Mepip Plan

Tailor made insurance policy

Mepip Plan

This is a tailor made insurance policy for members of registered financial institutions (Societies). 

In the event of death, disability or illness of the insured member(s), it will protect their families from the burden of repaying the outstanding loan to the financial institution. The policy is specially designed to provide a comprehensive insurance for a member’s loan throughout the repayment period.

KEY FEATURES

Loans are covered on a reducing basis but excluding arrears resulting from default in repayment terms.
Provides cover for Members’ Loans against Death or Total and permanent disability (TPD) of an insured member. The Death or Disability could be as a result of Accident, Illness or Natural causes.
In the event of Death or Total & Permanent Disability of an insured member, the outstanding loan balance (excluding arrears) shall be payable to the Society.
When the cover is in force, new loans given to members will be covered at an additional premium calculated from the provided formulae
Provides cover without any medical requirements (no maximum limit on amounts insured) 6. Benefit will run throgh out the duration of the loan.
The funeral expense benefit will be extended to new loans
Mepip Plan