PRODUCTS OF INSURANCE COMPANIES IN KENYAN ECONOMY

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Topics: Insurance
PRODUCTS OF INSURANCE COMPANIES IN KENYAN ECONOMY
The insurance companies offer a variety of products to the individuals, small and mid-sized businesses as well as to the large corporates in Kenya. Some of these product are discussed below;
PRODUCTS TO INDIVIDUALS
Travel insurance cover
The cover provides the following benefits to the travelers especially using the airlines or rail: emergency Medical and related expenses, personal accident cover, reimbursement of travel and accommodation expenses incurred in the event of cancellation or curtailment of an insured trip, reimbursement of reasonable expenses incurred following travel delays, Loss or damage to luggage and Loss of cash and /or travel documents.
Savings plan
We can take an instance of the M-Bema platform developed to support various CIC Insurance products to run on the mobile platform.M-Bima Jijenge Savings Plan is a flexible and affordable savings plan with a basic insurance cover which was launched in late 2010. It started as an automatic airtime premium collection method in 2010. It evolved to a premium collection platform that leverages on the mobile money transfer technologies in mid-2011.
It is a 12-year savings plan with monthly instalments of minimum Kshs 600 (or 140 per week) and a minimum life cover of Kshs 50,000.Provides clients with a convenient and safe way to build savings. Clients can save on a weekly and even daily basis using mobile money free of charge and receive SMS reminders and monthly statements sustain savings.
Annuity plan.
An annuity is a contract that converts a sum of money into a series of periodic payments (i.e. monthly, quarterly, semi-annually and annually) for an agreed period of time. Annuities are important because they address the financial planning needs of people in or approaching retirement. Annuities provide a form of protection against the risk or outliving one’s assets by guaranteeing income payments
Family protection
This policy has been designed with the

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