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A savings account that offers discipline, flexibility, and guaranteed security of funds/ savings and continuity of loved ones’ education goals. KCB will extend the care to customer’s loved ones whether in their presence or in absence, with a common goal of achieving academic aspirations.

Purpose of KCB Cub Account

  • To enable customers incrementally build funds for a defined period of years and up to the end of the period of cover selected on the application form to meet long term and larger education needs
  • Enable customers access those funds over the long term through a restricted savings account earning higher interest rates
  • To offer an alternative product to the traditional and legendary education insurance products
  • Mobilize deposits for onward lending to customers of the Bank

To be eligible to open a Cub Account with education insurance, the following conditions apply:

  • Personal accounts only Individual and joint accounts for couples
  • Education Insurance will only be available for people who are aged between 18-70 years

 

  • Duly completed Claim Form
  • Police abstract report in case of accidental disability or death
  • Death certificate to be produced by beneficiaries in case of death
  • Medical report in case of permanent disability or critical illness form claimant’s doctor
  • Account statement for the last 12 months prior to incident leading to claim

  • Minimum savings to qualify for insurance is KES.4,000.00
  • Minimum Insured benefit is KES.20,000.00
  • Maximum Education Insurance without requirement to undergo medical examination is KES.7 million. This would apply to clients with accumulated savings of at least KES.1.4 million
  • Policy covers Political Violence and Terrorism
  • Clients can contribute via KCB Mtaani Agents, branches, Mobi banking, using Mpesa, check-off, direct debits etc.
  • All illness-related permanent disability and critical illness claims will become payable after a period of 6 months upon enrolment
  • No waiting period for death claims
  • Customers will select the mode of contribution to the account either monthly, quarterly, semi-annually or annually
  • Customers shall ensure they adhere to the minimum monthly contributions of KES.500.00
  • Lump sum payments into the account are allowable due to the nature of cash flows
  • Guaranteed life cover for the period of one year; for which the premium has been paid and automatic renewal for all subsequent years of cover so long as there are adequate funds to pay renewal premium
  • In case of insufficient funds in the account of below Kshs.4,142.00 the cover will not be renewed and will lapse
  • Annual life insurance premium will be deducted upfront and prepaid from the savings in the account
  • Savings will attract competitive interest rates

Summary of Insurance benefits

Benefits Details Amount Payable
Death

 

Death of Parent/ Legal Guardian who is insured under the policy

 

Amount of current Sum Insured (Accumulated Savings at inception or renewal multiplied by 5)
Permanent Total Disability

 

Suffered through Illness or Accident and medically certified after at least 6 months to be permanently wholly preventing the insured from engaging in is usual profession or income generating occupation Pay out the Sum Insured as at the time of disability i.e. Amount of current Sum Insured (Accumulated Savings at inception or renewal multiplied by 5)

 

Critical Illness

 

Upon first diagnosis of any of the undernoted critical diseases: Heart attack, Coronary Artery bypass surgery, Stroke, Cancer, Kidney failure, Paraplegia, Major Organ Transplant Pay 30% of current Sum Insured (Accumulated Savings at inception or renewal multiplied by 5) subject to a Maximum of KES. 2.1 Million. Balance payable on death or Permanent Disability

  • Build savings for their children’s future educational goals particularly for high school and college where fees is substantial
  • To protect the education fund and ensure adequate funds for their children’s education in the event of parent’s disability or demise

 

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