SAVINGS PRODUCT
Risk Management and Benevolent Scheme
ABOUT SCHEME
This is an Internal insurance cover for the Sacco where every member contributes Ksh 400/=. Its used for the following purposes;
Liquidate loans for deceased members thereby discharging the guarantors
Death claims as per policy
Defray hospital bills for member in-patient cases. Sacco reimburses a member Ksh 400.00 per day for up to 60 days
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 spouse – Kes. 40,000.00.
Death of a contributor’s children (below 24 years) – Kes. 30,000.00 (up to 4 children).
Members should submit risk claim forms within three (3) months upon occurrence of the misfortune.
Death of contributors parents & parents in –law – Kes. 20,000.00.
Simultaneous death of contributor and spouse – Kes.80, 000.00.
Only one claim is honored in the case of several contributors.
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
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.