Kenya Women Finance Trust (KWFT) has partnered with insurance provider Liberty Life Assurance to offer life insurance to its members. The cover dubbed KWFT Maisha Plus seeks to give the over 800,000KWFT customer’s beneficiaries’ peace of mind in unfortunate of demise.
“Financial burden accompanied with the loss is strenuous leaving families emotionally and financially drained. “This product is meant to provide peace of mind to our members during and after bereavement” says Mwangi Githaiga managing director KWFT.
Maisha Plus will be offered at a premium of KSh75 per month. Beneficiaries who have loans with KWFT receive up to Ksh100,000 in the event of a members demise. Claims, Mr Githaiga will be settled within two days.
The life cover will be exclusive to the over 800,000 KWFT bank customers in urban, peri-urban and rural areas. KWFT customers will be able to pay through agency banking or through mobile banking which currently has over 200000 subscribers.
Abel Munda, Liberty Life managing director said the new partnership will help increase life Insurance penetration in Kenya. “As life assurance companies in Kenya, it is our responsibility to provide vast assurance products to Kenyans.” He adds that the partnership will be key to driving life insurance that remains low in the country.
Kenya continues to record low insurance penetration rate of one per cent. Lack of awareness by consumers has been fronted as the main reason to this. The Association of Kenya Insurance has also been quoted attributing the low levels to the rebasing of the country’s economy. Insurance penetration is calculated as per a country’s GDP. After Kenya’s rebasing its GDP expanded by 25 per cent.