Star pays claim to Amantin and Kasei Community Bank

Star Microinsurance Services Limited has paid GH¢42,166.67 to the Amantin and Kasei Community Bank as claims over the death of a customer of the bank.

The customer, Mr Bismark Ome, acquired a loan facility of GH¢50,000 from the bank and serviced it for only two months and unfortunately passed away. 

The loan facility was to be repaid over a 12-month period with interest but as of the time of Mr Ome’s demise, there was an outstanding balance of GH¢41,666.67 to be paid.

Fortunately for both parties, however, the bank had been registered under the Rural and Community Bank Loan protection scheme. 

This scheme is an innovative product designed by Star Microinsurance in collaboration with the  ARB Apex Bank to help the rural banks mitigate some of the risks associated with credit delivery. 

Death and permanent disability are the two main perils covered under this policy, hence the bank was eligible to make a claim.

Upon contacting Star Microinsurance, proof of the incident was requested  and the bank submitted a report from the credit department, a burial permit and medical certificate indicating the cause of death.