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Bancassurance Business

Aiming at enhancing financial inclusion by increased accessibility of insurance services to the public and strengthening consumer protection, LOLC (Cambodia) Plc have agreed to become the bancassurance partner (Corporate Agent) with Serendib Microinsurance Plc. In this partnership Serendib Microinsurance, microinsurance business license, and LOLC is providing micro credit life insurance to its micro loan borrowers whose loan size is up to 20 million riels or equivalent in other currencies.

  • LOLC obtained bancassurance business permission from National Bank of Cambodia (NBC) on 06th December 2021
  • LOLC obtained agent license from Insurance Regulator of Cambodia (IRC) on 17th February 2022
  • LOLC rolled out bancassurance business to all of its branches on 01st March 2022.

“Serendib Kapear” Product Summary

Feature
Description
Insured 1 Borrower and/or 1 co-borrower
BeneficiaryThe insured/ relatives
Age Up to 60 years old
Sum-insuredUp to 20 million riels or equivalent in other currency
Death by Accident or Non-accident Outstanding principal
Total Permanent Disability by Accident or Non-accidentOutstanding principal
Insurance durationUp to 1 year (Annually renew)
Premium per life
0.5% of Outstanding principal

Bancassurance Business Performance

No  Indicators Micro credit life insurance Total
Q1 2022 Q2 2022
1 Insurance Policy 10,322 32,200 42,522
2 Number of insured person 16,184 51,146 67,330
3 Sum-insured ($) 18,854,806 55,016,681 73,871,487
4 Premium ($) 145,941 431,988 577,929
5 Number of Claim Incurred 1 24 25
6 Claim Amount Incurred 1,236 47,808 49,044