Credit Life Assurance:
This insurance is taken by MFI to cover its loan portfolio against losses in the event of death, permanent disability or impairing sickness by a borrower.
Targeted Clients:
All Affiliate Microfinance Institutions.
Benefits (To MFI)
- Covers all loans issued by MFI and thus it stands to be reimbursed the outstanding loan amount in the event of borrower’s death, permanent disability or impairing sickness.
- The MFI can loan out more in the knowledge that some risk has been reduced
- Affordable premium rate.
Benefits (to Borrowers)
- Peace of mind: Borrowers are at peace in the knowledge that their loan obligations will end in the event of their death, permanent disability or impairing sickness.
- Funeral expense contribution: The Insurer will contribute to funeral expenses of a deceased borrower’s funeral.
- Affordable Premiums
For more information, contact a nearest CRDB Bank branch
Last Updated: Tuesday, 01 June, 2010