Give yourself the assurance of a lasting investment. Our Mortgage protection policy is simply a life policy that pays off what is left of the mortgage when the life assured passes on.
1. Detailed Scope of cover:
- We will pay the outstanding mortgage loan in event of Natural and accidental death;
- We will pay the outstanding mortgage loan in event of PTD-Permanent total Disability (Accident & Illness); as a result of an accident and illness leading to loss of earning power
- We will provide a Critical Illness Benefit (30% subject to a maximum limit of Kes.8, 000,000); Rider, which provides payment of 30% loan balance subject to a maximum Limit of Kes.8,000,000 upon a member being diagnosed with any of the listed Dreaded Illnesses [i.e. Heart attack, Cancer, Stroke, Kidney failure, major Organ Transplant, Coronary Artery Bypass Surgery, & Paraplegia] within the Policy Period. Note that pre-existing conditions are not covered;
- For the employed you need not worry, we will provide an unemployment rider covering nine (9) months loan repayments installments following loss of employment due to organizational restructuring or winding-up of employer’s business;
- In addition we will provide the following Optional Life plus riders.
2. Cover option: Level Term.
3. Free Cover Limit=Kx.25, 000,000.
4. Premium Rates:
- Life Cover=Mortgage rates-16% interest tables;
- PTD (Accident & Illness) =Free;
- Critical Illness=Free;
- Unemployment=free; and
- Life plus=0.48%p.a.
Age + term 70years, max 80years.
Documents required in the application of DP cover.
- Completed a Group Policy Proposal form.
- Copy of ID
- Copy of PIN certificate
- Payment of Premium.
You can count on us on Claims processing: But you will provide with the following to enable us proceed.
(i). For a death claim, we require the following:
- A claim notification letter from the Bank;
- The original death certificate;
- Original National ID and PIN; and
- Original statement of Account.
A properly documented claim will be settled within five  working days from the date of receipt of duly executed discharge forms.
(ii). For Permanent & Total Disability Claims, an approved Doctor must confirm the irreversibility of member’s disability.
(iii).For Critical Illness Claims- Our appointed doctor report confirming the diagnosis of the dreaded disease.
(iv). For Unemployment Claims-Proof of loss of employment.
(v). For Last Expense claims- A burial permit or letter from doctor certifying death or Mortuary Acceptance Certificate. Our Last expense benefit is payable within 48 hours.
- Our mortgage protection cover eliminates the Hassle of following the deceased’s estate to recover outstanding loan by the Bank/financier.
- The Estate of the deceased persons is left intact hence creates financial stability for the family left behind.
- The Terms are negotiated for whole group mortgage scheme by HFIA and are hence very competitive rates.
- It includes a Mortgagee’s clause – Interest of the bank as a financier is noted hence all proceeds are payable directly to the bank to clear the outstanding loan. Your home revert to your deceased estate.
This policy is ideal for:
- Financed/Mortgage customers.
How To File A Claim
- Copy of the death certificate/ medical report incase it’s a claim on disability
- Copy of the burial permit
- Loan application form
- Loan appraisal form
- Loan statement on bank stationary-On banks letter head.
- Offer letter
- Copy of the I/D
- Police abstract if the death is as result of road traffic accident, Murder assault or sudden death( All documents must be duly certified)
- Claim Reference no.