For a long time, many people believed that insurance was only for the wealthy. The high upfront costs of premiums often made it seem out of reach for individuals, small business owners, and families juggling daily expenses.

Take Jonathan, for example—a small business owner managing multiple expenses. When his motor insurance renewal came up, the lump sum payment felt like an impossible hurdle. But with Insurance Premium Financing (IPF) from Equity, Jonathan was able to spread the cost into manageable monthly payments, ensuring his business stayed protected without straining his cash flow.

Thanks to innovations like IPF, the belief that insurance is only for the wealthy is rapidly changing. With IPF, you no longer need to save up a lump sum to secure cover. Instead, you can enjoy immediate protection while paying for your premiums in smaller, budget-friendly instalments over six or ten months.

How Does Insurance Premium Financing Work?

When you take out an insurance policy through Equity Bancassurance, whether it’s medical or non-medical (e.g., motor, home, agriculture, or business insurance), you can apply for a short-term loan to cover the premium. Equity pays the premium upfront on your behalf, and you repay the loan in monthly instalments tailored to your budget.

This financing option applies to a wide range of insurance products:

• Motor Insurance: Protect your private car, commercial fleet, or institutional vehicles from unexpected accidents or damages. With Equity IPF, you can ensure your vehicles are fully covered while spreading the cost over ten months.
• Medical Insurance: Medical emergencies can be financially draining. Equity’s IPF ensures you and your loved ones have access to quality healthcare without the stress of upfront payments. Secure comprehensive medical coverage today and repay the premium over 6 months.
• Biashara Insurance: Safeguard your business from risks like property damage, theft, or liability claims. IPF allows you to stay protected while maintaining steady cash flow by paying in monthly instalments.
• Agriculture Insurance: Farmers face unpredictable challenges like bad weather or livestock diseases. Equity’s IPF helps you cover your crops and livestock without financial strain, ensuring your livelihood is protected.
• Home Insurance: Fires, theft, or natural disasters can destroy your home and belongings. With Equity IPF, you can protect your home and family while spreading the premium over 10 months, giving you peace of mind.

Benefits of Insurance Premium Financing

• Flexible Repayment Terms:

Medical insurance premiums can be repaid over 6 months, while non-medical premiums can be spread over 10 months.

• 100% Premium Financing:

Equity pays the full cost of your premium upfront, so you don’t need to worry about large, one-time payments.

• No Collateral Required:

The financing is unsecured, making it accessible to everyone.

• Ease of Budgeting:

Premiums are divided into predictable monthly payments, helping you stay insured without disrupting your finances.

What Do You Need to Apply?

Applying for Insurance Premium Financing is simple. Here’s what you’ll need:

• A completed application form.
• For individuals: Copies of your ID card and PIN certificate.
• For companies: A CR12 form and a duly signed company resolution.