KUSCCO Mutual Assurance Products and Branches in Kenya

This article is about KUSCCO Mutual Assurance Products and Branches in Kenya. It is one of the 56 insurance companies licensed in Kenya by the Insurance Regulatory Authority (IRA). The company was incorporated in January 2019 and is a subsidiary of KUSCCO Ltd.

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KUSCCO Social Insurance Products

a) Individual life insurance products

Education plan

This plan allows you to save money for your child’s education. Like the insurance policy, you will get the insurance money when the benefits are due, which will help you to prepare well for the education costs. The plan also protects the continuation of the family in case of death or permanent and total disability of the insured. The death of the beneficiary gives the policyholder the option to receive a refund of the amount paid.

2. Investment rules

This policy allows you to invest in a lump sum or monthly installments over time with a fixed return. The Cash Maturity Benefit is paid at the end of the policy term.

Term insurance policy

This policy allows you to choose the level of benefits that will be paid in case of death or permanent and total disability. There are no premiums or savings in this policy. It provides guaranteed protection within a specified period.

Employee Policy

This policy has the added benefit of saving money for future use. Interest is earned on the money saved and added to the policy in the form of premiums that are paid to the policyholder for the duration of the policy. In the event of death or total and permanent disability, the policy pays the named death benefit to the beneficiary.

b) Group insurance products

Single payer insurance

It protects your loved ones from financial burden in case of death or permanent/total disability. Credit is given to members of Co-operative Societies, Chamas, SACCOs and any registered company that provides credit facilities to its members. Members are also insured with funeral expenses in the event of their death. These services are paid to the members’ relatives, including in case of permanent and total disability.

2. Collective and individual mortgage insurance

This cover is available to members who have acquired real estate through a mortgage from a financial institution. The remainder of the loan is covered so that if the owner dies unexpectedly, Kuscco Mutual Assurance pays the balance of the loan and the property is left to next of kin.

Group life insurance plan

The scheme is available to employees of organizations working under permanent terms of employment. This is an employer sponsored in-service death benefit. By pooling together, individuals can also get insurance and benefit at a lower cost.

The amount to be paid is determined by the annual salary, i.e. 3x annual salary, 4x annual salary or 5x annual salary. This is paid to the chosen ones if the dead is not good.

Endowment Policies

This is cover for funeral expenses for the policy holder, his wife, up to 4 children, his parents and his husband’s parents. Registered Associations/Chamas can also issue this pledge to their members.

Deposit Administration Schemes

Group pension plan

This plan is intended for the employees of the company who work permanently. It is regulated by the Retirement Benefits Authority (RBA). It can take the form of a contribution plan, in which the employer and employee pay each month, usually a percentage of the employee’s salary or defined benefit, defined as a lump sum in the matter of retirement salary and age of. job. After retirement, the member will receive either a lump sum, conversion to a monthly pension, or a dry portion of the pension until death or the end of the approved period.

Private pension plans

This product is a savings plan that is the only source of retirement income, which can be accessed by the self-employed. Minimum contribution is Ksh 1,000 per month.