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Financial Security
The microinsurance package provides financial security to both the microfinance bank or microfinance institution and its customers (policyholders). In the event of the death or permanent disability of a customer who has been offered a micro loan, the insurance coverage ensures that the outstanding loan balance is covered up to the maximum amount of N2 Million. This mitigates the financial risk for the microfinance institution and helps protect its loan portfolio.
Operations
Value Proposition
By offering insurance coverage as a value-added service, the microfinance bank or microfinance institution strengthens its relationship with customers. Providing a safety net in the form of insurance demonstrates a commitment to customer well-being and enhances trust and loyalty.
Incorporating a microinsurance package into the services offered by a microfinance bank or microfinance institution sets it apart from competitors. It demonstrates a commitment to comprehensive customer support and risk management.
The microinsurance package acts as a risk mitigation tool for the microfinance bank or microfinance institution. In the unfortunate event of a customer's death or permanent disability, the insurance coverage covers the outstanding loan balance.