The objective of Group Credit-life Assurance is to give creditors, such as banks, building societies, saccos (loans & shares), micro-financiers, employers, NGOs, business associations, hire purchase companies, investment clubs, a guarantee that ICEA Ltd will pay the outstanding loan on Death and/or Disability of a debtor.
Group Credit Life Schemes can be arranged for all forms of credit such as:
Short term loans e.g. car, education, holiday, development, and emergency loans.
Long term loans e.g. mortgage debt.
Open ended credit e.g. overdraft facilities and credit cards.
The scope of cover is on;
Natural and accidental death;
Permanent Total Disability - as a result of an accident or sickness leading to loss of earning power;
Accidental Death Benefit [ADB] - if a debtor’s death arises from an accidental cause, 200% of the loan balance and/or shares is payable;
Funeral Expense Cover for borrowers - the first spouse and children can be covered at an extra premium;
Critical Illness Rider - provides payment of the Loan Balance and/or Share Value subject to a limit upon a member being diagnosed with any of the listed Dreaded Illnesses.
Unemployment Benefit - pays the mortgage installments once a mortgagor who is on permanent employment becomes unemployed, subject to specific terms and conditions.
Premium Rebate or Profit-Share Arrangement - entitles the creditor to a generous premium credit depending on the loss ratio of the previous 12 months underwriting period.
Several cover tariffs are available:
Guaranteed Annual Premium Option for SACCOs only;
Group Mortgage Cover with Return of Premium Option;
Non-Guaranteed Annual Premium Option;
Single Premium/Member Participation Option;
Level Annual Premium Option.
Membership Eligibility
Members must be 18 years of age and above.
Free Cover Limit (FCL): This is a limit under which benefits in respect of each debtor/member are accepted automatically without medical examination. Members are required to undergo medical tests at ICEA’s expense before cover on the Sum Assured above the FCL is confirmed.
Claims Payment: On receipt of the relevant claim documentations, the Funeral Expense Benefit is paid within 48 hours, while the other benefits are paid within seven [7] working days.
