Bank launches Bel Isi insurance plan

Business

THE People’s Micro Bank is offering more than K2500 insurance to members for a K20 premium only, chief executive Anthony Dela Cruz says.
He said during the launching of the Bel Isi Accidental Death Insurance Protection cover that the product would be available only to PMBL members.
They are partnering with the Trans Pacific Assurance Limited on the insurance protection cover and had signed an agreement.
The bank is a National Development Bank subsidiary.
“The minimal annual premium is K20 and for every K20, the cash benefit or Bel Kol money is K2500,” he said.
“If you want to double the insurance benefit, you will have to double the payment by paying K20 more to get K5000, and so on.  So the value of cash benefit increases every time you add another K20.”
Cruz said the premium ranged from as low as K20 to K400 maximum for a year.
He said that after a member paid his premium, he would be issued a certificate to certify that he had paid his premium and the certificate would be presented when making a claim.
“We see not many people have access to insurance cover because it is quite expensive,  especially to the low-income population.”

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