and Branch Manager. At least two should sign.

From the insurance company

  • Discharge voucher
  • Settlement cheque


  • Eliminates risk of loan default in the event of death
    In the event of a member’s death, the insurance company will take on all loan amounts and pay the credit institution.
  • Financial relief to the family
    The borrower’s family is relieved of the financial and emotional burden of paying the outstanding loan amount.
  • Facilitate competitive pricing for lender
    With greater financial security, a credit organization now has an edge over competitors and can afford to price credit products at more competitive rates to attract customers. The customers also benefit with better rates on loans.
  • Cost-effective plan
    Since it works on group buying principle, the cover is extremely cost effective.
  • Convenient administrative and medical procedures
    The documentation process is hassle-free, and the medical examination norms are relaxed (subject to applicable conditions). However non-medical limit will vary by loan type, borrower’s age and tenure of the loan.



These might also interest you

View all our products
KCB Bank