Insurance Premium Financing (IPF)
Insurance Premium Financing (IPF)
Insurance Premium Finance is a short term loan product designed to facilitate financing of insurance premiums. This is given against the customer’s insurance premium bill for a maximum of 10 months with a minimum finance of KES. 25,000. The IPF loan involves a tripartite agreement between the customer, the insurance company (guarantor) and the Karopay Insurance Agency (financier).
IPF Required Documents
| INDIVIDUAL | SOLE PROPRIETORSHIP | LIMITED COMPANY |
|---|---|---|
| National ID copy | National ID copy | Company PIN |
| PIN Copy | PIN Copy | ID/PIN for all directors |
| Certificate of Registration/Incorporation | Company Certificate of Incorporation | |
| Memorandum and Articles of Association | ||
| Latest CR12/Annual Returns incase of change of directors |
Payment Period
We propose a minimum of Kshs. 20,000/=, maximum of Kshs. 400,000/=.
The repayment period being from a minimum of three months to a maximum of ten months.
Features
- Finance up to 100% of the premium amount.
- Minimum repayment tenor of 4 months and a maximum of 10 months.
- Repayments are via equal monthly installments (EMIs), payable through postdated cheques.
Benefits
- Lifts the burden of lump sum insurance premium payment
- Enhances business cash flow management
- Immediate access to annual insurance cover
- Flexible repayment periods for the insurance premium