To qualify for cover applicants must meet certain eligibility criteria, which typically require that the applicant:
- is aged between 18 and 64 years (or sometimes 70 years)
- lives and works in the Kenya
- is employed for 16 hours per week or more
- is employed on a long-term contract or has been self-employed for a specified period of time
- Is unaware of any pending change in their employment circumstances.
If the applicant is acceptable for cover the premium will then depend on:
- the amount of credit
- the term of the loan, and
- the type of credit.
Premiums are charged either monthly or annually. A premium rate per Kshs. 1000 of benefit is charged on the outstanding balance or loan amount