PREMIUM FINANCING

Have you always wished you could pay your annual insurance premiums in convenient monthly instalments rather than one huge sum? If yes, you can explore the insurance premium financing (IPF) option available in our financial institutions.

 

The product is designed to take the burden of insurance payments of customers by allowing them to enjoy the benefit of insurance cover immediately, while they pay their premiums over a longer period.

 

The Benefits of IPF include:

 

  • Easy and Quick application process
  • Competitive fixed interest rates
  • No hidden charges or costs
  • Renewal of all insurance covers on one anniversary date
  • Available to both account and non-account holders
  • No tangible collateral required
  • Flexible repayment of 4-10 equal monthly instalments
  • Eases up the liquidity strain that may be caused by lump sum insurance premium payments

 

Eligible Borrowers

 

The product is available to both individuals and corporate entities which are legal holders of insurance policy

 

Documentation for Individual Clients

 

  • An IPF Application form duly executed by all the parties i.e. Borrower, Insurer and Bank
  • Copy of National I/D and PIN certificate of the Applicant.
  • Standing order instructions or postdated cheques for the installment amounts.
  • Premium quotation from the Insurer or Intermediary giving the name of Insurer.
  • A guarantee and Indemnity issued and executed by authorized signatories of the Insurer

 

Documentation for Corporate Clients

 

  • An IPF Application form duly executed by all the parties i.e. Borrower, Insurer and Bank
  • Copy of Certificate of Incorporation and/or Business registration certificate.
  • Copy of KRA PIN certificate.
  • Premium quotation from the Insurer or Intermediary giving the name of Insurer.
  • A guarantee and indemnity issued and executed by authorized signatories of the Insurer

 

Whether you are taking up a new insurance policy or renewing an existing one, we can help you apply for the facility and start enjoying the benefits of your cover immediately.