Risk Management & Benevolent Scheme

The Kenya Bankers D.T. Sacco Ltd prioritizes the well-being of its members by offering comprehensive risk management and benevolent schemes. These programs are designed to provide financial support during unforeseen life events, ensuring that members and their families receive timely assistance when they need it the most.

1. Risk Management Fund

The Risk Management Fund provides financial security to members and their families in the event of specific life occurrences. This fund helps alleviate the financial burden during challenging times.

Key Features:

● Loan Protection: In case of the member's death or permanent disability, the fund covers the outstanding loan balance, ensuring the family is not left with debt obligations.

● Funeral Assistance: Provides a cash benefit to assist with funeral expenses upon the death of a member.

● Inpatient Medical Cover: Assists members in covering significant inpatient medical bills during hospitalization.

Eligibility:

● All active Sacco members with up-to-date contributions and loan repayments.

● Coverage begins immediately upon loan approval and is active throughout the loan repayment period.

Claim Process:

1. Obtain Claim Form: Available at Sacco branches or through the website link: Risk Management

2. Complete Form: Provide detailed information and attach necessary documents (e.g., death certificate, medical reports).

3. Submit Application: Submit the completed form to the Sacco within 3-6 months of the event.

4. Processing & Payout: Claims are processed within 30 days, and approved benefits are disbursed directly to beneficiaries.

2. Benevolent Fund Scheme

The Benevolent Fund Scheme is a solidarity initiative designed to support members and their immediate families during moments of loss or medical emergencies.

Key Features:

● Deceased Member Coverage: Offers financial support for funeral expenses in the event of a member's death.

● Family Member Coverage: Covers funeral expenses for immediate family members (spouse and children).

● Medical Emergency Support: Provides funds for medical emergencies, including inpatient hospitalization for the member and dependents.

● Loan Payoff Support: In cases where a member passes away, the fund contributes towards clearing outstanding loan balances.

Eligibility:

● All Sacco members who opt into the Benevolent Fund and contribute monthly to the scheme.

● Immediate family members (spouse and children) are included in specific coverage.

Claim Process:

1. Notification: Inform the Sacco as soon as the covered event occurs.

2. Complete Benevolent Fund Claim Form: Attach required documents (e.g., death certificates, medical bills).

3. Submit Claim: Send the completed claim form to the nearest branch or email it to the designated contact.

4. Claim Review: Claims are reviewed, and payouts are processed within 2-4 weeks.

3. Contributions & Premiums

● Risk Management Fund: Automatically included with loan products at a minimal premium charged on loan amounts.

● Benevolent Fund Scheme: Requires a separate, affordable monthly contribution, ensuring sustained coverage for the member and their family.

4. Important Notes

● Claims must be submitted within the stipulated time frame (3-6 months) for successful processing.

● Ensure all documentation is accurate and complete to avoid delays in claim approval.

● Members are encouraged to regularly review their coverage and ensure their contributions are up to date