Kenya Women Micro Finance Bank has partnered with Liberty Life Assurance to roll out a ‘last-respect’ benefit cover that seeks to give beneficiaries’ dependents peace of mind during their funeral. This comes at a time when the financial burden of funerals is getting more strenuous, often leaving families emotionally and financially drained.
Speaking at a Nairobi hotel today during the signing ceremony, KWFT Managing Director Mwangi Githaiga said the cover will be offered by KWFT at a premium of Sh75 per month to over 800,000 KWFT clients. “KWFT is family oriented,” he said, “we believe by serving the woman hence the entire family and maintaining strong ties with our clients by offering Maisha Plus.”
Beneficiaries who have existing loans with KWFT will receive a cheque of Ksh100,000 in the event of a member’s demise to minimise financial strain to the family left behind through Maisha Plus Cover.
Liberty Life Assurance Managing Director Abel Munda emphasized the importance of life cover to Kenyans. “As Life Assurance companies in Kenya, it is our responsibility to play our part and provide vast assurance solutions for Kenyans,” added Munda.
Mr Munda reiterated that the partnership will be a key factor in driving life insurance uptake that remains low at about 1%. The Maisha Plus cover will be exclusive to KWFT bank customers in urban, peri-urban and rural areas in the country.
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