Group Mortgage
What is Group Mortgage
Our Group Mortgage policy is for organisations that offer mortgage finance to third parties, such as banks, building societies, micro-finance institutions, cooperative savings and credit societies, hire-purchase dealers.
The policy guarantees to settle 100% of the outstanding loan in respect of a deceased member of the scheme or when a member becomes totally and permanently disabled by accident. The policy can also be taken with a funeral expense benefit at an additional but modest premium. The funeral cover guarantees to avail funds to finance funeral expense in respect of a deceased member of the scheme.
- The benefit is payable within 5 working days upon notice.
- The level of benefit per member under this cover will be decided on by the financier in consultation with the members of the scheme and should be uniform.
- The levels of cover range from KSh50 000/= to KSh200 000/=
Depending on the arrangements of the collection of premiums from the debtors by the creditor, premiums can be paid in two ways:
- An annual premium is payable on commencement of the cover and thereafter annually on the renewal date
- A single premium is paid for the whole term of the loan
- Large organisations prefer a single premium method because it is easy to administer
- SanlamAllianz offers very completive premium rates arrived at through careful risk assessment, negotiations and agreement with the client in accordance with its needs
The documents required are as follows:
- Group Proposal Form. This is completed once by the creditor
- A schedule of details of the persons to be covered. The schedule should have the following details:
- Name and surname
- Date of birth
- Identification number
- Outstanding loan
- Interest rate
- Loan repayment term
Upon receipt of the group proposal form, the member’s schedule and the premium of the policy document will be issued. Under extreme cases medical evidence of insurability may be required. This is due to high loan amounts and/or high age of a member. The evidence may be required in either of the following ways or both:
- Complete and submit a medical examination questionnaire
- Submit to medical examination by our listed medical examination service providers
To claim, you need to provide
- Proof of claim documents
In case of benefits claims, the documents required are:
- Benefit claim notification letter
- Original death certificate in case of benefit claim by death
- Satisfactory medical examination reports in case of a benefits claim by permanent and total disability
- Certified copy of National ID card of the deceased
- Loan repayment statements
The outstanding loan will be determined and a “Discharge Form” for execution by the creditor will be issued. Our claim settlement cheque will be ready within a maximum of five days on receipt of the signed discharge form.
*The policy does not have an HIV/Aids exclusion clause
**The requirements indicated are the basic but non – exhaustive KYC requirements.