CIC Insurance Products: Life, Health, Investment, Pension…

Get facts about CIC Insurance products including CIC insurance investment, life, medical, education, business, asset management, pension, and many more.

CIC Insurance provides several affordable products to meet the needs of clients and their dependents according to their financial ability. The CIC Insurance products include;

1. General Insurance
2. Life Assurance
3. Health Insurance
4. Asset Management
5. CIC Pension

1. CIC General Insurance

CIC Insurance delivers customers protection needs under diver’s insurance covers. The covers include;

Motor Insurance

The policy serves clients efficiently in two categories including;

1) CIC Lady Auto

The policy provides ladies and their nuclear families with insurance products to compensate anything valuable stolen in their cars.

Benefits

• Nuclear members share last expanse with a maximum limit of Ksh. 100,000
• 24hr road side assistance inclusive of defensive driving and road safety seminars for AA kenya members.
• Curtesy car
• Persona Accident Cover
• Trauma counselling for clients involved in accidents.
• Replacement of lost car keys with a maximum of Ksh.5000.
• The policy caters for forced ATM withdrawal with a limit of Ksh.15,000.

Other benefits for AMREF members include;

• Direct access to our 24-hour Control Centre for medical advice
• Two emergency evacuation flights per valid subscription period
• Direct access to our 24-hour Control Centre for medical advice
• Two ground ambulance transfers per valid subscription period within Kenya
• Direct access to the air ambulance provider, no third party.

2)Motor Commercial Insurance

The product covers border crossing vehicles from road accidents and financial loss, theft and destruction due to riots. The product also covers third party under 3 covers;

• Riot strike and civil commotion cover
• Coverage and repair facilitation across and within the COMESA region
• Nil theft excess

Marine Insurance

Compensates for loss or damaged goods during transportation or shipment. The policy covers cargo from warehouse to warehouse, port of origin to port of destination, port of origin to port of destination.

Benefits

• Strong financial
• Comprehensive all-risks coverage
• Automatic “warehouse – to – warehouse” protection is provided with
• Competitive pricing
• Specialized team for Cargo insurance
• Convenient Online purchase of cover
• proper terms of insurance Inland transit cover
• Faster claims settlement

Agriculture Insurance

CIC Insurance provides cover to farmers in two categories namely;

i)Livestock insurance

The product covers livestock from theft, loss due to death and terminal disease. The policy allows farmers to obtain loans from financial institutions to help run daily activities.

The premiums are paid once a year and farmer with more animals enjoy better rates. The policy covers bulls from 3 months- 8 years and dairy, beef and breeding stock from 3 months- 8 years.

ii)Crop Insurance

The policy protects farmers from financial loss following adverse weather conditions, fire,Hail, Drought, floods, excessive rainfall, Hail damage, diseases, snow damage and uncontrollable pests

Schools Products Insurance

CIC Insurance offers school products to their clients in 2 categories including;

i)CIC School Bus Insurance

Covers school buses from financial loss and physical damage repair, replacement due to accident, malicious damage, theft, fire, Passenger Legal Liability, riot, strike, civil commotion.

ii)CIC School Guard Policy

Covers both private and public schools’ staff, playground, dorms, classes, laboratories against damage and loss and third parties from accidents and diseases.

The policy protects against;

• Burglary
• Public liability- complain from third parties in relation to school premises.
• Accidents and injuries due to accident
• Fire and perils

Customized Products Insurance

CIC Insurance serves their customers effectively in two major divisions including;

i) CIC Mjengo Plus

Covers modern building contractors from in the constructions industry from losses and accidental injuries.

Benefits

• All types of building contracts are covered
• It’s easy to conclude proposal forms and process
• wide cover for less costs
• Provision of an attractive premium rates with generous savings

ii) CIC Biashara Salama

Covers business from losses such as burglary, Fire and natural disaster under Micro Finance Institutions and others.

Benefits

In case of death and permanent disability attracts, weekly benefits to principal member under Comprehensive credit life cover and Funeral Expense Cover for Spouse and children Weekly benefit to the principal member.

CIC Unpredictable Risks Insurance

Unpredictable risks such as fire, Burglary, lighting, riot, civil commotion and strike attracts Cover on financed stocks and business-related tools.

• Funeral expenses
• Death
• Medical expenses
• Personal Accident- CIC Insurance offers security to their clients through 2 major categories namely; CIC Jilinde Personal Accident Policy and Family Personal Accident. The covers cater for;
• Permanent and total disability
• Other products

Travel Insurance Cover

Caters for travelers outside country against accident, flight cancelation, illnesses and loss of baggage.

Benefits

• Provision of a personal accident cover
• Emergency Medical Related expenses are all sorted
• Reimbursement of reasonable expenses incurred following travel delays.
• Reimbursement of travel and accommodation expenses incurred in the event of cancellation or curtailment of an insured trip

Domestic Package

Covers Homeowners against terror, fire, and earthquakes, theft and explosions. Domestic workers and third-party Liabilities are covered from accidental body injuries and death.

Sports Person’s Policy

Covers against accidental body injuries and disabilities during sport activities and even death.

Property Owners Insurance

Protects home owners from financial loss from property damage of both the house and personal property and accidental body injuries.

Benefits

• Third Party Liabilities incurred and claims of damage.

Burglary

Protects homes from theft and property damage as a result of burglary.

2. CIC Insurance Life Products

CIC insurance life products include:

CIC Bima Credo Life Cover

Enables members access Safaricom Prepaid airtime via MPESA, Buy Goods till no 181818 and get rewarded with a CIC Life cover at no extra cost.

The cover caters for anyone between 18-70year. A waiting period of 3 months and accidental death is covered immediately.

Benefits

• The beneficiary is entitled to a maximum sum assured of KES 200,000 in case of death of the insured life and the sum assured grows cumulatively as one purchases airtime.
• Bima Credo is a last expense cover accessible once you purchase airtime through till number 181818.
• The last expense benefit is 4.2 times the amount of credit purchased and it’s an annual cover that runs from the date of your first airtime purchase.

CIC Academia Policy

Provides parents and guardians with flexible saving plans that accrue over a period of time to secure future education for their children.

CIC Invest Plan Policy

The policy offers a platform of saving their funds to their clients to help them build a strong financial back born to help them realize their dreams and meet financial needs.

Anybody ranging from 18-60 years can be an eligible member. The policy allows members obtain loans after 3 years of saving and gives compensation in case of critical illness, disabilities, accidents and funeral expenses.

Keyman Policy

Covers Specific key employees and partners of organizations and their dependents in businesses incase death occurs.

Benefits

• The policy will pay on Death or Total Permanent Disability
• Benefits are paid within 5 days of receipt of all documentation
• Premiums are paid once at the inception of policy and are guaranteed during the year

Group Life Policy

The policy provides for clients with affordable saving plans to help them grow to financial stability. The cover also caters for accidental costs or death where dependents are compensated.

Benefits

• The registered schemes premiums are usually allowable as a business expense thereby reducing the net cost to the employer.
• Low premium rate percentage
• A well promoted scheme can enhance staff loyalty

Mepip Cover

covers members of a SACCO from 18-75 years with loans against death and total permanent disability where premiums are paid once for each individual loan.

CIC Smart Save

Provides individuals with suitable saving platforms of their own choice of terms where they can grow to financial stability to help meet their financial needs and realize set goals.

Benefits

• Constant premiums throughout the term allowing you to budget better
• A final lump sum at end of the term: 100% of sum assured inclusive of revisionary and terminal bonuses.
• A non-taxable free investment        
• Money is saved for purpose intended.
• The benefits are payable at the end of the policy term the policy

Annuity Plan

Guarantees members with secure income for life whether single life annuity joined life annuity. Incase of demise principle member spouse is guaranteed financial security.

The Board Members Insurance Plan

Covers board members in a business or organization in financial protection and retirement.

Benefits

• Sum assured 100,000 to 1,000,000
• Payment frequencies are quarterly, semiannually and annually

Non-Re-election benefit.

• In the event of death of Life assured ksh. 50,000 is payable.
• Final Maturity Benefit
• Minimum age at entry 20 years while the maximum age at maturity 70 years.
• Offers optional benefits upon total or permanent disability.

Jikinge

Protects employees and their dependents from body injuries, disabilities or death due to accidents at work.

Benefits

• Artificial appliances e.g. crutches
• Life insurance payable on death or total permanent disability
• Contribution to funeral costs
• Weekly amount paid in case of hospitalization
• Paid transport from scene of accident to hospital
• Medical expenses paid for accidental injury

CIC Jipange Pension Plan

Provides members with a favorable savings plan to help them invest their funds during working period so that they can in turn cater for arising financial needs without strain in their retired years.

Benefits

• Contribution into a pension fund which is already registered with IRA, KRA and RBA
• Tax exemption of pension contributions since the fund is registered with KRA
• Competitive returns
• A minimum return of 5%
• Reduced costs due to economies of scale and consolidation of services (administration, fund management, trusteeship and custody)

CIC Family Protector Policy

Provides clients with suitable saving plans with flexible premiums ranging from a period of 1-30years. The policy caters for funeral plans and for the needs of dependents. Eligible members should range between 18- 74 years.

Benefits

• A minimum Sum Assured of 75,000 and there is no maximum
• Its payment frequencies are monthly, quarterly, semiannually and annually
• Optional benefits: Accidental Death, Personal accident, Critical Illness and Funeral Expense

CIC Last Expanse

Provides financial relief by catering for funeral bills to members to members and their dependents. Natural deaths are compensated after a period of 6 months while natural death is covered immediately.

Loan Guard

Covers members in case of permanent disability or sudden death, financial needs of their dependents are catered for.

3. Health Insurance

a. CIC Medisure Corporate

Covers members and their dependents’ hospital bills on medical needs including illnesses and accidents.

b. CIC Medisure Family

Caters for family’s expenses arising from sickness and accidents.

Expenses covered include;

• Resident mother/ doctors fee
• Diagnostics for member and spouse
• Non-accident maxillofacial and ophthalmologic, dental surgery subject to authorization
• Major organ transplant procedures
• Pre-existing conditions are declared and accepted
• Day care surgery
• In-patient prescribed physiotherapy, chemotherapy, radiotherapy, nursing care, prescribed drugs/medicine, dressing and diagnostic tests.

Policy premium packages include;

CIC Medipack Insurance

Caters for medical needs of Small Medium-sized Enterprises registered members and their dependents on Inpatient, Outpatient, Maternity, Dental and optical expenses. The Medipack provides various limits ranging from Ksh. 300,000- Ksh.500,000

Other covers include;

• Ophthalmologic
• Psychiatry
• Emergency Air Evacuation
• Post-Hospitalization Expenses Cover
• Congenital condition
• Pre-existing conditions
• Prescribed External Aids Cover
• Road Ambulance
• Terrorism Cover.

4. CIC Insurance Investment Products

Asset Management insurance cover include:

CIC Equity Fund

Provides members with investment platforming professionally selected securities listed in the Nairobi Securities Exchange.

The fund is suitable for members:

• With a long-term focus on investment
• Potential to beat inflation
• Seeking capital growth
• Ready to take some amount of risk- due to volatility in the stock market

Benefits

• 5% initial fees are charged on the Equity fund
• Access to your money is when required with a short notice of 2–4 working days.
• Monthly statement is sent.

Income Draw Down Fund

Provided for members who opts to access their retirement benefits as a regular income through an investment fund from which retirement benefits payments are drawn.

Key features;

• Invests in highly liquid near cash interest bearing instruments and is ideal for investors looking:
• Earning daily interest on their low-risk investment.
• The minimum drawdown period allowable is ten years from the date of commencement of the drawdown.
• In case of death of principal member, the fund can be used to provide an income to the nominated beneficiaries
• Invests in a well-diversified portfolio of bonds issued by the Kenyan government and corporations and is suitable for investors seeking a reasonable level of current income and a steady growth of their capital.
• An individual member has flexibility as regards investment choice, frequency, timing and amount of income withdrawals.
• Some cash is invested and returns are achieved based on the prevailing market trends.
• CIC Balanced Fund provides medium return to the investor with a medium or an average outlook to risk and is suitable for investors looking for a mixture of safety, income and capital appreciation at the same time investing the stocks of listed companies for growth and in interest bearing instruments for income.
• A safe place to park their funds for future projects given ease of withdrawal
• Preserving their capital
• Investing for a period less than 1 year

Segregated Umbrella Fund

Targets SMEs and large organizations who are willing to et up segregated retirement benefits scheme with an exception of entangled in legal, administrative and statutory liabilities applicable to segregated schemes.

Fees

• Minimum investment amount is Ksh. 5,000. Minimum additional amount is Ksh. 1,000.
• 5% initial fees are charged on the Fixed Income fund
• statement is sent to members on a monthly basis.
• Access to your money is when required with a short notice of 2 – 4 working days.

5.CIC Pension

CIC Insurance offers an affordable saving platform to members to help them grow their funds during their working years in order to sustain themselves fully during their retired years without worry.

For more information visit the CIC insurance website.