Frequently Asked Questions (FAQS)
These FAQs provide answers to some of the most frequently asked questions about our products. If you don’t find an answer to your question here, feel free to contact us.
How to pay for your Life Insurance Policy using M-PESA
Here is how to make payment to your life insurance policy using Safaricom M-Pesa PayBill numbers.
- Go to M-Pesa on your phone menu
- Select Lipa na M-Pesa
- Select PayBill
- Enter the Business Number as 600111.
- Enter the Account Number which is your policy number.
- Enter the amount you want to pay
- Enter your Secret M-PESA PIN
- Confirm if the details are okay
- Press OK to complete the transaction.
Once the process is completed successfully, you will receive the MPESA acknowledgement to the CO-OPERATIVE INSURANCE COMPANY LIFE DIVISION.
What is Insurance
What is Premium
The amount to be charged for a certain amount of insurance coverage.
What Products are Available through CIC M-Bima?
At the moment the available products are:
CIC Jijenge Savings Plan
With the CIC Jijenge Savings Plan, you now have a convenient and affordable and cost free way to save, with very competitive returns on your money.
Build your finances with friendly contributions from as low as ksh.20/- per day, sent through your mobile phone, by CIC M-Bima at no transaction cost!
Get attractive withdrawal benefits after 36months and enjoy peace mind as the CIC Jijenge saving plan comes with life and disability cover.
Difference Between Unit trusts and Stock Market
Professional fund management-prospective investors benefit from expertise of our seasoned professionals
Diversification– Diverse investing mitigates market risks.
Choice– There are various unit trusts to choose from.
Easy Access– You can convert unit trusts easily to cash.
Flexibility– You can switch or transfer funds between the various funds.
Cost effective– A simple and effective way of investing small amounts.
Disciplined investing– Systematic investing pays back.
Higher returns– Potential to deliver excellent returns (inflation beating).
CIC Equity Fund
The CIC Equity fund invests in professionally selected securities listed in the Nairobi stock exchange. The fund is suitable for the investor, who is seeking medium to long-term growth through capital gains from the investments.
This fund is ideal for the institutions:
- Seeking capital growth
- Potential to beat inflation
- With a long term focus on investment
- Ready to take some amount of risk- due to volatility in the stock market
How do I know my money is Invested?
How much is the minimum initial investment?
The minimum is Kshs. 11,000/- of which Kshs. 1,000 is a one – off fee that quarantees membership into our fund.
What is Indemnity
The insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured’s interest.
What is Excess
Excess, also called deductible, is to the first amount of the claim which the insured has to bear. If the insured has an excess of Kshs 10,000 and the total repair costs Kshs 30,000, then the insured has to pay Kshs 10,000 while the insurer pays the remaining Kshs 20,000.
What is a Unit Trust
A unit trust is a portfolio made up of different securities. That allows investors enjoy the benefit of the portfolio i.e. shares from different counters unlike when you go direct to the market, you only gain exposure to the counters you have bought from. Unit trust funds allow you to pool your money with that of many other investors so that the trust fund can buy a wide range of investments managed by a professional.
What is CIC Balance Fund?
The objective of this fund is to provide medium return to the investor with a medium or an average outlook to risk. It is ideal for investors looking for a mixture of safety, income and capital appreciation while proving the investors with a fund that combines growth and income objectives by investing in the stocks of listed companies for growth and in interest bearing instruments for income. Such a diversification mitigates the effects of market down turns in the stock market without major value fluctuations.
This fund is ideal for organizations and individuals who are;
- Seeking to invest in a balanced portfolio offering exposure to all sectors of the market (including offshore), but with a lower risk profile than pure equity funds.
- Willing to accept some medium risk exposure
- Want to beat inflation
How long before my money is invested?
This is done immediately the funds clear into our collection account. E.g. cheques take about 3 days to clear once banked while cash money is invested within 24 hours of receipt.
How do I receive statements?
Statements are sent to all our clients monthly within the first 5 working days at no cost if via email while postal statements are charged Kshs. 50/
Do I have to withdraw all my money at the same time?
No. Partial withdrawals are possible at any time. However, important to note is that we will transfer the withdrawal fees to you if you withdraw more than once within the same month.
Why should there be an excess?
Its important for us to have some excess as this would serve as a form of co-insurance. With an excess, the insured would tend to be more careful because if a claim occurs, the insured also has to be out of pocket and contribute towards the claim.
What is CIC M-Bima
CIC M-BIMA is a premium collection platform that leverages on the mobile money transfer technologies such as
What is a Unit
Your contributions to a unit trust are used to purchase units. Each unit represents an equal fraction of the total value of the pool of invested money. Units in the CIC Unit Trusts are bought from the fund manager, CIC Asset Managers Limited, and sold back to them in the event unit holders need to redeem their units. When you invest in a CIC Unit Trusts, the number of units you are allocated is calculated by dividing the amount you invest by the offer price at the time. As an example, if the offer price for each unit is Kshs 10, an investment of Kshs 250,000 will buy 25,000 units. The value of units moves in accordance with the performance of the unit trust’s assets.
How do I become a member of CIC asset management?
Simple, we only require our clients to fill out the application form and provide us with these additional documents:
Individual/ Joint applicants:
Copy of I.D or Passport
Copy of KRA PIN
Bank statement or Copy of ATM/ Bank card – to reflect A/c holder name & bank a/c no.
Corporate applicants (including Saccos & NGO’s) should additionally provide: (includes NGO’s)
Signed Minutes mandating investment of funds and authorized signatories.
Photocopy of registration/incorporation certificate.
Resolution by board of trustees/letter from chairperson (where applicable) authorizing investment and giving mandate to signatories.
Certified photocopy of registration certificate.
What Bank do I deposit money into?
ACCOUNT NAME: CIC UNIT TRUST COLLECTION A/C BANK : CO-OPERATIVE BANK. BRANCH : CO-OPERATIVE HOUSE A/C NO: 01122190806600
What CIC Money market fund?
The CIC Money Market fund is a low risk fund which invests in diversified near cash holdings, high quality interest bearing investments and fixed deposits in the Kenyan market.
This fund is: Conservative, For the investor looking for a safe parking place for their funds and with a low risk appetite- preservation of capital, Ideal during times of stock market turbulence.
What is CIC Fixed Income fund?
The CIC Fixed Income Fund is moderate to medium risk fund which invests in a well diversified portfolio of fixed income securities issued by the Kenyan government and corporations. The fund is suitable for investors seeking a reasonable level of current income and a steady growth of their capital.