Get premium membership and access questions with answers, video lessons as well as revision papers.

Saving/insurance product for students in Kenya


Date Posted: 4/17/2013 7:13:13 PM

Posted By: Ombaba  Membership Level: Gold  Total Points: 1110

Jubilee insurance kenya limited in mid last year develop a saving cum insurance product tailored for university or college going students. The product dubbed 'baada ya campo' is tailored to enable students to develop a saving culture as well as financial aptitude. The minimum term period is four years while the maximum is six years. Contributions are made monthly with fixed premiums of kshs 1055 , 1580 and 2110. The total sum assured ranges from about kshs 50,000 to a maximum of kshs 151, 980. At the end of the term period the student is then paid the total sum assured plus a ten percent bonus. The savings are meant to help students to begin their life once out of college or university, for things like starting out in life, tarmacking,or starting own business venture for the enterprising ones.

In case of the untimely death of the student before the end of the term period, then the family is entitled to be paid 75 percent of total sum assured which is the life insurance aspect of the product.

Next: Why we need to return tithes
Previous: The advantages of using air transport in Kenya