Madison Money Market Fund: Daily Yield: 8.97% Effective Annual Yield: 9.38%
Bima Ya Karo presents an opportunity like no other – parents and/or guardians can now create guaranteed funds and provisions for their children’s education whether they (parents/guardians) are alive, disabled or deceased.
- Cash benefits – Cash payments are available and payable during the last 5 years before the maturity date.
- Waiver premium – In the event of death or permanent disability (of the parent) while the policy is still valid, all future premiums shall be dropped and cash benefits will be payable.
- The policy term ranges from 10 – 18 years.
Optional (*at additional premiums)
- Death benefit – If the parent/guardian passes on while the policy is still valid and premiums are up to date, we will pay 50% of the amount on the cover for the needs or upkeep of the child mentioned in the policy.
- Critical Illness – Upon the diagnosis of critical illness, while the policy is still in force, we will pay 25% of the amount payable on the policy. Critical illness would be heart attack, stroke, cancer, renal failure, paraplegia, coronary artery disease, blindness and major organ failure.
- Funeral cash benefit – The policy also provides funeral cash benefits in the following limits of the amount payable on the policy:
- Adults – 100,000 Kshs
- Children – 50,000 Kshs
In the event of the death of the named child, while the policy is still valid, the parent/guardian may nominate another child or get a refund on all premiums (minus any extra benefits already paid).
The policy also acquires a cash value (available amount within policy that can be borrowed from us) after being in effect for at least 3 years (all premiums must have fully been paid).