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Insurance Premiums

Financing of the Insurance Cover on Member's Deposits and Loans

 

During the Annual General Meeting held on 26th April, 2014, members resolved that effective 1st January, 2015 the premiums for the insurance cover on loans and deposits will be financed by contributions of KES 100 per month from each member.

 

Benefits

  1. The insurance premium is intended to cover members' deposits and loans.

  2. It ensures that, If a member with a running loan, secured by his/ her deposits or gurantor's deposits or other securities passes on, the loan is not repaid by the attached securities, but by the insurer.

  3. The next of kin is refunded 200% of the deposits, plus a last expense fee of Kshs 150,000.

 

How to Make Your Payments - Click here

 

Monthly Payments for Members Without Loans;

  1. The minimum Monthly contributions for members without loans is KES 1,100

  2. Members can as well make a one off annual payment of KES 1,200 at the beginning of the year, towards Insurance premiums for the year

 

Monthly Payments for Members With Loans;

 

LOANS AMOUNT in KES UPTO 36 MONTHS Minimum Contribution (KES)

Beyond 36 months

Minimum Contribution (KES)

Up to 500,000 1,100  2,100
500,001 to 1,000,000 1,100  4,100
1,000,001 to 1,500,000 2,100  5,100
1,500,001 to 2,000,000 3,100 7,600
2,000,001 to 3,000,000 6,100 10,100
3,000,001 to 4,000,000 10,100 15,100
4,000,001 -30,000,000 15,100 20,100