The Agricultural Bank of Namibia (Agribank) is set to launch a Credit Life Insurance product aimed at providing financial security and protection against unforeseen events, tailored exclusively for Agribank clients.
The insurance product underwritten by Momentum Metropolitan Namibia Limited, will become a mandatory requirement for all its eligible clients.
“However, applicants/clients will not be compelled to take up the Agribank Credit Life Insurance, but they do have the option of providing an alternative life cover from an insurer of their choice,” the bank said.
“Similarly, existing clients with life insurance policies can continue to use their current coverage, although they are also invited to participate in the Agribank Credit Life Insurance program to enjoy its comprehensive benefits.”
According to Chief Executive Officer, Dr. Raphael Karuaihe, “the introduction of the Credit Life Insurance is a significant step forward for Agribank. It supports the sustainability of our clients’ farming and agro-enterprise ventures by providing a financial safety net against unforeseen events. Furthermore, the initiative demonstrates Agribank’s dedication to offering innovative and affordable products and services.”
“The Agribank Credit Life Insurance offers benefits beyond covering death and protecting a client’s estate. If a client becomes permanently or temporarily disabled, is diagnosed with a serious illness, or faces retrenchment, the insurance will cover the client’s loan installments for a specified period, providing essential financial relief during challenging times,” the bank said.
The Agribank Credit Life Insurance