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AMREF SACCO GROUP LAST EXPENSE COVER
AMREF SACCO has collaborated with Britam Insurance to offer a Group Last Expense Cover to its members. This insurance policy is designed to provide financial support for funeral expenses when a member passes away. It ensures that families can focus on honoring their loved ones without the added burden of funeral costs.
BENEFITS
- Cash payment for funeral expenses
- Coverage for both natural and accidental death
- Extension of cover to include riots and HIV-related deaths
FEATURES
- Coverage for principal member, spouse, children, and the optional inclusion of parents and parents-in-law
- Term of cover: Renewable annually
ELIGIBILITY CRITERIA
Option 1: Comprehensive Family Cover
- Coverage: Nuclear family including parents and parents-in-law (maximum of 10 family members)
- Additional Dependents: Families with fewer than 10 members can add a dependent at no extra cost, up to the maximum family size of 10
- Claims: Up to 6 claims per family per year, maximum of 2 claims for parents/parents-in-law
- Premium: Kes 6,328 per year (Kes 528 per month)
Option 2: Individual or Nuclear Family Cover
- Coverage: Single member, member and spouse, or member, spouse, and children (maximum of 6 family members). Note: Parents and parents-in-law are excluded in this option.
- Additional Dependents: Members with fewer than 6 family members can add a dependent at no extra cost, up to the maximum family size of 6
- Premium: Kes 1,306 per year (Kes 109 per month)
For enrollment, download the application form here. For more details, click here to download the information brochure, call us at +254 722 139 585 | +254 729 139 585 | +254 732 515 797, or email us at info@amrefsacco.org.
Member Deposit Account
• Minimum monthly deposit: KSh 2,000.
• Entitles members to loans up to three and half times their deposits.
• Earns interest annually.
• Deposits are reimbursed upon exit.
FREE deposit cover for all active members. Upon the member’s demise, beneficiaries will receive an additional deposit amount equivalent to what the member had saved. The maximum top-up is Ksh 5 million.
In Addition, the Next of Kin will also receive Ksh 200,000 to cater for funeral costs upon the member’s demise.
Junior Savings Account
• KSh 1,000 minimum monthly or periodical lumpsum.
• Minimum saving period: 12 months.
• Attracts interest per annum.
• Minimum interest earning balance: Ksh 5,000.
• The account is operated by the parent or guardian (child’s birth certificate is required).
Withdrawal Terms:
• Full or partial withdrawal is allowed after term maturity (12 months from the fixing date). Member to give written instruction through the savings withdrawal form.
• Member to give written instruction in case they want to roll over the principal or principal plus interest to a new fixed term. If no instruction is given, the amount will be rolled over automatically for the same duration
Holiday Savings Account
• KSh 2,000 minimum monthly or periodical lumpsum.
• Attracts interest per annum.
• Member to select a fixed saving period from 1 to 12 months at the time of opening the account.
• Member to give written instruction in case they want to roll over to a new fixed term. If no instruction is given, the amount will be rolled over automatically for same duration.
• Full or part withdrawal allowed after term maturity
Property Savings Account
• KSh 2,000 minimum monthly or periodical lumpsum.
• Attracts interest per annum.
• Member to select a fixed saving period from 1 to 12 months at the time
of opening the account.
• Member to give written instruction in case they want to roll over to a
new fixed term. If no instruction is given, the amount will be rolled over
automatically for same duration.
• Full or part withdrawal allowed after term maturity
