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.

Certain properties obtain their values from supplementary endpoints. Refer to the Auxiliary page for a list of these additional endpoints.

Compute Credit Life Premium

Use this end-point to calculate credit life premium

POST https://api.mycover.ai/v1/products/credit-life-price

Body

Name	Type	Description
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

201

{
    "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

Name	Type	Description
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

200: OK

{
   "responseCode":1,
   "responseText":"policy purchase successful",
   "data":{
      "first_name":"Jerry",
      "last_name":"Yang",
      "email":"[e-mail]",
      "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"
   }
}

The benefit_coverage parameter is an array of one or more of the available coverage. The available benefit coverage are death, permanent_disability, temporary_disability, loss_of_job.

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

Sample Request Payload

{
   "first_name":"Kato",
   "last_name":"Pearson",
   "email":"[e-mail]",
   "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"]
} 

Certain properties obtain their values from supplementary endpoints. Refer to the Auxiliary page for a list of these additional endpoints.

Auxiliary