SOMA NA CO-OP

The education policy is an endowment assurance policy that pays the pre-defined benefits on earlier Death/PTD (Permanent Total Disability) of the policyholder and also at the policy maturity.

The purpose of SOMA NA CO-OP education policy is to enable the policyholder to save towards the future education of their child or dependant.

The policyholder may consider having more than one policy based on affordability and subject to product rules, e.g. maximum policy term.

The policy is available to individuals who meet the following criteria:

  • Customers of Co-op Bank of Kenya and customers of other banks in Kenya
  • Applicants aged between 18 and 65 at entry

PRODUCT FEATURES

Upon application, the customer needs to understand the following terms before signing up:

  • Policy Term (Ranging from 9 to 18 years): This is the entire period where the policyholder pays the premium and receives the benefits. The policyholder is usually covered for the term duration.
  • Premium Paying Term (Ranging from 5 to 14 years): This is the period the policyholder pays the premium before the maturity.
  • Policy Maturity (4 years): The product pays pre-defined benefits in 4 years. 15% of sum assured each and a final payout of 45% sum assured (105% of sum assured plus bonus). Minimum premium is Ksh 2,000.

BENEFITS

  • Death Benefit
    The death benefit is payable provided that the first premium has been paid by the insured and received by the insurer and the policy was active at the time of death. No waiting period on the SOMA NA CO-OP product.
    • On Natural Death/PTD (Permanent Total Disability): PTD will mean medically-certified total disability, as a result of illness, injury or disease, which cannot be cured or treated and which prevents the life assured from earning an income or from following his own or a similar occupation in keeping with his/her education, training or ability and experience.
      The policyholder shall also be deemed to have suffered permanent and total disability upon the permanent loss of use of any of the following: both hands, both feet or both eyes.
      • CIC Life Assurance will pay immediately 50% of the sum assured
      • Funeral expense of 15% of sum assured paid immediately (natural death only)
      • Waive future premiums
      • The policy will still be in force
      • Continue to pay 4 partial maturities of 15% sum assured each
      • Pay 45% of sum assured for the final pay-out
    • Accidental Death
      • CIC Life Assurance will pay immediately 150% of the sum assured.
      • Funeral expense of 15% of sum assured paid immediately.
      • Waive future premiums
      • The policy will still be in force
      • Continue to pay 4 partial maturities of 15% sum assured each
      • Pay 45% of sum assured for the final pay-out
    • Critical Illness The benefit covers the life assured in case of a first diagnosis on a listed critical illness. The listed critical illnesses are Heart Attacks, Coronary Artery By-pass Surgery, Stroke, Cancer, Kidney Failure, Paraplegia and Major Organ Transplant.
      • CIC Life Assurance will pay immediately 50% of the sum assured
      • Waive future premiums
      • The policy will still be in force
      • Continue to pay 4 partial maturities of 15% sum assured each
      • Pay 45% of sum assured for the final pay-out.
  • Surrender and Policy Loan Benefits
    This is after the policy has been in force for at least 3 years. Surrender will not be allowed on policies that are already receiving premium waiver benefits.
    The policy loan up to 85% of the surrender value is acceptable after 3 years repayable at an appropriate interest rate determined by the insurer.
  • Cooling Off Period (Free Look Period)
    There is a 30 day cooling–off period from the date the first premium is received. The policyholder may cancel the policy and the full premiums refunded. This benefit is payable provided no claim has been paid in terms of the policy.
  • Grace Period
    There will be a grace period of 30 days from the date of the outstanding premium due. During the 30 days, the life assured remains covered.

UNDERWRITING

  • Medical Underwriting
    No medical tests will be carried out below a sum assured of 3 million.
    However, there will be a series of medical questions to be completed by the policyholder at the application stage.
    Based on the responses to the questions, the applications may either be rejected or accepted for cover. Above 3 million sum assured, medical tests will be required and CIC Life Assurance will take care of the medical costs.
  • Beneficiaries
    Beneficiaries must be nominated if the child is below 18 years. A guardian who is above 18 years must be nominated.
  • Rating Factor
    The following factors will affect premiums rates:
    • Age
    • Policy Term
  • Premium Frequency
    • Monthly
    • Quarterly
    • Semi-annually
    • Annually
  • Premium Collection
    Premiums will be collected via debit order from the policyholder’s bank account.
  • Non-payment of Premiums
    On the first non–payment of premiums, the policy enters a 30 day grace period. The life assured will remain covered during this period. If no premium is collected, the policy will lapse. The life assured will not be covered post the grace period. The policy will lapse after two (2) consecutive months of unsuccessful collection of premiums.
  • Reinstatement
    A lapsed policy can get reinstated within 12 months of the lapsed date by a written request to CIC Life Assurance. A personal medical report will be required if it's more than 2 months. There will be no cover between the lapse and reinstatement period.
  • Policy Alterations
    The following alterations will be allowed on the policy, up to a maximum of six (6) times:
    • Change of sum assured
    • Change of premium
    • Beneficiary
    • Policy term within the first year only
    • No alterations will be allowed during the last 3 years of the policy

CLAIMS

  • Death Claim
    • Claims must be submitted to any branch of Co-operative Bank of Kenya / CIC Life Assurance during the normal working hours
    • Duly completed and signed death claim form
    • Certified copy of the deceased’s identification documents (Passport/National Identity Card)
    • Certified copy of the deceased’s burial permit
    • Certified copy of the claimant’s identification documents
    • Police abstract report form if death is due to an accident
    • Certificate of Identity - Duly filled
    • Certificate of Attending Physician - Duly filled
    • Copy of the Death Certificate
    • Copy of the Post Mortem Report
    • The Original Policy Document (If lost, provide an affidavit)
  • Critical Illness
    • Claims must be submitted to any branch of Co-operative Bank of Kenya / CIC Life Assurance during the normal working hours
    • Due proof of critical illness acceptable to the company shall be presented in writing within sixty (60) days of the date when life assured becomes aware of the presence of the illness
    • At the option of the company, the proof may also include medical examination of the life assured by a medical examiner appointed by the company
    • The proof, medical reports etc. will be submitted at the expense of the life assured
  • Permanent Disability Claim (PTD)
    • Duly completed and signed disability claim forms by life assured, medical attendant, medical specialist and the employer if employed
    • Certified copy of the policyholder’s identification documents
    • Certified copy of the claimant’s identification documents
    • Police abstract report form if accidental disability
EXCLUSIONS

  • Death and disability resulting from suicide, attempted suicide or self–inflicted injuries will be excluded for the first 24 months after the policy commencement date
  • Death or disability resulting from active participation in any act of war, terrorist activities, riots, strikes, civil commotion, insurrection, poison, radiation, nuclear explosions or activities in breach of criminal law will be excluded throughout the lifetime of the policy
  • Disability that existed prior to policy commencement date
  • Critical illness before the commencement of the policy
  • Being affected by alcohol or drugs not prescribed by a medical practitioner
  • Refusing medical treatment by a registered medical practitioner
  • Radioactivity or nuclear explosion
  • Involvement in criminal acts
  • Attempted suicide or intentional self–inflicted injury before 24 months
  • Active participation in any insurrection, civil commotion, war, hostility, rebellion or military police action (except those employed in the associated industry and this was indicated in the application form)

FREQUENTLY ASKED QUESTIONS

  • What’s SOMA NA CO-OP Policy and how does it work?
    SOMA NA CO-OP provides investment and protection on the education savings of the policyholder’s child. The policy pays out a lump sum (50% sum assured) on earlier death / PTD (Permanent Total Disability) of the policyholder, and provides both partial and final maturity benefits at the end of the premium paying term. The policy offers the policyholder a wide range of premium paying terms (from 5 to 14 years) and offers 4 years annual maturity benefits.
  • What other benefits does the policy offer?
    The policy also offers the following benefits:
    • Surrender value on early cancellation (minimum 3 years contribution)
    • Full benefits on total and permanent disability of the policyholder (same benefits as under death)
    • You do not need to have a child for you to take up a policy
    • It pays a lump sum (150 % sum assured) on accidental death immediately
    • A funeral expense of 15% sum assured
    • In case of first diagnosis on a critical illness (heart attack, coronary artery etc.)
  • Who receives the benefits at maturity/claim?
    On death of the policyholder, the benefits are payable to the nominated beneficiary, and on Total Permanent Disability of the policyholder, the lump sum benefits are payable to the policyholder.
  • What’s the minimum premium?
    Ksh 2,000 monthly
  • How often are the premiums payable?
    Monthly, quarterly, semi-annually or annually (quarterly and annually have a discount)
  • Who can apply for the SOMA NA CO-OP policy?
    • Co-op Bank clients and any other person with an external bank account
    • Co-op Bank staff
    • Anyone aged between 18 to 65 years on their next birthday
  • How much benefit does the policy pay on a child’s claim?
    The child is not one of the lives assured. The policy only provides protection on the death/disability of the policyholder.
    Upon the death of the nominated child beneficiary, you can nominate another child beneficiary and continue with the policy.
  • What are the options of paying the premium?
    Direct debit
  • How do you apply for the SOMA NA CO-OP policy?
    • The applicants complete the application form
    • Provide the documents (Copy of ID and PIN number) and application form to a Co-op Bank Officer
    • The policy commences upon receipt of the first payment
  • When does the cover under the policy cease?
    On the first non-payment of premiums, the policy will enter a 30 day grace period. The life assured will remain covered. But on claim during the grace period, the outstanding premium will be deducted from the benefits payable. On the next premium due date, the policy will attempt to collect two premiums, and if this fails, the policy will lapse and the policyholder will not be covered. No benefit will be payable upon death/disability after the policy has lapsed.
    The cover will also cease on the earlier occurence of the following:
    • Cancellation of the policy by the policyholder
    • The end of the annual maturity benefits
  • How does a lapsed policy get reinstated?
    A lapsed policy can be reinstated within 12 months of the lapse date.
    On request for reinstatement, the policyholder needs to pay all the outstanding premiums before the policy is reinstated. There is no additional waiting period on reinstatement.
  • How many policies can a policyholder have?
    As many as they can afford; there is no limit.
  • What supporting documents are required when presenting a death claim?
    • Duly completed and signed death claim form
    • Certified copy of the deceased’s identification documents
    • Certified copy of the deceased’s burial permit
    • Certified copies of the beneficiaries' identification documents
    • Police abstract report form if death is due to an accident
    • Certificate of Identity - Duly filled
    • Certificate of Attending Physician - Duly filled
    • Copy of ATM card of claimant
    • Copy of the Death Certificate
    • Copy of the Post Mortem Report
    • The Original Policy Document (If lost, provide an affidavit)
  • What supporting documents are required when presenting a disability claim?
    • Duly completed and signed disability claim forms by life assured, medical attendant, medical specialist and the employer if employed
    • Certified copy of the policyholder’s identification documents
    • Police abstract report form (if accidental disability)
    • Doctor's report
  • What are the exclusions under the policy?
    • Death and disability resulting from suicide, attempted suicide or self–inflicted injuries will be excluded for the first 24 months from the policy commencement date
    • Death or disability resulting from active participation in any act of war, terrorist activities, riots, strikes, civil commotion, insurrection, poison, radiation, nuclear explosions or activities in breach of criminal law will be excluded throughout the lifetime of the policy
    • Disability that existed prior to the policy commencement date
    • Critical illness before the commencement of the policy

DIASPORA COVER

We cover your relatives back home.

One of the challenges facing Kenyans living abroad is the repatriation of deceased relatives back home and attendant unexpected expenses when immediate family members pass on back in Kenya. The unanticipated travel costs and contributions to the funeral expenses of their loved one can be onerous. The Co-op Diaspora Product provides a perfect solution to this challenge.

TAKE ME HOME

The coverage offered under Take Me Home eases the burden of repatriating an insured Kenyan deceased abroad, back home. This benefit ensures that the journey to their final resting place does not add an additional financial burden to the affected family and diaspora community.

This benefits is on reinstatement basis and additional premium is payable on payment of a claim within the cover period.

RETURN TICKET

The coverage offered under the Return Ticket provides a solution for unexpected travel needs in the unfortunate loss of a nominated family member in Kenya. The benefit offers between Kes. 100,000 to Kes. 500,000 for traveling costs on reimbursement basis.

This benefits is on reinstatement basis and additional premium is payable on payment of a claim within the cover period.

HOW TO APPLY

Complete the application form and submit the executed form together with the supporting documents to your Diaspora Relationship Officer.

Your application will then be processed and once approved you will receive a confirmation that your cover is active.

CLAIM PROCESSING REQUIREMENTS

TAKE ME HOME

  • Death claim form
  • Notification through Kenya embassy
  • Postmortem
  • Certificate of identity.(Proof someone else knows the person)
  • Claim settlement will made within 48 Hours on full documentation and return of duly executed discharge voucher.

RETURN TICKET

  • Death claim form
  • Postmortem
  • Certificate of identity.(Proof someone else knows the person)
  • Claim settlement will made within 48 Hours on full documentation and return of duly executed discharge voucher.

Masomo Plus

Secure your child’s future by ensuring that their education is guaranteed

The product is primarily an education savings plan with regular benefits payable to the policyholder at the end of the premium payment term.

The timings of the regular benefits will be such that they coincide with the planned school going period and thus enabling the product to fulfill the intended need to provide for school fee at the most appropriate time.

The entire policy term will be divided into two key periods:

  • Savings period
  • Benefits period

Definitions

Savings Period

This is essentially the premium payment term. This is the period during which the policyholder will pay premiums and you will have the option to select the required savings period based on their envisioned school joining age for their child.

Benefits Period

This is the period when you receive pay-outs which will be in terms of regular annual benefits to yourself or the school.

It has benefit period ranges from 3 to 8 years and you have the option of selecting the one that is most suitable.

Main benefit

The main benefit under the policy will be each of the regular benefits (School fees) paid to you or to your child’s school during the benefit period. This will be payable annually or termly in advance from the end of the Savings Period to the end of the Benefits Period.

Premium waiver

This is where premium payment is waived up to the end of the savings period in the event that you as the premium payer come to an untimely demise or suffer from a critical illness This means that premium payment is no longer needed.

Points to Note
  1. In case of Death of policy owner during savings period or during the education period. Premiums are waived up to the end of savings period and schools fees made as prior arrangement.
  2. In case of Death of child dependent during savings period: Automatically, 10% of the sum assured is paid but up to a maximum of 200,000/=
    Additionally, you will be required to do either of the following:
    1. Nominate a different child beneficiary
    2. Convert the policy to a normal endowment plan
    3. Terminate the policy in return for premium less expense as will be determined by the company
    If first two options are selected, the policy continued as before
  3. Death of child during benefits period A lump-sum benefit equivalent to the present value of all unpaid future school fee benefits at the time of death is paid. The amount payable will be known to the client at policy inception.
  4. Death of policy owner during benefits period No benefit will be immediately payable. However, the on-going school fee payments will continue to the end of the policy term.
Optional Benefits
  1. Critical Illness Rider
    This will be a lump sum benefit payable on the life of policy owner being diagnosed with certain specified illnesses.
  2. PTD Rider
    Future premiums are waived on disability of the premium payer to keep the policy in-force to the end of the premium term and to maintain the original benefits as selected by the policyholder at the onset of the policy.
  3. Waiver of Premiums on Critical illness
    On behalf of the policy-owner future premiums will be waived on the premium payer getting diagnosed with any of the illnesses specified as critical to keep the original benefits as selected at the onset of the policy.
Policy terms
Minimum (Years) Maximum (Years)
Savings Period 5 18
Benefits Period 3 8
Entire Policy Term 8 24
Conditions of the policy
  1. Applicable for persons aged between age 18 to 65 years
  2. 6 months waiting period where only claims from accidents are payable
  3. Premiums paid are fixed and can be done annually, semi-annually, quarterly or monthly.
  4. Policy acquires surrender value only after one year
  5. Premiums adjustment either upwards or downwards is allowed subjected to timely notification
  6. A cooling off period, where you can opt to cancel the policy, of thirty days is applicable.
  7. The policy acquires interest through bonuses paid periodically as announced and advised
  8. The policy allows you to take a loan against the amount saved.
List of illness considered critical
  • Heart Attack
  • Stroke
  • Cancer
  • Renal Failure
  • Coronary Surgery
Funeral Cover

Don’t let your passing be stained with the cumbersome funeral costs. Allow your loved ones mourn in peace.

There are few things in life as tragic and heart-breaking as an unexpected death of a loved one. The pain only increases if your loved ones are trying to come to terms with the loss and having to cope with the funeral arrangements and cost.

This policy covers the beneficiary and the beneficiaries in the event of:

Death – This involves accidental impairment and accidental loss of life as well as natural death

Impairment – This involves loss of eyes, loss of ears, loss of speech, loss of limbs and others as specified in the schedule/p>

Major Burns – All degree of burns are also covered under this policy.


Important points to note:

  • In the event that the main member dies, the benefit will be paid in lump sum
  • The cover commences immediately policy is taken in the cases of accidental death. In natural death cases, there will be a minimum waiting period of 1 month.
  • The minimum entry age for infants is one month and the maximum entry age for adults is 75 years.
  • The cover is renewable annually
  • Children are covered up to a maximum age of 25 years under proof of still being under the care of parents/guardian (proved through schooling)
  • The cover covers a maximum of four children and one legal spouse
  • Biological parents of policy holder and spouse can be added at an additional premium
Eligibility
  • Minimum joining age is 30 days for children and maximum limit is 75 years.
  • Children over 18 years are covered up to 25 years with proof of schooling.
Cover Options
  • Minimum joining age is 30 days for children and maximum limit is 75 years.
  • Children over 18 years are covered up to 25 years with proof of schooling.
Additional Benefits

    The policy also covers for other extra costs that the family may have to meet at the time of death. These include but are not limited to:

  1. Refreshments at funeral
  2. Cost of buying wreath
  3. Cost of tent, seats etc.
  4. The hearse
  5. The cost of transportation of family members
  6. The casket or urn
  7. Purchase of burial plots in public cemeteries
  8. Clearance of all hospital bills inclusive of mortuary bills accrued within clause
  9. Labour for the burial site
  10. Obituaries and any other funeral announcements
  11. Cremations
  12. Costs of mortuary
Exclusions
  • Death or impairment as a result of suicide or attempted suicide
  • Alcohol and drug abuse
  • Involvement in criminal activities or illegal acts