This is a list of products offered by KUSCCO Mutual Assurance and its branches in Kenya. It is one of the 56 licensed insurance companies in Kenya by the Insurance Regulatory Authority. The company was incorporated in January 2019 and is a subsidiary company of KUSCCO Ltd.
KUSCCO Mutual Assurance Products
a) Individual Life Policy Products
1. Education Plan
This plan enables you to save to cater for your child’s education. As a policyholder you will receive a sum assured on the maturity of benefit, helping to prepare better for education costs. The plan also protects the continuity of education in case of policyholder’s death or permanent and total disability. Loss of life of the beneficiary gives the policyholder an option to receive a refund of premiums paid.
2. Investment Policy
This policy allows one to invest a lump sum or monthly payments over time with guaranteed returns. The maturity cash value is payable upon the expiry of the policy term.
3. Term Assurance Policy
This policy allows you to choose the benefit level payable in the event of death or permanent and total disability. There is no investment or savings element in this policy. It offers guaranteed protection within a specified time.
4. Endowment Policies
This policy has the added bonus of savings investment for future use. Interest is accrued on the amount saved and credited to the policy as bonuses which are paid to the policyholder at the full policy term. In the event of death or total and permanent disability, the policy pays death benefits to a named beneficiary.
b) Group Insurance Products
1. Group Creditors Protection Cover
It protects your loved ones from financial burdens in case of death or permanent/total disability. This cover is provided to members of Cooperative Societies, Chamas, SACCOs, and any other registered organizations that offer their members credit facilities. Shares belonging to respective members and their funeral expenses in case of loss of life is also insured. Benefits realized are paid to members’ next of kin, including in the occurrence of Permanent and Total Disability.
2. Group and Individual Mortgage Protection Cover
This cover is available to members who have acquired property through a mortgage from financial institutions. The outstanding loan amount is covered so that in the event of unexpected death of the property owner, the Kuscco Mutual Assurance pays the loan balance and the property is left for the next of kin.
3. Group Life Assurance Scheme
The scheme is available to employees of organizations working on permanent terms and conditions of service. It is a death in service benefit sponsored by the employer. By saving as a group, individuals can also take up the cover and enjoy the advantage of lower premiums.
The amount of benefit payable is determined by a factor of annual salary i.e. 3x Annual Salary, 4x Annual Salary, or 5x Annual Salary. This is paid to the nominated beneficiary in the unfortunate event of death.
4. KUSCCO Family Funeral Plan
This is a funeral expenses cover for the policyholder, spouse, up to 4 children, parents, and Parents in-law. Registered Groups/Chamas can also take up this cover for their members.
Deposit Administration Schemes
1. Group Retirement Benefits Schemes
This scheme is for employees of organizations who are working on permanent terms of service. It is regulated by the Retirement Benefits Authority (RBA). It can be in the form of the Contributory Scheme, in which both the employer and employee make monthly contributions, usually a percentage of employee salary or defined benefit, in which the lump sum pay-out is as defined in relation to salary at retirement and years of service.
Following retirement, the member will be paid either a cash lump sum, commute to a monthly pension, or get paid a part lump sum and part pension until death or lapse of a guaranteed period.
2. Personal Pension Scheme
This product is a savings plan purely for a source of income in retirement available to the self-employed. The minimum contribution amount is Ksh 1,000 per month.
KUSCCO Mutual Assurance Branches in Kenya
KUSCCO Mutual Assurance Head office
Location: 1st Floor, KUSCCO Centre, Kilimanjaro Avenue, Upper Hill, Nairobi.
Contacts: 0722 206 331, 0734 699 974/ (020) 4400019