Insurance Premium Finance (IPF) is a short-term credit facility that enables
the borrower to acquire financing to pay for their insurance premiums in a
lump sum and repays the bank in monthly instalments over a period not
exceeding 10 Months. The first installment is paid at onset.
The product is available to both co-op Bank account holders and non-account
holders.
IPF is workable under general insurance policies that are normally placed or
renewed for a fixed period of one year.
E.g Motor insurance, Fire & Burglary, Medical insurance, Workmens
compensation, contractors all risk e.t.c.
It excludes long term Life insurance policies.