Credit Assurance

This is a policy that protects the Loan book of the lending institution. Under this scheme, Prudential covers the life of the borrower in that should he/she pass on from an Accident or natural cause, Prudential pays the entire outstanding loan balance plus interest as of that time.

Plan Overview

Credit life is a form of short-term protection that covers the loan payment of the policyholder/borrower in the event of their death or permanent disability.
The policy pays off the outstanding loan balance(including interest) in the event of a claim, thereby saving the family from the burden of repaying the loan.

Brochure

Download our brochure for Credit Assurance below.

Credit Assurance

What is Credit Assurance ?

Credit life is a form of short-term protection that covers the loan payment of the policyholder/borrower in the event of their death or permanent disability. The policy pays off the outstanding loan balance(including interest) in the event of a claim, thereby saving the family from the burden of repaying the loan.

Benefits of Life Insurance Features Requirements

Loan Book Protection

The Lending Institution’s Loan book is protected from defaulter.

Asset Protection

Protects assets from repossession by the lending Financial Institution

Funeral Death Benefits

The borrower’s family is supported with last funeral expenses in case of his/her death

Peace Of Mind

Peace of mind for both Financial Institution and borrower

Good Lending Reputation

A good reputation for the lending Institution

Key features of Life Policy – Credit Assurance Features

The policy is between lending institution and Prudential

1

The policy would apply to all borrowers of Banks or Saccos

2

Members who borrow above a given threshold undergo medical examinations paid for by Prudential

3

Premium charged is a percentage of the amount of loan taken out

4

Group Life Insurance Frequently Asked Questions

As an employer you want your employees to feel secure. Financial insecurity is often a cause for stress and distraction which can impact your employees’ focus at work.

Group life insurance can give your employees the financial security they need.
As an employer it is important to consider how you might deal with the death of an employee and how you would support the bereaved family. Being able to be there for your employees and your employee’s family in their time of need is the right thing to do.
No, it also includes SACCOs. To qualify the SACCO should already exist and its members must be bound by a common objective. In other words, the SACCO should not be formed for the purpose of taking out Group Life Assurance.
Group Life Insurance forms part of the benefits offered to employees by the employer and as result it is fully funded by the employer.
Permanent Total Disability – compensation in case of irreversible disability
Critical Illness – compensation in case of contracting a critical condition as described in the policy
Funeral Expenses – expenses for a decent send-off
Hospital Cash Plan – daily allowance for every night spent in hospital
Provided all the claim requirements are received, the claim will be paid within 5 working days from date of receipt of the final document. The only reason it would take longer is non receipt of the necessary documents.
A Free Cover Limit is the amount of insurance cover that an employee can enjoy without the need to go for medical examination.
Whereas the minimum is 20, Prudential shall be more than happy to listen to your situation.
When an employee leaves a company, cover will cease on the last day of their employment contract.
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