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Life Cover

The product is primarily an education savings plan with regular benefits

Life Cover


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

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