We are more than just about Savings, Investments and Loans. We care more about our members welfare including that of our extended family members in times of death.  The Fund is a group insurance cover that pays for funeral expenses arising from natural or accidental death for Kenya-Great Britain Diaspora Sacco (KGBDS) member’s family including spose,children,parents/parents in-law and siblings(for nominated beneficiaries).

What are the Benefits?

• Cash payment for funeral expenses
• Covers natural or accidental death

What are the features of the cover?

• Covers the principal, spouse, children (upto 21 yrs or 25 yrs old if in full-time education), parents, and parents-in-law and siblings (brothers and sisters upto 30 years old).
• Cover allows double covers– if every family member has an Individual sacco member account they can individually cover same nominees and benefit paid to each member to full amounts. A life covered by several members in the same group is subject to maximum coverage by 3 lives. The maximum liability per life assured is KES. 1 million.
• All spouses, children and in-laws who are not Kenyan citizens; shall be covered. Kindly note the Kenyan law shall be used in administration of the scheme together with claims payment.
• If the principal member dies, the dependents continue to be covered until the end of the policy period. Upon renewal the spouse has the option of continuing the cover as the main member.
• The cover applies on a worldwide basis, 24 hours a day, 7 days a week-unlike similar schemes a member or a beneficiary’s death outside Kenya is covered.
• There shall be no refund in premiums upon exit of a member after the expiry of the first 30 days from signing up for the policy. New members joining mid cover are required to pay the full annual premium
• There is a one (1) month waiting period for principal members, spouses and children and a three (3) month waiting period for parents and parents in law on death arising from illness and natural causes. However, death arising out of an accident is payable immediately subject to settlement of full premiums.
• Cover pays max 5 claims per family per year
• Application processing fee of Kes 1,000 is payable- waived if applicant joins scheme before 31st August 2024
• The waiting periods apply from the date of declaration, i.e., the date the member joins the scheme.
• Members who have paid for at least 3 Sacco shares are eligible for 12 equal monthly instalment to pay the Premium for the Benevolent and Welfare fund membership-This ensures that they don’t delay their cover and it can start as soon as their application is approved.
• Term of cover: For life subject to no breaks in cover (except for children-Up to 25 years with proof of being a fulltime student). Premiums are paid Annually

What makes the product unique?

Has rider benefits which include:

• Additional  individual /Sibling of Principal Members OR Children Age 21 – 30 years for only Kes 1,500 for each person
•  Additional  Children (on top of the max 4 included in the Family package). Premium is Kes 1,200 per child

Please note:

The Benevolent and Welfare Fund is available only to the sacco’s registered members  who have Paid for at least 2 shares (kes20,000). Full Sacco membership is  minimum 5 shares @kes 10,000=kes 50,000 and payable within 10 months).