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Friday, April 26, 2019

Nguzo ya Jamii

KENINDIA “NGUZO YA JAMII”

Kenindia’s “Nguzo ya Jamii” is a unique, second to none stand alone funeral expense product that takes care of our financial obligation when we are alive and after our demise. A loss of a family member causes a major emotional and financial setback in the family, because of such unplanned occurrences only a few of us have set aside funds to take care of the financial loss. Why do we want to deplete our savings and hard earned investments during a member’s funeral if Kenindia is very ready and willing to help meet the funeral expense? Just as we celebrate life, let us also celebrate our immediate dear ones through a dignified send off.  Rest assured Kenindia will take care of the funeral costs and part of the education of the children who are left behind.

Who is eligible for this product?

Any person between the ages of 18-60 years can be the principal member. The cover may also be extended to the spouse between age 18-60 years and a maximum of 4 children between the ages 1 month to 21 years. The product also has the option of extending the cover to principal member’s 2 parents and 2 parents in law with the maximum age at entry being 80 years. All will be under one policy with the principal member.

What is the allowable term?

The allowed duration is 5 and 10 years.

How much is the life cover?

The available options include; KES.50, 000, KES.100, 000, KES.250, 000 and KES.500, 000. The principal member’s choice will apply across board.

How much is the premium?

The payable premiums will vary depending on the sum assured, age and number of members’ chosen. Premiums will be paid regularly depending on the opted mode (monthly, quarterly, half yearly and yearly).

Is there any rider available?

This product has an inbuilt waiver of premium, which will be applied in case of death of the principal member during the policy term.

Death Benefit

  • On the death of the principal member during the policy term, full sum assured plus 30% of sum assured paid as education grant.
  • On the death of spouse during the policy term, full sum assured paid
  • On the death of parents of  principal member and spouse during the policy term, full sum assured paid
  • On the death of children during the policy term, full sum assured paid.
  • Written intimation letter – Highlight cause of death and date of death
  • Burial permit
  • Copy of ID / Birth certificate/ passport of the deceased member

A maximum five claims are allowed per policy year

In case of death of the principal member during the policy term, the future premiums in respect of the spouse and maximum of four children will be waived and policy continues till the end. Cover for parents/ parents in law and children in excess of four in the order of higher age first will cease.

Note: The product does not have a surrender value

What happens if there is no claim throughout the policy term?

30% of the total premiums paid will be given back to the principal member as survival bonus.

Is there a claim waiting period?

The policy is subject to 6 months waiting period for principal member, spouse and children; however death due to accident will be covered. The policy is subject to 12 months waiting period for principal member’s parents and parents in law; however death due to accident will be covered. No payment shall be made where death of a member is as a result of illness occurred, before the expiry of the waiting period from the date of commencement.

In the event of occurrence of death of any member insured the documents required include:

CLAIM PROCESSED WITHIN 48 HOURS ON RECEIPT OF FULL DOCUMENTATION, BECAUSE YOUR STABILITY IS OUR PRIORITY

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