Paying for annual insurance policies often means writing a large, restrictive cheque. NCBA’s Insurance Premium Financing (IPF) offers a more flexible alternative. It allows you to secure vital coverage without straining your working capital or personal budget.
IPF works by splitting your single large insurance premium into easy monthly instalments payable over a period of 4 to 10 months. This mechanism is designed to ease the financial strain associated with short-term policies, ensuring your essential coverage remains active while keeping your cash flow healthy.
You can take advantage of the IPF facility for premiums starting as low as Ksh. 25,000. Furthermore, the process is quick, with feedback on your application provided within 12 working hours. For businesses, NCBA offers the convenience of using a single payment plan to cover multiple insurance policies.
The financing covers a wide range of standard insurance classes, including:
- Motor Insurance (Commercial or Private)
- Medical Insurance
- Fire and perils
- Burglary
- Workmen Injury Benefit (WIBA)
- Group Life
- Contractors All Risks
The NCBA Insurance Premium Financing rates and facility fees are as below:
| CATEGORY A: Amounts between Ksh. 25,000 – 299,999 facility fee | ||||||
| Months | 25,000 – 149,999 | 150,000 – 169,999 | 170,000 – 199,999 | 200,000 – 249,999 | 250,000 – 269,999 | 270,000 – 299,999 |
| 4 | 5,500 | 5,500 | 6,050 | 7,150 | 8,800 | 9,900 |
| 5 | 6,050 | 6,600 | 7,700 | 8,800 | 11,000 | 11,550 |
| 6 | 6,600 | 7,700 | 8,800 | 9,900 | 12,650 | 13,750 |
| 7 | 7,700 | 8,800 | 9,900 | 11,550 | 14,300 | 15,400 |
| 8 | 8,800 | 9,900 | 11,000 | 13,750 | 16,500 | 17,600 |
| 9 | 9,900 | 11,000 | 12,650 | 14,850 | 18,150 | 19,800 |
| 10 | 11,000 | 12,100 | 13,750 | 15,950 | 19,800 | 21,450 |
| CATEGORY B: AMOUNTS OVER Ksh. 300,000 | |
| Months | Effective Rate |
| 4 | 2.23 |
| 5 | 2.98 |
| 6 | 3.73 |
| 7 | 4.49 |
| 8 | 5.25 |
| 9 | 6.01 |
| 10 | 6.78 |
When you opt for IPF, there are important things to note:
- The full outstanding balance becomes immediately due and payable if you fail to pay a single instalment or if the policy is cancelled for any reason.
- The Insurance Company acts as a guarantor, providing an unconditional undertaking to pay NCBA the pro-rata refundable premium within seven (7) days if the policy is terminated.
- By applying, you consent to the Bank sharing your payment and credit history with the Credit Reference Bureau (CRB) for credit assessment purposes.
You can apply for NCBA Insurance Premium Financing online HERE.