You earn monthly, pay rent monthly, budget monthly.
Now you can pay insurance monthly!
With our offer you get to pay your car or medical insurance in 2 – 10 monthly instalments and start cover immediately.
Paying for your insurance premiums can be quite a big hassle. This is because you will be required to pay a lump sum amount, hence the importance of a Financing Arrangement. With our insurance offers we give you the opportunity of paying the insurance in monthly installments and you get a monthly statement sent to you every month.
PAY IN MONTHLY INSTALMENTS
With the following insurance companies insurance is paid within hours. All that is required are the cheque leaves that will be used to pay in monthly installments.
NOTE: If you pay for medical insurance in monthly installments you still have access to all the hospitals as normal. It is only with motor insurance where you will be required to first pay all the insurance premium that is required before reimbursement or repairs are authorized.
MEDICAL INSURANCE EXAMPLE
Medical Insurance - Inpatient of KES2,000,000.00
Total Medical Insurance = KES25,000.00
CAR INSURANCE EXAMPLE
Car Insurance - Car Value of KES2,000,000.00
Total Car Insurance = KES90,000.00
WHAT IS INSURANCE PREMIUM FINANCING?
Insurance Premium Finance arrangement is a specialized finance facility that allows you to spread an insurance premium payment over the term of the insurance policy rather than paying the full premium upfront. The insurance premium finance company (Financial service provider like a bank) pays the insurance premium to the insurer on your behalf then you repay the bank in installments.
Insurance Premium Financing has the following benefits:-
- It helps in preserving working capital, improving the cash flow and maintaining liquidity. This is because you will not pay premium in lump sum but will spread it over a period of time (maximum 10 months).
- No collateral is required
- Enables you enjoy insurance coverage without having to pay the full premium upfront
- Enables you to pay insurance premium in compliance with the Insurance Act
- It is an additional source of borrowing, typically with no impact on the availability of existing credit facilities
- The availability of flexible payment plans corresponding to seasonal business cash-flow needs.