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    • Group Credit Assurance

    Pioneer Group Credit Assurance (GCA) is a specialized loan protection insurance designed to cushion lending institutions against financial loss if a borrower passes away, suffers permanent disability, or loses their job. Held directly by the financial institution as the policyholder, GCA guarantees the settlement of the net outstanding loan balance, protecting the lender's credit portfolio while shielding surviving families from inherited debt burdens.

    What is Group Credit Assurance?

    Group Credit comes in two forms:

     

    • Group Credit Premium Guaranteed
    • Group Credit Open

     

    Group Credit Premium Guaranteed is a credit life policy designed for medium to large SACCOS who desire to pay a one-off premium at the beginning of the insurance period irrespective of the changes in the loan portfolio during the insurance period.

     

    Group Credit Open insurance is a life policy designed for Banks and other corporate lenders who desire to place the cost of insurance on the borrower.

     

    Under Group Credit Life Insurance, the lender is the policyholder and pays the premium.

     

    Our Group Credit policy does not cover arrears or default on loan repayment

    • Outstanding Loan Settlement – ​​Pays the full remaining principal balance (net of arrears) upon the borrower's death from illness or accident, or in the event of Permanent Total Disability (PTD).
    • Retrenchment & Job Loss Cushion – Covers agreed monthly loan installments for a specified period if the borrower undergoes involuntary retrenchment.
    • Critical Illness Rider – Pays 30% to 50% of the loan cover amount upon diagnosis of a covered critical illness (available as an accelerated or standalone benefit).
    • Immediate Funeral Benefit – Delivers a fixed cash payout to assist the borrower's family with funeral arrangements (available as a standalone or accelerated benefit).
    • Flexible Joint Loan Structure – For spousal joint loans, payout occurs on first death/disability; for non-spousal joint loans, cover is split proportionately based on individual member loan shares.
    • Extended Age Limits – Standard eligibility spans ages 18 to 65, with extended coverage available up to age 75 by prior agreement.
    • Retroactive Disbursement Cover – New loans are covered starting from their disbursement date, provided they are listed in the monthly schedule within 45 days and premiums are paid.
    • ✓Portfolio & Capital Shield: Protects lender liquidity and capital integrity by securing loan recovery without resorting to collateral liquidation. Institution-Led Security: The policy is owned and administered directly by the lender, simplifying group administration and claims processing. Social Responsibility: Relieves grieving or disabled borrowers and their families from unpaid loan obligations during life crises
    Commercial Banks & Microfinance Institutions (MFIs)

    Commercial Banks & Microfinance Institutions (MFIs) seeking to eliminate non-performing loan (NPL) risks associated with borrower mortality or severe illness.

    Saccos, Credit Unions, & FinTech Lenders

    Saccos, Credit Unions, & FinTech Lenders looking to protect their credit portfolios against borrower death, disability, or retrenchment.

    Institutional Lenders & Credit Facilities

    Institutional Lenders & Credit Facilities issuing joint loans to spouses or business partners requiring structured risk-sharing coverage.

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