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PATABIMA HELP DOCUMENTATION Life Insurance Personal Life Life insurance is a contract between an insurance company and an insured ( customer ). Life policies can either be for protection against the insured event ; or can be an investment where the aim is to save and grow your money. The insured pays the premium and th...
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It is important to contact the insurance company or agent for more details and guidance. 3. What are the different types of Life Insurance covers? There are five broad types of Life Insurance Covers : a ) Term Assurance This policy offers protection only for a particular period which is agreed upon by the insurance com...
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purchase units in an investment fund managed by the insurance company. Investment returns on the policy are linked to the investment performance of the managed fund. e ) Funeral Insurance cover Funeral Insurance cover is meant to cater for funeral expenses of a insured or their loved ones in the event of their demise. ...
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out for including : The Policy document, the policy term or period, the amount to premium and the frequency of payments, and the bonus ( if any ). Other things to look out for are cancellation clauses, the cash surrender value ( the amount the insurance company will pay you if you cancel your policy after 3 years but b...
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insurance by returning the policy document to the insurance company within 15 days after you receive it if you feel that it does not reflect what you agreed upon when buying the policy. The premium that you have paid ( less any medical lees incurred ) is refundable. 8. Who is a beneficiary and why is it important to no...
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policy of a lower value. 11. Can a lapsed policy be reinstated? A lapsed policy may be reinstated. However, the insurance company will require the insured to meet certain conditions such as medical checkup at the time of reinstatement and payment of outstanding premiums 12. Can I cancel my policy? When buying a life in...
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also get in touch with the insurance company if they have not made contact. In the event of death or disability, the insurance company should be notified immediately. The necessary forms should be completed and the person making the claim will be advised on the required documents to facilitate processing of the claim. ...
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4. How are the benefits calculated? For employees, the benefits are fixed as a multiple of their salary. The most common multiples in the market are 3, 4 and 5 times the employees ' annual salary. The benefit can also be arranged as a fixed amount where one category for example may be given Ksh2million and another Ksh5...
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as well as critical illness cover, then these become payable when these events occur. 7. How is a claim made? Once any of the insured events occurs, the employer should be immediately notified. For a member in an affinity group, the officials should be notified. The insurer should then be notified by the employer or of...
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individual life cover. 10. Can premiums be refunded? No. The premiums are paid in exchange for the cover benefits in the event of permanent disability, critical illness or death. Once the insurance period of one year ends, the unutilized premiums are not refunded. 11. What is the Funeral Insurance Cover? Funeral insura...
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( water, electricity ) bills, medical bills, housing and others, do not retire. Planning for retirement helps us create an income that will cater for these expenses and ensure that the quality of life led in old age is still as good as when one was active. Planning for retirement is also important given today ' s econo...
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scheme. people in seasonal or contractual employment. Self - employed. people working in the Diaspora. Members of existing schemes who are changing jobs and would like to transfer their pension funds from the employer - sponsored scheme. Members of existing pension schemes who seek to enhance their retirement savings. ...
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flexible An employer can contribute on behalf of the employee as long as the combined contributions do not exceed 30 % of the employees ' salary. Provides various flexible payments to a member at retirement i. e. lump sum, pension / annuity and even the option to keep the savings invested and draw an income from it. Ta...
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per the table below : 6. Do contributions made to the scheme earn interest? Yes. The contributions are invested and start earning income from the day the contributions are received by the insurance company. Your total accumulated fund is made up of your contributions and the investment returns. 7. Who forms the persona...
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? The individual pension plan belongs to you and is not affected by job changes. If you are part of your employer ' s pension scheme, the current laws allow you to withdraw 100 % of your own contributions to the scheme plus interest earned and a further 50 % of the employer ' s contributions plus interest earned. The b...
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14. What happens when I retire? If it is a pension scheme, you are allowed to take a third of the total pension fund as a cash at the time of retirement. The remaining two thirds of the fund is converted into a monthly which is paid to you at the end of every month. For the rest of your life. If it is a provident schem...
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the individual for the rest of their life after retirement. 1. What is their purpose? An annuity is a savings tool that enables you to have an income during retirement. The lifetime retirement income, guaranteed by an insurance company, is a valuable benefit and security that an annuity can provide. An annuity is also ...
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. b ) Purchase of an annuity — The insurance company converts the lump sum that you have into a lifetime income through an annuity. 3. Types of annuity? Immediate annuity — the income payments begin within 12 months after you buy the annuity. This is suitable for those who are about to retire or have already retired. T...
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the insurance company and accumulate interest over the years. 4. Choosing the right annuity? The type of annuity you choose and other additional benefits will determine the amount of income you will receive during retirement. As you plan to purchase an annuity, it is also important to understand how much you will need ...
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starting income is lower than you would get from a level annuity, but it will provide you with better income years later in your retirement period. Joint - Life annuity — pays an income for the rest of your life, and then continues to pay the income to your partner for the rest of his / her life, after your demise. How...
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for the guarantees. Owner - makes the decisions about the annuity, such as how much money to invest and the way it should be allocated. The owner also names the beneficiaries. Beneficiary - usually, the beneficiary is the one who may have the right to receive the death benefit if the owner dies before income payouts be...
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, 000 will attract a premium of Ksh 1, 500 per year or Ksh 125 per month. Depending on your budget and preference, various service providers have different benefits. Remember, to compare the benefits being offered versus the premium to ensure you get the best value for your money. 3. Why do I need funeral insurance? No...
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Yes, provided premiums are paid by the family members covered in the policy. 7. Must I use my funeral insurance benefits on burial expenses? The beneficiaries may use the funds in any way they see fit. The amount they will receive is supposed to be used to pay for funeral related products and services. However, it can ...
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, rings, cameras, spectacles. This section is also referred to as All Risks Section D - Liability protection, this covers domestic workers for injury or death while under - taking domestic work. Sections E and F - Coverage of owners and occupiers against lawsuits for injury or property damage caused to other people. b ...
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) or more consecutive days, you will need to inform your insurance company. Cover may be suspended for the period, or extended to cover the period of un - occupancy on payment of an additional premium. Personal Accident and Group Accident Insurance A Personal accident insurance provides financial benefits to an individ...
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emergency medical evacuation expenses. Pay for the cost of artificial appliances that arise from an accident such as crutches, hearing aid and prosthetics Repatriation Expenses pays for the return of the deceased to place of residence. Who is a beneficiary and why is it important to nominate one? Beneficiary is a perso...
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covered include : Trip interruptions Cancellations ( entire trip or a section of the trip ) Lost or delayed baggage Carrier or service provider failures Emergency evacuations ( due to physical threats and medical emergencies ) Theft and other crimes Medical treatment for injuries caused due to travel Accidental death (...
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. Any Injury by accident for disease attributable to war or war like activities Any Injury by accident / or disease outside the course of duty Injury caused by deliberate and willful misconduct All employers should read the Workmen Benefits Injury Act under the Kenyan Laws for detailed understanding of their responsibi...
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##ended vehicle Wear and tear Defective or inadequate packaging or insulation. Wilful misconduct of the Insured, theft or dishonesty Delay or loss of market This Policy does not cover loss of or damage to the following goods unless specifically agreed : Deeds, bonds, bills of exchange, promissory notes, money or other ...
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, stocks or other assets. Who is covered? Fidelity Guarantee covers all employees engaged under a contract of service, for example storekeepers, sales people, staff authorized to handle cash among others. It covers actions such as forgery, misappropriation of funds, embezzlement or diversion of money and theft of money...
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such form of losses as ; damage by fire, political and terrorism, unexplained losses, consequential loss of any kind, loss by use of electronic equipment. Marine Insurance Marine insurance is broadly divided into three categories namely : Marine Hull Insurance, Marine Cargo Insurance and Marine Third Party Liability. M...
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form - cash, cheques, credit card slips, bankers ' drafts and others - making this form of insurance essential for businesses large and small. Money insurance covers loss or damage of cash in transit, cash in premises, cash in safe, cash with authorized staff and damage to safe / strong rooms. The policy will cover los...
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the Insured ' s family is directly or indirectly involved Unexplained losses and / or shortages due to errors or omissions Any damage or loss of money occurring because of use of any keys, unless access obtained by force, violence, assault or threat. Theft or loss of money by employees through manipulation of any compu...
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insured ' s premises. Allied perils are perils such as earthquake, flood, explosion, malicious damage that are insured in addition to fire at additional premium. Business Interruption Insurance is taken together with fire insurance ( see 10 above ) to ensure both the business and the assets / materials are covered. Bot...
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computer systems records, explosives, manuscripts etc. unless specifically declared in the policy. Damaged cold storage stocks due to change of temperature. Loss / damage / destruction of any electrical and / or electronic machine, apparatus, fixture or fitting arising from over running, excessive pressure, short circu...
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breach of confidentiality Libel or slander ( defamation ) Dishonest, fraudulent, or malicious acts, omissions by any former or present employee What liabilities are not covered under this insurance? Performance guarantees Intentional acts by the professional Patents / trade secrets Prior claims / circumstances Policy e...
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them by employees due to allegations of injuries or contracting diseases because of employer negligence. The employee must prove negligence on the part of the employer e. g. if injury is a result of lack of a helmet — which the employer failed to provide. Employers Liability compliments WIBA and picks common law claims...
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##bility Pollution Contractual liability Fines and penalties War Medical Insurance and Group Medical Insurance Medical insurance policy, also referred to as health insurance, covers the medical expenses incurred by the insured or their dependents. It covers numerous illness and or bodily injuries. It can be taken by an...
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