Kenya Commercial Bank has launched a new product

Kenya Commercial Bank has launched a new product designed to finance insurance premiums. It is a kind of loan that the bank provides to its customers with a view to contracting an insurance policy. According to the amount of the loan whose time period ranges between two and ten months, interest rates vary between 4.9% and 6.73%. The plan applies to all policies with the exception of life insurance. The bank pays the insurance company the total premium sum for the client who immediately benefits from the insurance cover. The plan has several advantages: the insurance companies collect the entire premiums while clients benefit from the installment payment of their contributions.