Insurance is an important aspect of life. It is a way of making sure that you have enough funds to cover certain events and so it helps you manage your risks. The expenses incurred resulting from a an accident, leading to disability or death, may be more than any savings that a person may have accumulated over time.
However, not everyone has access to insurance due to high premiums and lack of access. This is where microinsurance comes in – insuring predominantly the low-income segment with protection against specific risks. Our microinsurance product will will cover the outstanding loan amount should there be Accidental Death or Permanent Total/Partial Disablement to the business owner or key person.
This will give the Issuer peace of mind as they concentrate on the most important aspect of their loan – expanding their business.
Together with our Insurance Partner, we automatically provide Personal Accident Insurance at no cost to our Issuers. All details are already captured upon application, therefore Issuers are not required to give additional information. The main applicant is insured by default, but do let us know if there is an alternative key person that you would like insured. There are also certain restrictions on the occupation of the Insured Person that is covered and the age limit is from 16 to 70 years old.