1. Loan guard
This covers all loan balances in the event of death / total permanent disability of a group or society member who is between age 18 and 75
The insurance covers members of a SACCO between age 18 and 75 years old with outstanding loans against death or total permanent disability. The premium is paid once for each individual loan.
3. Microfinance Insurance
Currently CIC offers a specialized group creditor life insurance policy customized to cover short-term loan balances on reducing balance basis for small scale businesses. This policy pays off the loan outstanding in the event that the insured borrower dies within the insurance period.
4. Group Life Assurance
Group Life Assurance Scheme provides for a lump sum to be paid in the event of the death of a member of the scheme provided he/she is still in the service of the employer or scheme holder. This cover enables the employer/scheme holder to alleviate the financial distress that might befall the dependents of an insured member upon his/her death.
5. Group Mortgage
This product is designed for institutions offering long-term loans (mortgages) for purchase of property (houses, cars, land).
6. Group Funeral Expenses
This policy covers burial expenses. A benefit of a specified sum assured per member.
Individual Life Products
1. The Board Members insurance plan
The Board Members Insurance Plan is an investment plan that pays cash benefit to a Board Member when the member leaves the Board through retirement or non-re-election. The benefits are as follows: Final Maturity Benefit, non Re-election benefit.
2. CIC Academia Policy
Academia is a savings policy to that enables you to make available finances to meet the future education requirements of your children.
3. CIC Invest Plan Policy
CIC Invest Plan Policy helps the insured to plan finances and avails money in installments at selected periods in the future. This will enable the insured to finance projects of choice in accordance with the time plan.
4. CIC Save plan policy
CIC Save plan Policy helps to put the insured in control by enabling him/ her to save for future specific plans. By choosing saving periods between 10 to 50 years, the insured has the flexibility to plan his/ her savings to suit budget and time plans.
5 CIC Family Protector Policy
This policy has been designed with the specific purpose of securing the welfare of dependants in the event of untimely death of the breadwinner. The policy is tailored to fit the pockets of the families of diverse income levels through its relatively low premium cost and flexible terms varying from 1,5,10,15 and 20 years.
6 CIC Universal Endowment Plan
This policy is an enhanced endowment product that is flexible enough to meet multiple needs such as education, capital investment and other investment plans while providing a death and disability cover.
This subsidiary offers a wide range of general insurance products to cater for the various insurance needs of different market segments. The Company is committed to provide its customers with the best innovative products coupled with quality and efficient service. These products are customized to suit client needs. They include:
1. Fire Industrial: This policy covers the risks of fire, lightning and explosion as a result of bursting of domestic gas cylinders. The policy can be enhanced to cover additional perils such as earthquake, malicious damage, floods, riots and strike, bush fire and similar perils.
2. Domestic Package: This is an attractive comprehensive package for homeowners and occupiers, which provides policy holders the benefit of six policies in a single package. It covers buildings, household contents, moveable and personal items, domestic servants, owner’s liability and occupier’s liability.
3. Consequential Loss: The policy covers loss of profits as a result of fire.
4. Burglary: This policy covers loss or damage following the actual forcible and violent breaking into or out of the premises or any attempt thereat.
5. All Risks: This policy covers loss or damage (except as excluded in the policy) to specified items of personal or delicate nature. It includes items such as watches, cameras, computers, calculators, microscopes, typewriters, medical equipment, video cameras, jewellery, television sets, radios, iPods, iPads, and mobile phones.
6. Goods in Transit Risks: This policy covers loss of or damage to goods while in transit either by rail or road.
7. Marine: This policy provides cover for goods while in transit either by Sea or Air up to the Warehouse.
8. Professional Indemnity: This policy covers professionals against third party claims in case of negligence in the course of their professional duties.
9. Motor Insurance: This policy covers risks ranging from Third Party Risks to comprehensive risks.
It provides cover for:
Loss or damage to the motor vehicle as a result of fire, accident or theft.
Against legal liabilities to third parties arising from loss or damage to property as well as third injuries or death.
10. Machinery Breakdown: This policy covers all types of machinery plant, mechanical equipment and apparatus for faulty design, operation tearing due to centrifugal force.
11. Machinery Breakdown Consequential loss: This policy covers actual loss of profits sustained as a result of a business interruption caused by machinery breakdown.
12. Electronic Equipment: The policy covers material damage for many types of low and medium power electrical plants for both material damage, loss of information suffered by external data media used in computing facilities.
13. Contractors All Risks
This policy is arranged by either the Principal owner of the project or the Contractor. It covers:
– Contract Works
– Construction Plant and Equipment
– Construction Machinery
– Third Party Liability
– Surrounding Property
14. Erection All Risks: This policy covers persons who assume a risk due to the erection of a project.
15. Plate Glass: This policy covers accidental destruction or damage to all fixed glass, which includes windows, door glazing, fun lights, showcases fixed mirrored glass and glazed partitions.
16. Crop: The policy covers crops against a combination of perils namely Drought, Excess rains, Flooding, Hail damage, Frost damage, Uncontrollable pests and diseases, Fire and related perils.
17. Livestock: The policy compensates against death of insured livestock as a result of various perils namely uncontrollable diseases, including epidemics, calving down, accidents, emergency slaughter on medical grounds and fire and related perils.
18. Cash in Transit Risk (Money): The policy covers loss of money (or theft by third parties not employees) as specified either while in transit or premises during or out of business hours. It also covers damage to safes and /or strong rooms.
19. Fidelity Guarantee: This policy covers loss of stores and/or stocks, money by any act of fraud or dishonesty by any insured employee during the policy period of guarantee.
20. Public Liability: This policy covers the property owner from legal liability claims which arise out of
negligence. Such claims may be in respect of:
Bodily injury or accidental death.
Loss or damage to property.
Legal expenses incurred with the written consent of the insurer.
21. WIBA- Work Injury Benefits Insurance: This policy covers claims for bodily injury and disease brought by employees as provided under the Work Injury Benefits Act 2007.
22. Employer’s Liability Common law: This policy covers the employer against legal liability under common law for damages and claimants’ costs related to bodily injury, by accident or disease and directly related to negligence or breach of common law.
23. CIC Travel Insurance: This policy covers persons who travel abroad from time to time and wish to insure themselves against accidents and loss or damage to their properties in the course of travel.
24. Group Personal Accident: This policy provides monetary payments in the event of bodily injury sustained by the insured. The injury must be caused by violent, accidental, external and visible means subject to the insured limits.
In line with its values, CIC has continued to improve and innovate in terms of various insurance products in order to continue to cater for changing insurance needs. These are the recently customized products;
1. CIC Motor Commercial Plus – This is an enhanced policy designed for heavy commercial vehicles. It provides inter alia, a tracking devise and meets loan repayments while the vehicle is under repair.
2. CIC School Guard Insurance – This is a comprehensive policy designed for academic institutions covering property, students, teaching and non-teaching staff as well as owners’ liabilities.
3. CIC Biashara Salama Insurance – This policy caters for persons unable to secure insurance from the conventional insurance market. It covers fire and burglary for small and medium enterprises (“SMEs”) and micro-finance institutions.
4. CIC Combined Insurance– This policy combines the various risks that businesses are exposed to under the following classes: Fire and Perils, Fire Consequential Loss, Burglary, All Risks, Money, Fidelity
Guarantee, Group Personal Accident, WIBA, Employer’s Liability Common Law, and Public Liability.
5. CIC Property Owners Insurance– This is a conveniently packaged policy covering various risks faced by property owners. It covers the following range of risks: buildings against loss or damage; bodily injury by accident or disease sustained by employees in the course of employment; legal liability under common law for damages and claimants costs related to bodily injury by accident or disease and directly related to negligence or breach of common law; and third party liabilities incurred.
6. CIC Jilinde Personal Accident Policy – This policy is a customized Personal Accident Cover for Micro Enterprises that provides monetary payments in the event of bodily injury sustained by the insured.
7. CIC Students Personal Accident – This is a bespoke Personal Accident Cover for students on industrial attachment.
8. CIC School Bus Insurance – This is a policy which offers a wide range of unique benefits to academic institutions.
Medical Insurance Products under CIC General Insurance
1. Family Health Insurance
Otherwise known as the CIC-MEDISURE Family Health Plan is an in-patient medical insurance policy designed to meet prevalent medical needs for nuclear families and individual persons. The policy offers a flexible, comprehensive and affordable in-patient cover for hospitalization expenses arising from both illnesses and accident.
2. CIC-MEDISURE Corporate In-Patient Cover
The CIC-MEDISURE is a corporate in-patient medical policy designed to meet prevalent medical requirements for corporate organizations with ten (10) or more employees and directors. The policy pays valid medical expenses arising from both illness and accidents, subject to the cover limit.
3. CIC Corporate Outpatient Self-Funded Scheme
The CIC corporate outpatient self-funded scheme is specially designed to meet the cost of valid outpatient (non-admission) medical services accessed through a wide network of appointed hospitals, clinics, and other facilities. The scheme pays valid outpatient medical expenses arising from both illness and accidents subject to cover limit. The outpatient scheme is a rider to the In-patient Insurance Policy.
CIC ASSET MANAGEMENT COMPANY
The Unit Trust Scheme is another innovation in the CIC array of investment products that seeks to provide a platform for customers to enhance returns on their investment portfolio through a secure and well regulated investment vehicle.
1. CIC Equity Fund
The primary objective of the fund is to seek long term stability and high capital growth consistent with moderate investment risk. Investments are on selected and well-diversified portfolio listed and unlisted securities in Kenya with the possibility of tapping regional markets.
2. CIC Balanced Fund
The key objective is to seek long term stability and moderate capital growth, consistent with moderate investment risk and a reasonable level of income. Investments encompass a combination of equities/stocks that pay consistent dividends coupled with secure high interest bearing instruments.
3. CIC Fixed Income Fund
The objective is to seek medium-term stability and growth of capital consistent with moderate investment risk and a reasonable level of annuity income. The fund invests principally in government and reputable corporate bonds.
4. CIC Money Market Fund
The primary objective of the fund is to obtain a reasonable level of return while preserving principal capital. The target is to obtain a higher return than what an investor would independently obtain from a bank. The fund invests in near cash holdings with varying maturity profile to ensure liquidity and capital preservation at all times.