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Insurance Premium Finance (IPF)
Insurance Premium Financing
Insurance Premium Financing is a loan product designed to finance payment of non-life insurance premium due to an insurance company from the Insured. The Bank enters into an agreement with the Insurer and the Insured whereby the Bank agrees to pay immediately in full the insurance premium of the Insured on the terms and conditions stipulated in the IPF agreement. IPF requires endorsement by an Insurer as it creates certain rights and financial interest of the Bank in the insurance policy financed and should therefore be noted in the policy appropriately.
Features
- Applicable for new or renewal of insurance under General Insurance Policies
- Facility is available in USD and TZS with minimum premium amount of USD 5,000 or equivalent in TZS.
- Bank may finance 100% of the premium amount and maximum repayment period shall not exceed 10 months.
- The payment of premium to be made through I&M Bank only with first instalment collected prior to remittance of premium
- Interest charged is 4% up to 7.50% flat for facility in TZS and 2% up to 4% flat for facility in USD basis tenor of the facility
- Quick Turnaround with minimal documentation
Benefits
100% finance on applicable insurance premiums
Competitive pricing
No hidden charges and commitment fees
Convenient and simple documentation
No credit appraisal
Additional Details
Fire and perils
Motor Commercial or Private
Industrial All Risk
Workmen’s compensation
Burglary
No hidden charges and commitment fees
Want Insurance Premium Financing?
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