Agribank introduces credit life insurance product

Fillemon Nangonya

The Agricultural Bank of Namibia (Agribank) is pleased to announce the introduction of a credit life insurance product, effective 1 June.

Credit life insurance serves as financial security and protection against unforeseen events, tailored exclusively for Agribank clients.

Agribank’s credit life insurance offers benefits beyond covering death and protecting a client’s estate. If a client becomes permanently or temporarily disabled, is diagnosed with a serious illness, or faces retrenchment, the insurance will cover the client’s loan instalments for a specified period, providing essential financial relief during challenging times.

Agribank hereby informs the public that credit life insurance is a mandatory requirement for all eligible clients from 1 July 2024. 

Applicants/clients will not be compelled to take up Agribank credit life insurance, but have the option of providing an alternative life cover from an insurer of their choice.

Similarly, existing clients with life insurance policies can continue to use their current coverage, although they are also invited to participate in the Agribank credit life insurance programme to enjoy its comprehensive benefits.

Chief executive Raphael Karuaihe says: “The introduction of credit life insurance is a significant step forward for Agribank. It supports the sustainability of our clients’ farming and agro-enterprise ventures by providing a financial safety net against unforeseen events. 

“Furthermore, the initiative demonstrates Agribank’s dedication to offering innovative and affordable products and services.”

Agribank’s credit life insurance is underwritten by Momentum Metropolitan Namibia Limited, while Agribank is designated to marketing and selling the product to its customers.

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