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Group Credit Life & Micro Insurance

This is a life insurance policy designed to pay the outstanding principal balance, assuming that all the due installments were paid in the event of the death of that borrower during the term of the loan.
Credit Life is suitable for lending institutions i.e;
• Banks
• Savings and Credit Co-operative societies (SACCOs)
• Micro-Finance Institutions

Micro Insurance
This covers insurance risks faced by the low income and under-served market segments. At APA life we aim to reach out to these individuals and families to provide financial protection (security and savings) through affordable products.

Riders benefits to credit life:
Permanent Total Disability Benefit
Benefit is payable upon the Life Assured becoming permanently and totally disabled as a result of accident/illness
Last Expense (Funeral) Benefit
Benefit payable is a flat amount to cater for the immediate funeral expenses when death occurs.
Dependant’s Last Expense
Benefit payable is a flat amount per spouse, or dependants to cater for the immediate funeral expenses when death occurs. Children aged below ten (10 years) are covered for a maximum of KShs. 100,000.
Retrenchment Benefit
Retrenchment means the Life Assured suffering a loss of employment as a result of implementation of a staff reduction program, adverse business conditions, the introduction of new technology or the re-organization of the business by the employer which results in the insured member not earning any income for a continued unemployment period of at least 30 (thirty) days.
Critical Illness Benefit
The benefit is a percentage of the basic cover, e.g. 30% of the Basic Cover per Life Assured and is payable upon first positive diagnosis of a critical Illness by a medical practitioner supported by medical evidence.
Hospitalization Cash Benefit
If the borrower is hospitalized and is unable to earn an income, this optional cover will give benefits to assist the borrower in repaying the loan.

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APA Insurance Group 2017