Sanlam Kenya, the listed non-bank financial services provider, has unveiled plans to offer personal loans against their monthly life cover pay-outs to their pension annuity holders.
The company through its Sanlam Life subsidiary said the move will see the policyholders with annuity covers access to tailor-made credit following its partnership with two financial institutions that included Stanbic Bank Kenya and Ecobank Kenya.
The holders will also be privileged to access medical insurance through GA Insurance, under its Hadhi Health Plan customized for senior citizens.
The introduction of the facility was informed by an existing consumers’ desire in the market, from the retirees’ population.
“We received requests from clients for a facility backed by their monthly annuity pay-out as it is a guaranteed payment due to the retiree for the rest of their lifetime. At Sanlam, we’re a listening partner committed to financially enriching the lives of our customers.” Ssaid anlam Kenya Group Chief Executive Dr. Nyamemba Tumbo.
On his part, Ecobank Kenya Managing Director and Regional Executive Central, Cheikh Travaly noted that their collaboration deliberated on promoting financial inclusion by offering workable financial solutions to individuals and businesses.
With the elderly and retired people getting limited access to credit as a result of discriminative market practices, the group will now be lent with personal loans at affordable rates aimed at unlocking credit and ensure they lead meaningful and productive lives.
Only annuitants of a maximum age of 75 years will enjoy the inclusive facility which will be extended as both a loan and Insurance Premium Finance (IPF) and a tenure not exceeding 12 months subject to an annual review.
Sanlam’s credit and medical solutions were informed by its wide base of annuity policyholders, with a monthly annuity payroll of over Ksh.80 million to approximately 4,000 retirees.