Credit Life
Credit Life Insurance is a term life insurance policy that settles outstanding loan amounts to your customers' default as a result of the following: Death, Permanent Disability, Temporary, Disability.
Compute Credit Life Premium
Use this end-point to calculate credit life premium
POST
https://api.mycover.ai/v1/products/credit-life-price
Body
loan_amount*
number
Loan amount given to customer.
loan_tenure*
number
Loan tenure in months. Minimum of 3 months
product_id*
string
Product ID
Response
{
"responseCode": 1,
"responseText": "Price computed successfully",
"data": {
"price": 7000
}
}
// Sample Request Payload
{
"loan_amount": 100000,
"loan_tenure": 12,
"product_id": "f8b5bca1-b870-4648-8704-11c1802a51d0"
}
Buy Credit Life Insurance
Use this end-point to buy Credit life insurance.
POST
https://api.mycover.ai/v1/products/buy-credit-life
Request Body
benefit_coverage*
array
List of benefits. Check below for description. Note that premium amount will depend on the chosen benefits.
first_name*
string
Customer's legal first name
last_name*
string
Customer's legal last name
email*
string
Customer's valid email address
phone_number*
string
Customer's valid phone number
date_of_birth*
string
Customer's date of birth
loan_amount*
number
Loan amount given to customer.
gender*
string
Customer's gender
loan_tenure*
number
Loan tenure in months. Minimum of 3 months
id_image_url*
string
Image URL of the customer ID
loan_start_date*
string
Loan disbursement date
product_id*
string
Product ID
{
"responseCode":1,
"responseText":"policy purchase successful",
"data":{
"first_name":"Jerry",
"last_name":"Yang",
"email":"[email protected]",
"phone":"07064378577",
"dob":"2004-03-03",
"customer_id":"56264be0-e5cb-4d9a-b302-00971ea703ab",
"buyer_id":"56264be0-e5cb-4d9a-b302-00971ea703ab",
"product_id":"57a6df7e-87f4-40e8-bf78-5b1f85c6d87e",
"product_category_id":"9e9d5fe0-2129-41a5-9f44-9c9fe90b3855",
"distributor_id":"76d5970a-d46b-43df-beb3-8f3117b7a60f",
"provider_id":"63dbfce7-a743-47bd-bc49-b95703054aa1",
"activation_date":"2022-03-03",
"start_date":"2022-03-03",
"expiration_date":"Thu, 02 Mar 2023 23:00:00 GMT",
"meta":{
"policy_number":"120500132201",
"certificate_url":null,
"provider_policy_id":0,
},
"active":true,
"purchase_id":"bbc23187-71ee-468e-b964-a387a28eb10c",
"submitted_to_provider":true,
"id":"6aa926f2-351b-4d8f-872b-f1a35ece75e1",
"created_at":"2022-03-17T08:35:56.358Z",
"updated_at":"2022-03-17T08:35:56.358Z"
}
}
Every coverage has an associated percentage contribution to the premium
Death 0.275% of loan amount
Permanent Disability 0.075% of loan amount
Temporary Disability 0.025% of loan amount
Loss of Job 0.200% of loan amount
{
"first_name":"Kato",
"last_name":"Pearson",
"email":"[email protected]",
"phone_number":"07064378577",
"date_of_birth":"2004-03-05",
"gender":"Male",
"loan_amount": 25000,
"loan_tenure": 3,
"loan_start_date":"2023-01-05",
"id_image_url":"https://via.placeholder.com/300/09f/fff.png",
"product_id":"f8b5bca1-b870-4648-8704-11c1802a51d0",
"benefit_coverage":["death", "permanent_disability", "temporary_disability", "loss_of_job"]
}
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