Risk Management Scheme

Risk Management and Benevolent Scheme

About Scheme
This is an Internal insurance cover for the Sacco where every member contributes KES 400 p.m. Its used for the following purposes;

Liquidate loans for deceased members thereby discharging the guarantors
Assist to defray hospital bills for member in-patient cases. Sacco reimburses a member Ksh 400.00 per day for up to 60 days
Death claims as per terms and conditions
Claims should be made within 3(three) months of the occurrence

Death Claims

Death of a contributor – Kes. 50,000.00.
Death of a contributor’s children (below 24 years) – Kes. 30,000.00 (up to 4 children).
Death of contributors parents & parents in –law – Kes. 20,000.00.
Only one claim is honored in the case of several contributors.
Nominated next of kin should submit risk claim forms for loss of a member within Six (6) months upon occurrence of the misfortune

Death of a contributor’s spouse – Kes. 40,000.00.
Members should submit risk claim forms within three (3) months upon occurrence of the misfortune.
Simultaneous death of contributor and spouse – Kes.80, 000.00.
Only one claim is honored in the case of several contributors.
Mandatory internal insurance scheme for all members with monthly premium contribution of Kes.400.00 which provides cover for outstanding loans and main scheme deposits held alongside other benevolence assistance.

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