Sh 75 premium last respect benefit cover launched to cushion KWFT customers

Sh 75 premium last respect benefit cover launched to cushion KWFT customers

 

  • Mwangi Githaiga, Managing Director KWFT, noted that many Kenyans face financial challenges when it comes to the final sendoff of relatives, with many resulting to fundraising within social networks to meet both the cost medical bills and burial
  • The cover will be offered in association with Liberty Life which has been operating in Kenya for over 50 years and has invested in innovation and is a thought leader, demonstrated through its product offering
  • This cover enhances one of KWFTs greatest core values which is upholding the dignity of women in life and after

Kenya Women Micro Finance Bank (KWFT) has today signed a partnership with Liberty Life Assurance, to roll out a Last Respect Benefit Cover dubbed KWFT Maisha Plus exclusively to it’s over 800,000 KWFT clients. The Maisha Plus cover will be offered by KWFT at a monthly premium fee of sh. 75 and will seek to give the KWFT customers’ beneficiaries peace of mind in the unfortunate event that they pass on. This will ensure that they are given a proper send off.

“Life is full of unpredictable events and one of them is death. Death is always a hard time for the family and friends of the deceased to deal with the expenses. The financial burden, accompanied with the loss of the loved one, is even more strenuous leaving the family emotionally and financially drained. This often leads to numerous ‘harambees’ to raise funds to cover the funeral expenses,” said Mwangi Githaiga, Managing Director KWFT.

KWFT believes that by offering Maisha Plus to its clients, it aims at providing peace of mind to the family members during and after bereavement, as it eases the financial burden associated with any related expenses.

Mwangi reiterated that the beneficiaries of customers who have existing loans with KWFT will receive a cheque of sh 100,000 in the event of the member’s demise, through the Maisha Plus cover.

Liberty Life’s Managing Director Abel Munda, lay emphasis on the role played by Life Insurance Companies in safeguarding family legacies for customers who take  up loans for business and personal development. This is done through loan write-offs upon demise, as well as payment cash benefits to cushion the family after the departure of a loved one.

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“As Life Assurance companies in Kenya, it is our responsibility to provide various financial solutions for Kenyans. Such partnerships will be key in driving life insurance uptake that remains very low at about 1% and to ensure that Kenyans are well protected,” said Abel Munda, Managing Director Liberty Life Assurance.

Innovation remains key in driving insurance penetration in Kenya and is the only way Kenya will begin to close the gap that currently exists compared to other African markets such as South Africa whose penetration rate increased from 10% in 2010 to 11.4% in 2014.’’

Abel also indicated that it is through collaborative efforts, besides innovation, that some of the challenges facing the insurance sector can be addressed. Maisha Plus cover will be exclusive to the over 800,000 KWFT bank customers in urban, peri-urban and rural areas.

 

 

 

 

 

 

 

 

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