Product Benefits

Select offers two insurance products to our clients as benefits attached to our loan products. These products are underwritten by Orchard Insurance, and are known as the Credit Life and Funeral Benefit Scheme respectively.

 

Credit Life:

 

The Orchard Credit Life Insurance product is designed to protect families who suffer from the loss of a family member from having  to settle the outstanding loans of the deceased. All Select loans include the Credit Life policy, which will settle the entire outstanding loan balance at the time of death of a loan holder.

 

Funeral Benefit Scheme:

 

In contrast to our competitors, the Orchard Funeral Benefit Scheme will cover not only the funeral costs of the loan holder, but will also pay out if a family member of a Select client dies. In keeping with our commitment to the wellbeing of our clients, this funeral plan will pay the following amounts towards the funeral of the deceased:

 

Funeral Benefit towards:

  • Main member: E3,000
  • Spouse: E 3,000
  • Child age 6 to 21: E3,000
  • Child age 0 to 6: 2,000
  • Stillborn: E1,000

 

For the Likhefuloan product, the Funeral Benefit Scheme pays a higher insurance sum, as shown below:

  • Main member: E5,000
  • Spouse: E 5,000
  • Child age 6 to 21: E5,000
  • Child age 0 to 6: 3,000
  • Stillborn: E2,000

 

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