DIASPORA

At the end of this course the learner will gain aptitude on the Diaspora operational process to enhance customer service excellence.

DIASPORA INTRODUCTION

Kenyans living in the Diaspora experience a unique risks and look for local investment opportunities. With Kenya Diaspora remittances at more than US$1.7M in 2016. Potential for insurance and investment products for the this market for cannot be ignored.

CIC has tailor made insurance products, savings, investment and pension products to meet the needs of the market. CIC offers solutions for either individuals or groups.

Diaspora Solutions

CIC Diaspora has the following solutions:

  • Pension (Diaspora Jipange),
  • Risk Solutions( Diaspora Group Funeral Expense, Diaspora Return Ticket, Diaspora Take me home cover)
  • Savings (Diaspora Jijenge) and
  • Investment (Unit linked Products)

What is CIC Diaspora?

  • Product
  • sales channel
  • Website

What is the currency of the Premiums  for CIC Diaspora Products sold in Europe?

  • GBP
  • EURO
  • KES.
  • US $

CIC DIASPORA RETURN TICKET

Introduction

Kenyans living in the Diaspora experience a unique risk when immediate family members in Kenya die and they are expected to purchase a ticket to travel back home. They are also expected to contribute to the funeral expenses of their loved one.

Return Ticket Terms and Conditions

CIC has developed a solution for this need and is offering insurance covers from between Kshs. 100,000 to Kshs. 500,000  that will be paid in case of death of declared next of kin or dependents.

The cover provides a shared cover in case of death of either of spouse, children, siblings or parents, who live in Kenya. The amount is payable once on the first demise of any eligible listed dependents during the insurance period.

Maximum age of entry  of the next of kin is 70.

There is a 6 month waiting period in case of natural death of any of the declared next of kin.

The maximum number of next of kin declared are 5 on a single cover.

Premium

Insured/Next of Kin

Benefit Provided

Premium per Annum

Any first two next of kin 100,000 3,600

Additional Individual

100,000 1,200
Any first two next of kin 200,000 7,200
Additional Individual 200,000 2,400
Any first two next of kin 300,000 10,800
Additional Individual 300,000 3,600
Any first two next of kin 500,000

18,000

Additional Individual 500,000 6,000

What is the maximum number of people covered in one return ticket policy?

  • 10
  • 5
  • 1

The risk in a Return Ticket policy is based on whose life?

  • Next of Kin
  • Life Proposer

Who is among the below is not eligible for cover?

  • MOTHER
  • FATHER
  • BEST FRIEND
  • MOTHER-IN-LAW
  • BROTHER
  • SISTER
  • STEP SISTER
  • SPOUSE
  • SON
  • DAUGHTER

What happens if i have more than maximum next of kin required in one policy?

  • Complete more than one proposal
  • Choose who i love most

CIC DIASPORA TAKE ME HOME

One of the challenges faced by Kenyans living abroad is the repatriation of deceased fellow.This should help family and friends deal with grief, rather than worry about funeral expenses.

Take Me Home Term and Conditions


There is no waiting period on accidental death and a 6 month waiting period in case of natural death .

Maximum age of entry of the life assured and spouse is 60 and cover can continue up to age 70. 

The eligible age of children is 6 months to 18 years. 

Covers Life assured, one spouse and up to six children for family life shared benefit option.

Premium

Region

South America, Far East and Oceania:

North America:

Africa or Europe or Middle East:

Maximum Repatriation benefit

Kshs. 2,000,000

Kshs. 1,500,000

Kshs. 1,000,000

Annual Premium Individual Option

Kshs. 20,000

Kshs. 15,000

Kshs. 10,000

Annual Premium Shared Family life option

Kshs. 40,000

Kshs. 30,000

Kshs. 20,000

 

What is the maximum number of spouses covered in one take me home policy for family life option?

  • 2
  • 4
  • 1

What is the maximum number of children covered in one take me home policy for family life option?

  • 4
  • unlimited
  • 6

CIC DIASPORA JIJENGE

INTRODUCTION

Jijenge is a Swahili word meaning “Build Yourself”. 

At CIC we believe that wealth creation is the result of a deliberate and well managed financial planning process. CIC Diaspora Jijenge Investment plan supports periodic accumulation of capital. You will get guaranteed returns over the term of the contract period of 12 years while enjoying a  life cover. 

Diaspora Jijenge Terms and Conditions

  • Minimum monthly contribution of Kshs. 5,000
  • You can watch your investment grow over time 12 year term
  • You will have access to your fund starting from the 2nd year provided that payment will be done after policy attains 36 months
  • Guaranteed life cover starting from Kshs. 300,000
  • Minimum entry age is 18 years with no maximum age of entry

PREMIUM EXAMPLE

An example of the benefit based on a premium of Kes 5000 approximately $50 addidional cover is in multiples of 5000

 

 

VESTED RETURNS

PREMIUM

DEATH BENEFITS

Year

%

Kshs.

Kshs.

Kshs.

1

0%

                   -  

           60,000

300,000

2

0%

 -

         120,000

300,000

3

20%

  180,000.00

         180,000

300,000

4

30%

        270,000

         240,000

300,000

5

35%

        315,000

         300,000

315,000

6

40%

        360,000

         360,000

360,000

7

50%

        450,000

         420,000

450,000

8

60%

        540,000

         480,000

540,000

9

70%

        630,000

         540,000

630,000

10

80%

        720,000

         600,000

720,000

11

90%

        810,000

         660,000

810,000

12

100%

        900,000

         720,000

900,000

After how long does the Diaspora Jijenge policy take to attain a surrender value?

  • 24 months
  • 12 months
  • 36 months

DIana Makendi Kesignton signed up a Diaspora Jijenge Policy effective 01-Jan-2014 and paid the policy with a paid to date of 31-dec-2014 and decided to surrender the policy on January 2015 When was the payment due for Processing?

  • January 2015
  • January 2017
  • None of the above, the policy has not attained a surrender value

DIana Makendi Kesignton signed up a Diaspora Jijenge Policy effective 01-Jan-2014 and paid the policy with a paid to date of 31-dec-2014 a claim was reported that she died on 25 Dec 2015 what is the amount of life cover she enjoyed?

  • 300000
  • 900000

CIC DIASPORA JIPANGE

PRODUCT FEATURES

Features  and Benefits of CIC Jipange Pension Plan:
Safe and secure way of planning for your financial protection at old age

Minimum monthly contribution Is Kshs 5,000 approximately $50

Flexibility – You may increase or reduce your monthly contributions

In case of death of the principal member, accumulated benefits will be paid to the nominated beneficiaries.

Minimum entry age is 18 years and maximum age is 75 years!

Savings plan with an attractive interest rate with statements sent annually.

Pensions benefits can be accessed anytime but benefits accessed at 65 and above are tax free.

60% of accumulated pension funds can be used as a collateral to secure mortgage.

Financial protection and Security at old age.

DIASPORA SIGN UP PROCESS AND CLAIMS PROCESS

NEW BUSINESS FOR DIASPORA RETURN TICKET , DIASPORA TAKE ME HOME AND DIASPORA JIJENGE SELF SUBSCRIPTION

Visit: https://m-bima.co.ke

  1. Click on Individual Customer Registration
  2. COMPLETE BIO DATA and accept terms
  3. LOGIN AFTER SUBMITTING you will receive an activation email.
  4. Then accept the terms and conditions on first login
  5. Then navigate to and click on New Policy Subscription
  6. Choose desired Product

7. Read short Product Description to choose desired product

8. Proceed and completes medical question

9. Choose preferred option of the product you have choosen

10.  Add next of kin to be covered

11.   Click F5 key to auto add the main beneficiary

12.          Submit the policy once you complete

13. This will give you access to pay the initial premium to activate online

 

CLAIMS REQUIREMENTS

Death claims 

There is a 6 month waiting period on Take me home cover, Return Ticket and Diaspora Jijenge

Duly completed claim form

Certified Copy of ID of Beneficiary 

Proof of Bank details of claimant (e.g. Atm copy or Statement)

Certified copy of ID of Policy Holder

Certified copy of ID of deceased 

Certified copy of Burial Permit/Certified copy of Death notification report from Kenyan embassy/Certified copy of Post mortem report

Death claims  

CIC Jipange Pension

Duly completed claim form

Certified copy of ID of claimant 

Proof of Bank details of claimant (e.g. Atm copy or Statement)

Certified copy of Burial Permit/Certified copy of Death notification report from Kenyan embassy/Certified copy of Post mortem report  

 

 

Withdrawal  

CIC Diaspora Jipange Pension

Duly completed claim form

Certified copy of ID and Kra Pin Number

Proof of Bank details (e.g. Atm copy or Statement)

Withdrawal  

CIC Diaspora Jijenge

Letter of surrender stating reason for surrender

Certified copy of ID and KRA Pin Number

Proof of Bank details (e.g. Atm copy or Statement)

 

 

SYSTEMS

https://cicdiaspora.co.ke

Collates all the information on CIC Diaspora current focus is on the Group and Individual life funeral expense policies.

The website allows payment of ones policies especially used for Pension Products

https://m-bima.co.ke

This is used to manage the Individual life and group life policies it allows payment viewing of policies and referring the policy to new members.

Turnquest & F-pass

This is used in Underwriting and claims process for life and pension products.


Payment Partners

Safaricom M-pesa

Normal M-pesa charges apply.

Credit cards/Debit cards-I-veri & I&M

Credit card payments are subject to a 3.75% collection charge. 

Wave to Co-operative bank

Payment are received in Dollars and are converted to Kes. on negotiated rates.

Paypal to Equity bank

Payment are received in Dollars and are converted to Kes. on negotiated rates.


Diana Makendi is in the paid on 21-january-2017 for her policy using Paypal which bank account does Premium admin track the funds ?

  • Equity
  • Co-operative
  • I &M

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