All Sacco loans are insured to cover members’ beneficiaries in case of death or permanent disability of a member who is servicing a loan.
Features:
- The loan must be performing at the time of death or permanent disability.
- Premium paid only by members who are servicing loans.
- Insurance amount is Ksh. 1 per Ksh. 1,000 loan amount
- Original death certificate and burial permit must be produced for the claim to be paid.
- Insurance will pay all the outstanding loan amount as at the time of death provided the loan was performing.
Benefits
- It gives the dependents/beneficiaries a peace of mind as their property will not be attached to repay the loan after the death of the member.
