A year ago, the Agricultural Bank of Namibia (Agribank) introduced a Credit Life Insurance product to serve as a financial security and protection against unforeseen events, tailored exclusively for its clients.
The credit life insurance offers flexible options to choose from.
It has the basic offering which protects clients’ estate against the unforeseen event of death.
There is also a comprehensive offering which goes beyond covering death, as it covers clients in case they become permanently or temporarily disabled, are diagnosed with a serious illness, or face retrenchment.
As a proactive measure, credit life insurance is now a mandatory requirement for all eligible clients.
However, applicants/clients have the option of providing an alternative life cover from an insurer of their choice and not necessarily the Agribank credit life cover.
The product is also available to existing clients, subject to medical evaluations.
Similarly, existing clients with life insurance policies can continue to use their current coverage, although they are also invited to participate in the Agribank Credit Life Insurance.
The introduction of Credit Life Insurance is a significant step forward for Agribank as it demonstrates Agribank’s dedication to offering innovative and affordable products and services.
The Agribank credit life insurance is underwritten by Momentum Metropolitan Namibia Limited, while Agribank is designated to market and sell the credit life insurance to its customers.
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