Our specialized team at Walton has the experience, expertise, resources and insight to evaluate your specific needs and design a customized solution

Premium Financing

Have you always wished you could pay your annual insurance premiums in convenient monthly instalments rather than one huge sum? If yes, you can explore the insurance premium financing (IPF) option available in our financial institutions.

Insurance Premium Financing (IPF) is a loan product designed to finance payment of non-life insurance premium due to an insurance company. The bank enters into an agreement with the Insurer and the Insured whereby the bank agrees to pay immediately in full the insurance premium of the insured on the terms and conditions stipulated in the IPF agreement.

The product is designed to take the burden of insurance payments of customers by allowing them to enjoy the benefit of insurance cover immediately, while they pay their premiums over a longer period.

The benefits of IPF include:
• Easy and Quick application process
• Competitive fixed interest rates
• No hidden charges or costs
• Renewal of all insurance covers on one anniversary date
• Available to both account and non-account holders
• No tangible collateral required
• Flexible repayment of 4-10 equal monthly instalments
• Eases up the liquidity strain that may be caused by lump sum insurance premium payments

The basic conditions contemplated in the IPF Agreement are twofold:-
• The Insured agrees to pay to the Bank the insurance premium in an agreed manner and at an agreed rate of    interest over a period of time.
• In the event that the Insured fails to pay the agreed installments to the Bank as scheduled, the Insurer shall    immediately upon receiving first demand or notice from the Bank redeem the pro-rated balance of the insurance    premium (refundable premium) paid to Insurer.

Parties to an Insurance Premium Financing Loan transaction are;
• Applicant or Insured. The principal debtor borrowing funds to finance premium
• Insurer. The Insurance company issuing or endorsing the policy in the name of the Insured
• Broker or Agent. An intermediary that arranges underwriting of the policy
• Bank. This is the provider of funds to the Insured for the payment of premium

Documentation for Eligible Borrowers
The product is available to individuals or corporate entities which are legal holders of insurance policy

Individual
• An IPF Application form executed by all the parties i.e. Borrower, Insurer and the Bank
• A guarantee and indemnity issued and executed by authorized signatories of the Insurer
• A copy of the premium quotation from the Insurer or Broker giving the name of the Insurer.
• Standing instruction or postdated cheques for the installment amounts.

Corporates
• An IPF Application form executed by all the parties i.e. Borrower, Insurer and the Bank
• A guarantee and indemnity issued and executed by authorized signatories of the Insurer
• Copy of National I/D and PIN certificate of the Applicant.
• A copy of the premium quotation from the Insurer or Broker giving the name of the Insurer.
• Standing instruction or postdated cheques for the installment amounts.
• Copy of Certificate of Incorporation and/or Business registration certificate.

Whether you are taking up a new insurance policy or renewing an existing one, we can help you apply for the Insurance Premium Financing and start enjoying the benefits of your cover. For more information call Walton on +254 700 296 850 / 700 296 855 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Copyright © 2019 Walton Insurance. All Rights Reserved.