Life Insurance Products
As a composite insurer, Corporate underwrites the following products under its Life Division
a) Ordinary Life Assurance
b) Group life and Group Related Insurances.
c) Pension schemes
(a) Ordinary Life
Definition: Life assurance is a contract between an insured and insurer, where the insurer promises to pay a designated beneficiary, a sum of money upon the death of the insured person.
Key Corporate Life Products
(i) Corporate Educator Plus
This is an education policy, designed to assist parents/guardians pay school fees, when required. Its term ranges between 6 and 15 years, if the parents/guardian dies before maturity date, all future premiums are waived but policy remains inforce until maturity.
(ii) Corporate Endowment Assurance
The plan combines protection, savings and investment. It pays out, whether the insured lives or dies i.e. guaranteed payment. The policy terms range between 8 to 40 years. It is issued with profits and bonus declared is payable either at death or maturity of the policy.
(iii) Corporate Anticipated Endowment Assurance
The policy suitably provides investment and savings. It uniquely provides partial payments, while maintaining death benefit at 100% until maturity. The policy term ranges between 12 and 24 years, with survival benefits paid out in installments. The final maturity is paid together with the accrued bonuses.
Other Corporate Life Products Include:
- Corporate whole Life Policy.
- Corporate Term Assurance
- Corporate Mortgage protection plan.
- Corporate Duo-Life policy
(b) Corporate Group Plans
Definition: Group Life Assurances refers to collective contracts effected by employers or groups (investment or others) to provide for dependants of employers or members who may die while in the service of the employers or when a member of a group
Key Corporate Group products;
(i) Corporate Group life/Death in service scheme
- The aim of the cover is to help employers or groups alleviate the financial distress that might befall the dependants of an employee/group members upon his death.
- The policy covers death from any causes on a 24 hour basis provided, the employee is still in the payroll of the employer.
- Benefits will be based on multiple of salary say – 3 years salary or be on flat basis i.e. Kshs. 500,000 per person.
(ii) Corporate Lala Salama (Funeral Expense) cover
The cover guarantees to avail funds to finance funeral expense in respect of a deceased member of the scheme. The benefit is payable within the shortest time possible.
Other Corporate Group products include.
- Corporate Group creditor schemes.
- Corporate Group mortgage.
- Corporate critical illness policy.
- Corporate Permanent Total Disablement.
(c) Pension Scheme
As an Approved Issuer we provide one stop shop for Management and Administration of pension schemes. We guide on setting up of pension schemes and provide the necessary administrative services, and helping source other services as per the RBA Act and Regulations, and aim to return impressive interest rates.