Insurance
Description
This is an insurance policy scheme through which members contribute premiums that offer security to members’ savings and loans against any financial loss which may be occasioned by the unforeseen event of death of a member.
Features
Permanent and Total Disability of a Member
Upon a member becoming permanently incapacitated because of injury or illness which cannot be cured or treated and thus is unable to follow his/her occupation for more than 6 consecutive calendar months from the date of such injury or occupational illness, the insurer pays the member’s own Sacco loans balance, less any repayment arrears and additionally contributes an amount equal to the member’s deposit balance.
First Time Diagnosis of Critical Illness of a Memeber
The insurer pays 40% of a member’s own Sacco loan balance up to a maximum of Kshs. 6,000,000, less any repayment arrears upon first positive diagnosis of Cancer, Stroke, Kidney Failure, Major Organ Transplant, Coronary Artery Surgery and/or Replacement of Heart Valve, Heart Attack, Paraplegia or Paralysis.
Death of a Member's Declared Spouse or Child
The insurer pays Kshs. 100,000 as a funeral expense benefit in the event of the death of a member’s declared spouse or child. The dependant’s funeral expense benefit applies to only one spouse and the children whose details have been provided in the Dependants Declaration Form. Only 1 (one) claim is admissible in any given year.