M-Bima Jijenge Savings Plan
The M-Bima platform was developed to support various CIC products to run on the mobile platform.
CIC has started with Jijenge Savings plan, a flexible and affordable savings plan with a basic insurance cover
M-Bima Jijenge Savings Plan was launched in late 2010. It started as an automatic airtime premium collection method in 2010. It evolved to a premium collection platform that leverages on the mobile money transfer technologies in mid-2011.
Jijenge Savings Plan:
Combines savings with life insurance.
Provides clients with a convenient and safe way to build savings. Clients can save on a weekly and even daily basis using mobile money free of charge and receive SMS reminders and monthly statements sustain savings.
It is a 12-year savings plan with monthly instalments of minimum Kshs 600 (or 140 per week) and a minimum life cover of Kshs 50,000.
- Six-month waiting period for natural death, and no waiting period for accidental death.
- Exit (cash) benefit is available at the end of the third year with a surrender value of Kshs 20,000.
- Customer can cash in their savings from the 3rd year but will be encouraged to take the money as a loan from their own account
- Jijenge also has an option to provide the family with life cover for Kshs 5/- per day for an additional family insurance cover of Kshs, 100,000 in the event of death of any family member listed in the policy