Tuesday, December 5, 2023
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What is Bancassurance

By
Chief hastings majani
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0

Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients.

Kenya


Bancassurance arrangement benefits both the firms. On the one hand, the bank earns fee amount (non interest income) from the insurance company apart from the interest income whereas on the other hand, the insurance firm increases its market reach and customers.

The bank acts as an intermediary, helping insurance firm reach its target customer in order to increase its market share.

TRAVEL START Travelstart Domestic

Bancassurance enables a bank to satisfy the risk protection needs of its clients without assuming underwriting risk. Both life and non-life insurance business provide additional flow of float funds besides fee based income to banks, through the same channel of distribution and with the same people

With the opening up of the insurance sector and with so many players entering the Kenyan insurance industry, it is required by the insurance companies to come up with innovative products, create more consumer awareness about their products and offer them at a competitive price.

New entrants in the insurance sector had no difficulty in matching their products with the customers’ needs and offering them at a price acceptable to the customer.

But, insurance not being an off the shelf product and one which requiring personal counseling and persuasion, distribution posed a major challenge for the insurance companies.

Further insurable population of over one billion spread all over the country has made the traditional channels of the insurance companies costlier.

Also due to heavy competition, insurers do not enjoy the flexibility of incurring heavy distribution expenses and passing them to the customer in the form of high prices. With these developments and increased pressures in combating competition, companies are forced to come up with innovative techniques to market their products and services.

At this juncture, banking sector with it’s far and wide reach, was thought of as a potential distribution channel, useful for the insurance companies. This union of the two sectors is what is known as Bancassurance.

Bancassurance is a new concept in financial services sector means using the bank’s distribution channels to sell insurance products. The idea behind Bancassurance is to combine the manufacturing capability sand selling culture of insurance companies with the distribution network and large receptive client base of banks. It is a phenomenon wherein insurance products are offered through the distribution channels of the banking services along with a complete range of banking and investment products and services.

To put it simply, Bancassurance tries to exploit synergies between both the insurance companies and banks. Bancassurance if taken in right spirit and implemented properly can be win-win situation for the all the participants’, banks, insurers and the customer.

Lawyers in insurance Claims

By
Bima Mtaani
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0

Some duties commonly associated with a lawyer include: providing legal advice and counsel, researching and gathering information or evidence, drawing up legal documents related to divorces, wills, contracts and real estate transactions, and prosecuting or defending in court.

There are different Types of Lawyers for the Most Common Legal Problems

  • Criminal Lawyer. Criminal lawyers are attorneys who are knowledgeable about criminal law. …
  • Personal Injury Lawyer. …
  • Workers Compensation Lawyer. …
  • Bankruptcy Lawyer. …
  • Family Lawyer. …
  • Immigration Lawyer. …
  • Estate Planning Lawyer. …
  • Intellectual Property Lawyer.
  • Intellectual Property Lawyer
  • Civil Litigation Lawyer

In insurance, each office must establish a panel of lawyers. The panel of lawyers must be consist of experienced lawyers in issues of Insurance law, Personal Accident, Third Party claims and both civil and criminal law. A register is set on all matters referred to lawyers and the files be diarized for subsequent follow up.

  1. The feasibility of having in-house lawyers at the regional and branch level in a company is always explored on a cost/ benefit analysis basis.
  2. A panel of a certain number of economically viable lawyers is set up dependent on their expertise, experience, size and the fee charged. Experience has shown that the smaller the firm the more effective it is in attending to matters. High profile advocates also tend to be over committed and should not be over relied on unless on specific cases

Lawyers are used where their expertise is required.

Lawyers will be used on matters that are likely to end up in or are already in court.

A copy of the relevant parts of the file can be forwarded to them on appointment if they work on part-time basis or case by case.

Information required by Insurers when an Insurance Claim/Accident happens

By
Bima Mtaani
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7

The essence of insurance is to pay valid claims when they happen. It is the duty of the insurance company to compensate its customers when they face a loss. In achieving this, insurers would have to be sure that the loss happened and that they would admit liability on behalf of their customer.   

The following information will be required by most insurers but the practice varies from one service provider to the other depending on their company policies and procedures

  1. The Date and time of the occurrence of loss
  2. The Location of loss
  3. The Nature and description of loss
  4. The Date and time of you report the loss
  5. The Person the loss is reported to first in the company or the claims officer
  6. The Person providing or reporting information
  7. The Contact person Name and phone number or email
  8. Approximate size of the loss at hand
  9. The description of how loss occurred
  10. Confirmation of police involvement and an abstract of the same
  11. In case there were third involved, the insurer would request for the contact details of other parties involved and the nature and extent of their losses (if any)

Consumer Protection Laws that Apply to Insurance in Kenya

By
Bima Mtaani
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0

There are several laws that protect all insurance consumers in Kenya. This laws ensure that the customer is protected and his/her rights are protected. Insurance customers are the most protected customers in Kenya. Some of the laws that exist are

The Constitution of Kenya

  • Article 46 talks about the consumer rights.
  • Article35 details everything one needs to know about his/her right Ito information
  • Article 47 gives the customer a fair  administrative procedure
  • Article 22 touches on enforcement of bill of rights

Consumer protection

  • Section 3 (4) on purpose of the Act:
    • Promoting fair and ethical business practices
    • Protecting consumers from improper trade practices
    • Improving consumer awareness and informed consumer choices and behavior
    • Promoting consumer confidence and empowerment

The Insurance act

  • The provisions run through the Act including:
    • Section 3 talks about mandate
    • Section 5 has details on contracts
    • Section 74 & 75 touches on rates
    • Section 76 talks about right to pay
    • Section 77 touches on default of payments
    • Section 80 is on policy documents
    • Section 87 talks about the cooling off period
    • Section 114 is on Terms and actions expected  
    • Section 120 is on winding up
    • Section 156 talks about premiums
    • Section 164 is on adverts
    • Section 179 outlines details about the Policy compensation fund(PCF)
    • Section 196A is on register
    • Section 203 touches on claims

Competition

  • One of the objectives of the Act is to protect consumers from unfair and misleading market conduct.
  • Creates the following offences
    • False and misleading representations
    • Unconscionable conduct in business practices

Other key legal frameworks that exist

  • Treating customers fairly principles
  • Unclaimed assets Act
  • The proceeds of crime and Anti-money laundering Act
  • IRA prudential guidelines
    • Corporate Governance Guidelines
    • RBA Guidance for Life Insurance Sector
    • Guidelines on Reinsurance Issued in February 2013
    • Insurance Market Conduct for Intermediaries
    • IRA Anti-Money Laundering Guidelines

Common ways you can pay your Premium to you insurance company

By
Bima Mtaani
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0
  1. Through Direct Debit Instructions
  2. Through Standing Order instructions
  3. Through Check-off/Salary deduction
  4. Through Mpesa
  5. Through Cash
  6. Through Cheque
  7. Through Electronic funds transfer
  8. insurance Premium Financing (IPF)

Predictive Underwriting in Life insurance

By
Chief hastings majani
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0

This is the process of using predictive models to give insights into the day-to-day underwriting processes of a life insurer. For example, to determine the profile of the client beforehand and determine which people are fast tracked and those that require a medical report

Examples of predictive models we have are Models that use statistics to score the risk profiles of potential clients and provide insights as to which clients require further investigation, e.g medical checkup. With such models, we can now require less people to go through the rigorous process of underwriting & verification hence improving the sale process. This predictive models can be automated in the IT system.

The model can be used in life assurance for several functions e.g.

  • Agent selection(selection of productive agents
  • Customer segmentation by determining which customers will buy life insurance
  • Cross selling where they could determine which existing customer can purchase another product
  • Price optimization- different prices for different channels
  • Risk selection – risk scoring, ordering underwriting requirements
  • Detection of fraud from over insurance or anti-selection
  • Pricing
  • Reserving in the insurance

Predictive models can be developed as follows

  1. Data Mining – Establish Patterns, Collect data, clean data and assign data distribution
  2. Logic & Algorithm – Develop decision trees & identify factors and predictors
  3. Build Model (can be repetitive) – Build, Test & Calibrate
  4. Validate
  5. Implement & Document
  6. Monitor and Recalibrate

Popular predictive models that exist are;

  1. Decision Trees
  2. Regression Trees
  3. Cox Model
  4. Generalized Linear Model
  5. Logistic Regression
  6. Regression Spline
  7. Neural Networks
  8. K-Nearest Neighbour

The advantages of predictive models are;

  1. Prediction- Customers are happy if the sale process is shortened or the sale is warmer (selling to a client already looking for a particular product)
  2. Some prediction models require minimal statistical knowledge – neural nets
  3. Various statistical methods available for prediction models
  4. Usage of already collected data to improve business process – insurers with rich history, strong data integrity can leverage – perfect for online business

The disadvantages we have with predictive models

  1. The model may be wrong
    • If not checked/updated/calibrated regularly with recent data
    • Overfitting/wrong predictors
    • May not make sense (common sense)
  1. Black box – nobody knows what is inside it
  2. May depend on modeller (biased by perceptions)
  3. Requires IT infrastructure, data (lots of it) and human capital

Role of Insurance in the development of the emerging African middle-class

By
Chief hastings majani
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0

 Insurance plays a major role in the development of the community. Traditionally, risk management has been practiced among African communities in different ways. Basically, risk managed has been done through risk retention, risk transfer and sharing of the risks at hand.

Risk retention has been done through self-insurance. Most individuals do this through their own salaries and wages. This has been effective but for most families but has been challenging at some point as diseases like cancer that require a lot funds have drained many families. The outbreak of the corona virus was also an eye opener as most individuals having lost their jobs could not afford basic needs that includes medical care. Self-insurance can also be done through borrowing from family, friends or money lenders. Kenya has seen a rise in mobile money lending. Over the years, we have seen self-insurance that has been done through sell or pledging of assets.

In some African countries, risk management is done through risk transfer. This normally happens through social protection services. For instance, public health services or disability compensation schemes would exist.

In extreme cases, risk management in a typical African society would be done by sharing the risk in the form of informal groups. This is very common in the society. Various groups you will find are welfare associations, burial societies, church group loans, fundraisers and mutual. Welfare associations in Kenya are referred to us Chamas and most have really excelled in terms of sharing risk.

Travel insurance

By
Bima Mtaani
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0

Individuals travelling within Kenya or overseas face various risks. Some of these risks commence before the journey starts; such as the risk of losing any monies paid if the holiday has to be cancelled.

For other risks, cover only commences once the journey begins; such as the risk of needing medical treatment or having some property stolen.

Two types of policy are available:

  • single trip; cover must be arranged each time a trip is undertaken
  • annual; cover is automatically provided for all trips undertaken within a twelve month period (subject to a limited number of days per trip or per year)

Optional Benefits/Extensions You will find on a Travel Insurance Policy

By
Bima Mtaani
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0

In addition to the basic sections of policy cover, some or all of the following extensions may be available, depending on what each insurer has decided to include in its particular package of cover. Some may be automatically included; others may require the payment of an additional premium:

  • Hospital cash benefit: provides for a daily benefit whilst the insured person is confined to hospital.
  • Delayed baggage: provides monies to make essential purchases of clothing and toiletries needed as a result of baggage being delayed for at least twelve hours.
  • Travel interruption: covers the additional cost of accommodation and travel due to the failure of public transport to deliver the insured person to the departure point, on either the outward or the return journey in time to travel. Some insurers may extend cover to include delays caused by the insured’s car breaking down or being involved in an accident.
  • Travel delay: covers the delay of the aircraft, ship or train on which the insured is booked to travel for at least twelve hours, due to strike or industrial action, adverse weather conditions or mechanical breakdown or structural defect. A fixed benefit is paid for each twelve hours’ delay. Alternatively, the insured can cancel the trip after twelve hours delay and cover is provided for the resultant charges made by the tour operator or carrier.
  • Pet care: a benefit is provided for each 24 hours that a cat or dog receives in-patient veterinary treatment as a result of suffering an injury, whilst being cared for whilst the insured is on holiday.
  • Hijack and mugging: provides cover where the insured is delayed in reaching their destination as a result of the transport they are travelling on being hijacked. The insurance Cover is also provided if the insured receives in patient treatment following mugging.
  • Loss of passport: cover is provided for the additional travelling and accommodation costs to obtain a replacement passport following loss or theft. Cover also includes the cost of a temporary replacement passport.
  • Legal expenses: covers the legal costs in pursuing claims for death or bodily injury to the insured person whilst on holiday, caused by the fault of a third party. A legal helpline is also provided.
  • Business travel: cover is extended to include travelling on business for clerical and administrative tasks only. Liability arising from business trips is not covered.
  • Winter sports; covers the winter sport activities listed in the policy booklet. Cover usually extends to include loss of or damage to winter sports equipment, delays to the insured’s arrival or departure from the resort caused by an avalanche, piste closures and accidental injury or illness during the trip, with inner limits applying to each element of cover.
  • Catastrophe or disaster cover: provides cover if the insured cannot stay in their pre-booked and pre-paid accommodation because of a ‘disaster’, such as fire, earthquake, tidal wave, avalanche, hurricane, medical epidemic, etc.  Cover includes the necessary extra travel and accommodation expenses to allow the insured to continue with their trip or to return to Kenya if they cannot continue with their trip.

Each section of cover is subject to a limit of liability/sum insured and sometimes an excess.

Travelstart Domestic

Home Insurance Cover?

By
Bima Mtaani
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0

There are three main home insurance types: 

  1. buildings only insurance, 
  2. contents only insurance, or 
  3. Combined buildings and contents cover.

Here’s a summary of what they cover:

  • Cover for Alternative accommodation cover for all your family and pets
  • Cover for Building insurance
  • Cover for Contents
  • 24 hour claims helpline
  • Family legal expenses cover
  • Home emergency cover

Building insurance may come in different packages as below;

Buildings only insurance

Covers the cost to repair or replace the actual bricks and mortar of your home if it’s damaged or destroyed by things like fire, water leaks or storms. Outbuildings such as sheds and garages are also covered, as are permanent fixtures like fitted kitchens and bathroom suites.

Contents only insurance

Protects your personal belongings against loss or damage caused by things like theft, attempted theft, fire, smoke, water leaks and weather-related damage. Items covered include everything from your sofa and TV to your bed and clothes. You can take out extra cover for high-value items and items you take away from the home, like bicycles.

Combined buildings and contents

Combines the above types of cover into one, easier-to-manage policy. Taking out combined insurance means you only have one renewal date to remember and you’re likely to get a discount on your premium too.

How does a Personal Accident Insurance Cover Work

By
Bima Mtaani
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0

This insurance Cover is usually arranged on an annual basis. It is available as a stand-alone policy, but is often purchased as an add-on to another policy, such as travel, motor, household and Life Policies. Sickness cover is usually only available as an add-on to personal accident insurance, as insurers view it as presenting a greater degree of risk.

Insurance Cover is provided in the event of accidental death or bodily injury for:

  1. capital sums: This is a one off lump sum payment in the event of death or certain specified injuries
  • Weekly benefits: This is payable for a maximum of 104 weeks, if the insured is temporarily disabled due to an accident. 

1. The capital benefits of a Personal accident insurance cover are:

  • Death: The death must occur within 12 months of the accident for the benefit to be payable. It should have occurred during the period with which the policy was in force.
  • Total loss of sight in one or both eyes
  • Total loss of one or both limbs: The loss must occur within 12 months (sometimes 24 months) of the accident
  • Permanent total disablement: This is not payable until at least 12 or 24 months after the accident, as it may take this length of time to determine whether the disablement is both permanent and total. The disability is normally declared by a certified medical Doctor. 
  • Permanent partial disablement: a lump sum is payable on a sliding scale depending upon the part of the body affected.

2. The weekly benefits are:

  • Temporary total disablement: this is paid when the insured is unable to carry out his/her usual occupation
  • Temporary partial disablement: this is paid when the insured is unable to carry out a substantial part of his/her usual occupation.

Limits apply to each of these benefits. Cover is often bought in ‘units’; for example, 1 unit of cover may equal a capital sum of Kshs.1, 000,000. The proposer can buy as many units as they like provided they are able to pay the premium. However, insurers try to ensure that any weekly benefits are not greater than the insured’s normal earnings, as it may encourage fraudulent claims.

Sickness cover only provides weekly benefits. The Cover is subject to a 7 day franchise and excludes sickness contracted within the first 21 days of the commencement of the policy period. This waiting period varies from company to company according to the wording provided in the policy document.

Cover usually only applies within the following geographical limits:

  • Personal accident – worldwide
  • Sickness – Kenya. Sickness cover may be extended beyond these normal limits, subject to an additional premium.

The typical age limits which apply when taking cover out are:

  • Personal accident: 18 – 70 years
  • Sickness: 18 – 60 years.

Details insurance companies request for before they issue insurance for your car?

By
Bima Mtaani
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0

When taking out car insurance, you’ll need to submit details about you and your car.

Here are some details you’ll be asked to give:

  1. Your Car registration number
  2. Your Driving license number
  3. Your Address and work address if you’ll use the car for work
  4. Years of no-claims discount
  5. Estimated value of your car
  6. Details of claims and convictions/motoring offences (if applicable)
  7. Estimated annual mileage
  8. Copy of KRA Pin
  9. Copy of Logbook

How long should one take to get insurance when you buy a car?

By
Bima Mtaani
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0

Many times when one buys a car, it would be insured by the seller of the car or it may not. The buyer could also be having reservations on the class of motor cover they would want to insure their car under.

This varies from one insurance firm to the other. If you change your car mid-policy, you need to inform your insurer before you start driving it. They’ll need to adjust your details and may charge an administration fee. It’s likely that it will alter the price you pay for insurance cover which means you could end up paying more or less for the insurance cover.

Legally, you have to insure a car if you want to drive it away or use it. It is illegal in most countries to drive a car without insurance and this would attract a huge fine or a jail term if authorities caught you driving a vehicle without insurance. Third party class is normally mandatory in most countries. The easiest way to do this is to get a quote before you pick it up, then all you need to do is call the an insurer or visit their website to activate the policy. You can still be assisted on bima mtaani site to do this

Why you Need an Insurance Savings Policy

By
Bima Mtaani
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0

In Life, We are all looking for a good Life and to provide the best for our families: food, shelter, clothing, transport, and certain luxuries to an extent. In addition, we must ensure that family social occasions, like marriage, graduation, and other important anniversaries, are celebrated with dignity. Our children must get the best start in life that we can afford. And, what about the capital that we need in order to venture out into our own business on the path to financial freedom?

A savings insurance policy is normally designed to meet this needs. Most policies will pay a lump sum payment on maturity while other will split the payments in partial payments either after maturity or within the policy term. In addition, a savings insurance policy will provide the security that, should your death or permanent disability rob your family of its source of income, these financial goals can still be met.

Say, you wanted to purchase a house in 10 years and you will require close to Kshs. 3,000,000 to bear this financial responsibility. Taking into account the inflation and building costs over this time, you could use an insurance savings Plan by paying a premium of Kshs. 18,750/- per month to meet this need.

Features of a savings Plan insurance policy

  • Benefits and bonuses are usually payable based on the sum assured and policy term chosen by you.
  • Premiums are normally pre-determined and fixed, based on your selection, affordability and cost of need.
  • The policy term can varies according to customer needs and maybe between 5 to 30 years depending on your financial plan.
  • Premium payments can be made monthly, quarterly, semi-annually, or annually, through a variety of convenient methods such as Cash, MPESA, Direct Debit, Bankers order and through Salary Deduction.
  • On death of the life assured, the Sum assured will become payable immediately on death.
  • Maturity benefit payable as a lump sum or in instalments
  • Most savings policies offer loans on against the policy value and most of them are available after 3years
  • There is a Tax relief benefit of 15% of the premium paid up to a maximum of Kshs. 60,000/-
  • Most savings policies have a free-look period of 30 days where you are allowed to cancel the policy and be refunded or make necessary changes.
  • Savings policies offer Bonus which is an addition to the Sum Assured, declared annually by the insurance company, representing the excess of the actual investment return over the expected return.
  • The minimum age at entry is normally 18 years while the maximum age will be determined by the insurance firm.
  • Most insurers will have a minimum premium and sum assured but no maximum premium or sum assured.
  • Most savings policies will acquire cash and paid-up values after the payment of at least 3 full years’ premium and after it has been in force for at least 3 years.

Additional benefits will get under a Savings Insurance Policy

1.     Accidental Death Benefit
On death of the life assured due to an accident, an additional amount equivalent to the sum assured will become payable immediately on death.
2.     Total and Permanent Disability

On total and permanent disability of the life assured due to an accident, an amount equal to the policy sum assured will become payable in equal monthly instalments over a period of 36 months from the date of the accident.

3.     Waiver of Premium

Remaining premiums are waived if the life assured is totally and permanently disabled due to accident or illness.

4.     Adult Accident Hospitalization

In case of an accident leading to the injury and hospitalization of the life assured, the insurer will reimburse the in-patient medical expenses incurred subject to a certain maximum.

How does Car Insurance Work

By
Bima Mtaani
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0

Insuring a car’s a very straightforward process and there are 3 main types of car insurance covers.

  • third  party
  • third party fire and theft
  • Comprehensive car insurance.

Third party

This is the minimum level of insurance required by Kenyan law. If you’re involved in an accident, it covers damage to the other person’s property, but costs to repair or replace your car will come from your pocket. You won’t be compensated if your car is stolen or damaged by fire, either.

Third party fire and theft

Third party fire and theft offers the same over as a third party policy, but you’re also covered if your car’s stolen or damaged/destroyed by fire. This means that there are additional covers for third party and theft.

Comprehensive

This insurance provides you with the highest level of cover when you’re on the road. If you’re involved in an accident, the policy will pay out for costs associated with you and the third party. This insurance also offers protection against fire and theft.

It is important to note that People assume third party policies are the cheapest. But because more people claim on this type of insurance, they can cost just as much, sometimes more than comprehensive policies. Even if comprehensive cover is a little more expensive, you benefit from a far greater level of protection on the road.

How Does an Education Insurance Policy Work

By
Chief hastings majani
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0

Education is very key to the success of an individual and the society at large. Every parent/guardian would love their children to have a good education to help them in associating well in the society and compete with other people in today’s world for the scarce opportunities available. A good education equips one with everything they need to help them achieve economic freedom and to make their dreams come true. Quality education for your child’s should therefore be your top priority.

However, due to uncertainties such as the increasing costs of higher education, insufficient funds or the premature death of one, both parents and basically the bread winner, a child may not be able to complete his education or pursue his/her future dreams. This is the reason as to why his/her future should be anticipated

Education policies allow you to save in advance. Assuming you have a child who will require fees for high school and university. You can contribute a small amount of money on monthly basis and thereafter, when you require school fees, the insurer will pay. This is normally done after a certain specified time. A school fees policy will also pay school fees in the event of your untimely death. For example, if you had taken a policy for 10 years and unfortunately lost your life in an accident after contributing for just 1month, the insurer will still pay the entire school fees when it’s due.

The target amount in a school fees is normally referred to us the sum assured. Assuming you are targeting to have Kshs. 2 million in the next 5 years, your sum assured will be the Kshs. 2 million. This amount is normally paid on maturity of the policy. The insurer will add bonuses to this two million. Bonuses are normally declared every year according to the performance of the insurer financially and would normally be a percentage of the sum assured. In our case example, if the company you have taken a policy with declares a bonus of 5% on each year. Our yearly bonus will be 5% of Kshs. 2,000.000/- which will give a yearly bonus of Kshs. 100, 000/- translating to Kshs. 500, 000/- total bonuses. On maturity of the policy the insurer in our case example will pay Kshs. 2,500,000/-. An education policy will also pay in case of Permanent disability of the client.

It is important to note that in an education policy, the parent or guardian is normally the Life assured and the child will be the beneficiary. The premiums payable will be pre-determined and fixed based on the agreement between the insurer and the customer at the inception of the policy. The amount payable will depend on the customer and the value they have attached to the child’s education. An education policy allows you to determine the period of the policy based on when you need the money. You are allowed to choose a flexible way of paying premiums like on monthly basis, quarterly, half yearly, annually or by paying a single deposit. This could be done through your employer, through the bank, paying directly to insurers at their branches or through Mobile money transfers like MPESA and Airtel money. You can purchase this policies directly from the company, through an insurance agent, through banks and brokers. Bima mtaani can still assist you in getting cheaper and more efficient policies.

It is worth noting that anyone above the age of 18years can purchase an education policy in Kenya. Some companies will fix a minimum premium or amount payable but there is normally no maximum limit for the sum assured. Some companies will also have a maximum entry age. Most companies have 60 years which is the normal retirement age for Kenya but some will extend this to 70years.

Most education policies will acquire cash and paid up values after the payment of at least 3 full years’ premiums and after it has been in force for at least 3 years. This means that this policy can be cashed after three years of being in-force. This will vary from company to company with some policies in other companies acquiring a cash value after 1 year.

The amount paid for all insurance policies is based on age of the applicant with young people paying less. This shows you that the earlier you join the better. An individual is allowed to take as many policy as they want according to the number of children they have and their capability.

Here is a summary of the benefits you will get under an education policy.

  • The Maturity benefit will normally be paid as a lump sum or in installments based customer preferences and education needs.
  • All education policies may offer you loans with flexible repayments and this is normally secured by policy value. You do not need any other security to take a loan
  • There is a Tax relief benefit of 15% percent of the premium paid. For instant if you are paying Kshs. 5000/-, you will get a relief of Kshs. 750. In essence you will be paying a monthly contribution of Kshs. 4,250/-. This means on monthly basis, you are saving a total of Kshs. 750/- before the insurer awards you bonuses.
  • On total and permanent disability of the life assured due to an accident, an amount equal to the policy sum assured will become payable in equal monthly installments over a period of 36 months from the date of the accident.
  • The company of your choice will normally waive the remaining premiums if the life assured is totally and permanently disabled due to accident or illness.
  • In case of an accident leading to the injury and hospitalization of the life assured, the company will reimburse the in-patient medical expenses incurred subject to a certain maximum of percentage of the policy sum assured. Some companies will fix a limit for this reimbursement.
  • In case of an accident involving the named beneficiary child leading to injury and hospitalization, the child’s hospitalization expenses will be reimbursed up to a certain maximum of percentage of the policy sum assured. Some companies will fix a limit for this reimbursement.

    CLIMATE CHANGE.

    By
    Rose Wangui
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    0

    Climate is the weather conditions of a given place for a period of time. Weather can be windy, rainy or sunny.
    In our country we had been experiencing a long period without rain which is known as drought. Which led to dying of crops,and animals causes by lack of moisture and water to help in the growth of plants and animal life. This resulted to high inflation rates of items in the country.the Economy rose or went up.
    Lately we have experienced floods. Floods throughout the world. All this are effects of climate change.
    How did the weather beat us this way???
    From my climatesmart training is that our Earth or atmosphere has been having a very protective layer of blanket which is known as the Ozone layer. This layer helps to protect the Earth from harmful ultra violet rays from the sun to reach directly to the Earth. But now human activities like ,Afforestation, emittions from industries, Green house gases, Over Cultivation of land have led to the depletion of this Ozone layer causing adverse climatic conditions like the Floods we are experiencing now.
    We are the future to help resolve this we need to:
    1. Plant more trees
    2. Reduce Pollution
    3. Use environmental safe materials
    4. Avoid over cultivation
    5.Use energy saving items
    6. Use gas when cooking
    7. Walk avoid travelling with vehicles
    8. Plant drought resistant crops

    And so forth, the CHANGE starts with me and you.
    let us save our Earth.
    #let us save the Earth#go green#Afforestation#climatesmartagriculture

    Reasons not to give up.

    By
    Rose Wangui
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    0

    Thinking about quitting???
    If your answer is yes here are reasons not to quit.

    1. You are loved- Been loved means a lot. God created you, you are here that’s enough proof of his love for you.

    2. You have a purpose – continue moving forward until you find your purpose.if you quit now, who will be left to accomplish your task??

    3. You are a fighter – consider the things you have overcome before,why can’t you keep on pushing on??

    4. You are strong – quitting is for the weak, and you are not weak.

    5. You are an achiever- look back and see as you smile about how much you have achieved.

    Life is not a bed of roses we all encounter a bit, a lot of problems BUT what will determine your progress is how you stand up and accept the challenge to overcome the problems. DO NOT QUIT!!!
    DO NOT GIVE UP!!

    Safaricom unveils Sh100,000 interest-free Faraja M-Pesa loans

    By
    Bima Mtaani
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    0

    Kenyan telecom company Safaricom has finally unveiled the zero-interest credit service for the purchase of goods for up to Sh100,000 Dubbed Faraja which had initially been blocked by the financial regulator.

    The service will enable more than 32 million Safaricom’s customers to buy on credit from businesses on the telco’s Lipa Na M-pesa.

    Customers will be able to make purchases of between Sh20 and Sh100,000 at zero interest fees and complete the payment within 30 days.

    “Many businesses lose out on sales when a customer would like to make a purchase but lacks money at that point. We are glad to partner with EDOMx to offer Faraja empowering any business to grow their sales by enabling their customers to buy now and pay later,” said Peter Ndegwa, the CEO of Safaricom.

    “In researching the global merchant and consumer industry, it was evident there is a substantial digital community that will appreciate our product offering including our zero interest initiative, plus much more in enhancing loyalty and customer-focused programs,” said Julian Kyula, CEO, EDOMx.

    Faraja is a partnership between EDOMx Ltd, a Kenya-based financial technology firm, and Safaricom.

    Currently, the service is available across all Naivas Supermarket outlets, Goodlife pharmacies, and City Walk amongst other merchants.

    Businesses on Faraja will receive payment in full for a product or service immediately after a customer makes a payment through the service.

    Safaricom, which is listed at the Nairobi Securities Exchange (NSE), will enable EDOMx to offer the Faraja service to more than 606,000 businesses on Lipa Na M-PESA at a negotiated facility fee payable by the business.

    EDOMx will extend credit to businesses on the solution enabling them to receive payments immediately when a customer purchases Faraja.

    The Central Bank of Kenya gave EDOMx the nod to launch the product after it was cleared as a digital credit provider in March.

    This was under regulations published last year that allow the central bank to regulate fintech to rein in predatory lending and violation of consumer privacy.

     

    Eric ten Haag Axe lands on Harry Maguire

    By
    Bima Mtaani
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    0

    Harry Maguire has been stripped off Manchester united Captainsy

    in a social media post,

    After discussions with the manager today he has informed me he is changing captain. He outlined his reasons to me and whilst I’m personally extremely disappointed, I will continue to give my all every time I wear the shirt.

    So I wanted to say a massive thank you to the Manchester United fans for all their brilliant support whilst I’ve been wearing the armband.

    Since the day I took on the role, three and half years ago, it’s been a huge privilege to lead Manchester United and one of the proudest moments of my career to date. It’s one of the greatest honours in club football. I’ve done everything I possibly could to help United be successful – on and off the field.

    I will always be grateful to Ole Gunnar Solskjaer for first giving me the responsibility and I wish whoever now takes it on every success and they will have my full support.

    Harry

    David de Gea leaves United after 12 years

    By
    Bima Mtaani
    -
    0

    Manchester united Goalkeeper David De Gea has Left the club.

    David de Gea leaves Man United after 12 years and becomes free agent! 🚨🔴

    in a farewell message de gea wrote

    “I just wanted to send this farewell message to all Manchester United supporters.

    I would like to express my unwavering gratitude and appreciation for the love from the last 12 years. We’ve achieved a lot since my dear Sir Alex Ferguson brought me to this club. I took incredible pride everytime I pulled on this shirt, to lead the team, to represent this institution, the biggest club in the world was an honour only bestows upon a few lucky footballers.

    It’s been an unforgettable and successful period since I came here. I didn’t think from leaving Madrid as a young boy we would achieve what we did together.

    Now, it’s the right time to undertake a new challenge, to push myself again in new surroundings.

    Manchester will always be in my heart, Manchester has shaped me and will never leave me.

    We’ve seen it all. 🤘🏼❤️

    BREAKING| Mason Mount Joins Manchester

    By
    Bima Mtaani
    -
    0

    𝐇𝐄𝐑𝐄 𝐖𝐄 𝐆𝐎: 𝐌𝐚𝐬𝐨𝐧 𝐌𝐨𝐮𝐧𝐭

    Premier league giants Manchester United have secured and agreed £60m package deal for Mason Mount with London club Chelsea — it’s done, here we go! ✨

    Personal terms with the player were agreed weeks ago and face to face talks between clubs made it clear: the agreement is done.

    According to transfer guru Fabrizio Romano, Mount becomes Manchester united player and confirmed that united had NEVER left the race.

    Rice joins Arsenal

    By
    Bima Mtaani
    -
    0

    All indicators are now pointing to Declan rice joining Arsenal this summer after reports came out that 𝐌𝐚𝐧 𝐂𝐢𝐭𝐲 have left 𝐑𝐢𝐜𝐞 𝐝𝐞𝐚𝐥!

    According to sky sports sources, Manchester City will NOT match Arsenal official bid for Declan Rice and are set to leave the race! ✨🏴󠁧󠁢󠁥󠁮󠁧󠁿

    ◉ Arsenal are negotiating with West Ham on deal structure and payment terms after £105m bid.

    ◉ There was big confidence on Arsenal side on Tuesday night after record bid for an English player.

    ⛔️ Manchester City will not pay that amount of money for Rice and they will leave the race now.

    Arsenal had submitted new, record bid for an English player in order to sign Declan Rice! 🧨✨

    Official bid submitted to West Ham for £100m fixed fee plus £5m add-ons, just waiting for final answer.

    This is Arsenal’s third bid in this saga and could be record signing for Gunners and for English player.

     

    ◉ West Ham, waiting to hear from Man City after Citizens had £80m plus £10m add-ons bid rejected today.

    Breaking | Harry Kane Official bid Launched

    By
    Bima Mtaani
    -
    0

    According to transfer guru Fabrizio Romano, German giants FC Bayern have submitted an official bid for Manchester united target and England forward Harry Kane believed to be around €70m.

    Fabrizio however reported that the deal was immediately dismissed by by Tottenham. Romano claims that bayern offered a Fixed fee close to €70m plus add-ons — not enough to convince Spurs as of now.

    Official proposal was sent today, as called by @theathleticfc — but nothing has been agreed yet.

    Spurs won’t accept that kind of fee for Kane — as Daniel Levy still hopes to keep England striker at the club.

    HABITS THAT SHAPE BOYS TO MEN

    By
    Bima Mtaani
    -
    0
    1.  Embracing Leadership:

    Men embrace leadership in their lives.

    They take initiative, make decisions, and inspire others to reach their full potential.

    They lead by example, empower those around them, and contribute positively to their:

    – Families
    – Communities
    – Workplaces

    1. Taking Responsibility:

    Real men understand the importance of taking responsibility for their actions and decisions.

    They don’t make excuses or blame others for their circumstances.

    Instead, they own up to their mistakes, learn from them, and strive to do better.

    1. Developing Self-Discipline:

    Men cultivate self-discipline in all areas of life.

    They set goals, create effective routines, and stick to them.

    By mastering self-discipline,

    they resist instant gratification and make choices that align with their long-term visions.

    1. Seeking Continuous Growth:

    Men are committed to personal growth and lifelong learning.

    They actively seek new knowledge, skills, and experiences.

    They embrace challenges, step out of their comfort zones,

    and constantly push themselves to improve in all aspects of life.

    1. Cultivating Emotional Intelligence:

    Men understand the importance of emotional intelligence.

    They develop self-awareness, regulate their emotions, and empathize with others.

    They communicate effectively, handle conflicts maturely,

    and build strong, meaningful relationships

    1. Showing Respect:

    Real men treat others with respect, regardless of their background or status.

    They:

    – Listen attentively
    – Value different perspectives
    – Treat everyone with dignity

    They understand that respect is earned through actions, not demanded.

    1. Practicing Integrity:

    Men uphold high moral and ethical standards.

    They act with:

    – Honesty
    – Honor
    – Integrity,

    in their personal and professional lives.

    They value trust and are true to their word,

    consistently aligning their actions with their values and principles.

     

    𝐉𝐮𝐝𝐞 𝐁𝐞𝐥𝐥𝐢𝐧𝐠𝐡𝐚𝐦 Joins Real Madrid

    By
    Bima Mtaani
    -
    0
    According to transfer expert Fabrizion Romano, Real Madrid have reached full agreement to sign Jude Bellingham from Borussia Dortmund, here we go!
    The deal is believed to be €100m guaranteed fee plus €20m add ons to BVB and the reports indicate that Real Madrid wanted the deal done this week.
    The versatile England midfielder Bellingham will sign six year deal valid until June 2029 — it was already agreed in April as revealed here.
    Fabrizio has indicated that Medical tests have already been booked and club statement to follow.
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