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The insurance covers members of a SACCO with outstanding loans against death, total permanent disability, loss of income and critical illness.

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 SACCO.

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The insured

  • Copy of customer’s death certificate duly certified as a true copy of the original by the SACCO officials (To bear SACCO 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 SACCO 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

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 SACCO.
  • 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 SACCO 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.



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