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Bima Ya Karo

Overview

Education is the key to the liberation of our people, empowering your children and loved ones with education is the best thing you can do for them. However, it is said that the opportunities available to many are left to go begging as the parents/guardians have no money to cover the costs involved. To salvage this situation we developed an education policy that seeks to enable your children live their dreams.

Bima ya Karo is a wonderful opportunity that allows parents/guardians to create guaranteed funds for provision of their children's education whether they (parents/guardian) are disabled, alive or not .

Features

The policy is offered for a term of between 10years to 18years, to individuals between ages of 18years and 60years.

CASH VALUE
The Policy acquires a Cash Value after being active for a minimum of thirty-six (36) months with all premiums fully paid.

POLICY LOAN
A percentage of the Cash Value can be advanced to policy holders as a policy loan, payable within a maximum period of three (3) years.

TAX RELIEF
This policy provides a tax relief of 15% of the total premium paid annually of sums up to 60,000.

Benefits

1. Basic Benefit/ Cover

a)Basic Cover

The Life Assured is covered in the event of death or total permanent disability as a result of an accidental occurrence.

b) Cash Benefits
Cash benefits are payable during the last 5 years preceding the maturity date as follows

1st cash benefit – 20% of the basic sum assured

2nd cash benefit – 20% of the basic sum assured

3rd cash benefit – 30% of the basic sum assured

4th cash benefit – 30% of the basic sum assured

5th cash benefit – 50% of the basic sum assured

At maturity – 100% of the basic sum assured plus accrued bonuses

Total 250% of the basic sum assured plus accrued bonuses. 

b) Waiver of Premium
In the event of death or total permanent disability of the life assured while the policy is in force all future premiums shall be waived and the above mentioned benefits shall be payable

2. Optional Benefits

These are additional benefits that are optional and are offered at an additional cost

DEATH BENEFIT (Life Cover)
Upon the death of the parent/guardian (natural or accidental) while the policy is still in force Madison shall pay an amount equal to 50% of the basic sum assured, for the upkeep of the child.

CRITICAL ILLNESS
Upon diagnosis of any critical illness while the policy is in force the Madison Insurance will pay 25% of the basic sum assured. Some of the critical illnesses are heart attack, stroke, cancer, renal failure, paraplegia, coronary artery disease, blindness or major organ failure i.e. liver, heart, lungs.

FUNERAL CASH
The policy provides funeral cash benefits up to a maximum of the limit shown below;
Main life assured -100,000
Spouse -100,000
Child -50,000

FAQs

a) Can one take the policy for each child?

Yes, since each child has specific needs, you can take a policy for each child separately.

b) What is the minimum premium?

For as little as Kshs. 2000/- per month parents can take up the policy

c) How long will I pay for the policy?

The policy is tailor-made according to the age and class of the child so one can take for a period between 10 and 18 years.

How do I get Started

 

 
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