Money is exposed to loss through the criminal acts of both non-employees and employees respectively. We at Serian Insurance Agency arrange for protection under Money and Fidelity Guarantee Policies in the following categories;
Loss of or damage to property by burglary following violent and forcible entry into or exit from the premises insured.
Indemnity against pecuniary loss and /or loss of stores and other property as a result of infidelity of employees.
A special combined policy for banks which covers indemnity for infidelity of employees, loss of or damage to property in premises and in transit, forgery or alteration, counterfeited currency, damage to office and contents, loss of Subscription rights and extortion.
Indemnity is also provided for forged transfers of shares.
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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