LIFE AND PENSIONS ( CORPORATE )
An employer or self-sponsored retirement plan is a critical tool in helping your employees, prepare for a secure financial future. At The Heritage Insurance Company, we understand this. We also understand that businesses have different needs.
That’s why we’ve developed products designed to help investment professionals, plan sponsors and plan participants alike enjoy a program that meets their changing needs.
Our Schemes and policy's include :.
Deposit Administration Policy
This is an investment vehicle for retirement benefits schemes under which we remove the usual insurance guarantees and give our clients a chance to directly participate in the investment performance of our pooled life fund to earn returns (allocated annually in arrear) the Company makes from investment.
We ensure each scheme’s contributions are prudently invested to attain the desired growth that will match its past and future service liabilities. The funding rates to registered schemes can vary from 5% to 10% of the employee’s salary subject to the limit set by Income Tax Department
This contract comprises of the following occupational retirement benefits scheme types:
» Provident fund
This is a retirement benefits scheme arranged in the manner explained above where benefits are paid in lump sum on attainment of retirement age. Retirement age is fixed by the sponsor and varies from scheme to scheme but is usually from age 50 to 65.
» Pension scheme
This pays benefits to members who have reached retirement age in the form of monthly/periodical instalments for specified guaranteed period, usually ten years, or until death whichever is the latter. The scheme may, at request of the retiree, pay on the retirement date a lump sum up to one-third or one-fourth of the accumulated pension fund and/or the balance in pension form.
Both provident and pension schemes can be designed either as a defined contribution where the benefits would be contributions and investment income, or as a defined benefit where the benefits would be determined by a formula not linked to contributions and income.
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CriticaL Illness Cover
This cover is issued as an accelerated benefit to any of our group products. The critical illness benefit becomes payable when a member of the scheme contracts (after awaiting period of six months) for the first time and before the age of sixty years one of the dread disease conditions.
The conditions include heart attack, coronary artery bypass surgery, cancer, kidney failure, paraplegia and paralysis, stroke and major organ transplant.
» Back to TopGroup Car Loan Protection Scheme
This Scheme is generally written to cover short-term car loans only, a five-year term being the maximum. Claims are paid to the financier to liquidate the outstanding debt in the event of the debtor’s earlier death.
Thus, if the debtor prematurely repays the debt, the insurance cover would cease from the date the debt is repaid.
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Group Credit Life Assurance Scheme
This is a form of group insurance taken by a creditor on the lives of his debtors under one policy. The employer/employee relationship is not necessary, provided each debtor is gainfully employed.
For instance, where a bank or some other loan-making institutions, lend money to various people wishes to avoid the difficulties that may arise in obtaining repayments of the loan upon the death of the debtor.
The debt is repaid from the policy proceeds in the event of the debtor’s earlier death.
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Group Life Assurance Scheme
This is a death- in- service benefit that has to be arranged by the employer and cover is a multiple of the employee's annual salary and in rare circumstances the sum assured can also be fixed for given limits.
The scheme provides for a lump sum to be paid upon death of a member of the scheme provided he is still in active service of the employer. It enables employers to alleviate the financial distress that might befall the dependants of an employee upon his death.
Our product gives a worldwide cover without HIV/AIDS exclusion. The employer ordinarily pays the annual premium, which can be based either on a unit rate, single premium or profit sharing rebate.
» Back to TopGroup Mortgage Protection Scheme
This scheme protects property owners with long-term mortgage financing. As financiers are rather loath to sell a property of a dead borrower to recoup their outlay, this cover provides funds for completing mortgage repayments upon the borrower’s death.
The policy is available as a group cover for corporate firms and is written in name of the financing company to cover the outstanding loan repayments.
Group Pensions
This is an employer-sponsored pension scheme arrangement, funded by contributions from both the employer and employee, to provide staff members with security and retirement benefits in their old age.
This is a group cover for companies with a few or many employees.
» Back to TopLast Expense
This cover is issued as a rider to any of our group products. It is designed in response to the ever-increasing costs of funeral/burial expenses of employees, their spouses and/or children.
The benefits per member range between Ksh 40,000/- to Ksh 100,000/-The last expense insurance offers:
- Tax-shelter benefit for the employer.
- Availability of money within 48 hours upon notification of death of a member.
- Opportunity to demonstrate confidence and concern of the employees’ welfare at a minimal cost.
- Cover to employees, their spouses and children.
Permanent Total Disability
This cover is issued as a rider to any of our group products. The sum assured is payable in the event the insured member suffers a permanent and total disablement.
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