Loss of or damage to private houses and the contents therein arising out of fire, lightning, burglary and other perils as specified in the policy including riot and strike and malicious damage as well as protects the owner against legal costs arising from incidents or accidents.
Resolution Home Insurance Policy gives cover to compensate against losses or damage arising from any of the following causes:
On survival of the Policyholder up to :
100% of the sum assured plus accrued bonus (simple reversionary bonus).
The benefits are payable as a lump sum or in form of an annuity payable in installments, as specified by the life assured e.g. monthly, quarterly, half-yearly or yearly, the first payment is payable at the end of the term of the policy.
On payment of additional premium, the following rider benefits are available;
On total and permanent disability due to an accident, an amount equal to the basic sum. assured will become payable in equal monthly installments over a period of 24 months from the date of the accident. The disability referred to must be such that there is neither then or at any time thereafter any work, occupation or profession that the life assured can do to earn or obtain wages, compensation or profit.
On death, due to an accident, an amount equal to the basic sum assured will become payable. This is in addition to the main benefit.
All future premiums will be waived following total permanent disability due to accident or illness.
In case of an accident leading to the injury and hospitalisation of the life assured, the in-patient medical expenses incurred will be reimbursed subject to a maximum of 60% of the policy sum assured but not exceeding Kes. 500,000/-.
In the event of the first diagnosis of a specified critical illness, an amount equal to 30% of the sum assured is payable to the life assured up to a maximum of Kes. 300,000. Includes: Cancer, Stroke, Heart Attack, Kidney Failure, Paraplegia or Paralysis, Coronary, Artery Disease, Major Organ Transplant, e.g. Kidney transplant.
In the event of loss of employment due to adverse business conditions e.g. introduction of new technology or re-organization of the business by the employer, future premiums will be waived off up to a maximum of 6 monthly installments. This will cease if the assured secures employment before the end of 6 months.
The policy will acquire paid up and surrender values after payment of at least 3 full years’ premium.
Loans will also be available within the surrender value of the policy.
By law, a 15% insurance relief will be granted to the policyholder up to a maximum of Kes. 5,000 p.m. (Kes. 60,000 p.a.).
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