HEVA is a trusted finance, business support and knowledge facility that believes in the transformative social and economic potential of the creative economy sector in Kenya and in the East African region. Since its inception in 2013, HEVA has sought to be at the forefront of helping producers of cultural goods, services and experiences, in Kenya and in East ...
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TOR: Credit Life Cover for the Sanara Program
- Job TypeFull Time
- QualificationBA/BSc/HND
- Experience
- LocationNairobi
- Job FieldProject Management 
Objectives
- To engage 2–3 insurance providers, to provide credit life insurance cover for loans issued under this program, at a rate not exceeding 0.85% to the end participant.
- Loan Structure
- Loan Tiers
- Tier I: KES 1 – 999,000
- For businesses operating for 0–2 years.
- Tier II: KES 1,000,000 – 5,000,000
- For businesses that have graduated from Tier I or operated for more than 2 years.
- Tier III: Above KES 5,000,000
- Direct lending model for more established businesses.
- Loan Products
- Working Capital Financing
- Asset Financing
- Trade Financing
- Scope of Insurance Cover Required
- Credit life cover for borrowers under the above-mentioned tiers and categories.
- Should protect against borrower death, permanent disability, and optionally job loss.
- Coverage to match the loan term and amount.
- Cost of cover to be at or below 0.85% of the loan value.
- Flexible coverage terms across various loan products and customer profiles.
Proposal Requirements
- Interested vendors should submit a proposal that includes:
- Product details and benefits.
- Proposed rates and payment structure(Premiums must not exceed 0.85% of the loan value to the end borrower, pro-rata refunds policy etc)
- Terms and conditions of the cover(termination clause etc, dispute resolution mechanisms)
- Experience providing similar credit life cover.
- Value-added services (e.g., digital onboarding/claims, financial literacy support).
- Turnaround time for claims processing.
Method of Application
Applications accepted by email: procurement@hevafund.com
