Group Credit Life in Kenya
Outstanding-loan cover for borrowers in a lending group under IRA Class 04.
What does Group Credit Life cover?
Group credit life clears the outstanding balance of a loan if the borrower dies or is permanently disabled before fully repaying. It protects both the lender's book and the borrower's family from inherited debt.
Who needs Group Credit Life?
Banks, microfinance institutions, SACCOs and digital lenders - and indirectly every borrower whose loan includes a credit-life premium.
Examples of Group Credit Life policies in Kenya
- SACCO loan protection
- Bank personal-loan credit life
- Mobile-loan credit life
Frequently asked questions
Can I claim a refund of credit life premium if I repay early?
Most credit-life policies in Kenya allow a pro-rata refund of unearned premium if the loan is fully settled before the original term ends.
Regulation
Group Credit Life is licensed under Class 04 of the Insurance Act (Cap 487) and supervised by the Insurance Regulatory Authority (IRA). Only insurers holding a current Class 04 licence may underwrite this cover in Kenya.