Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The new insurance cover will be provided in a partnership between BBK, Pan Africa Life and MicroEnsure/CFM

Finance

BBK launches retrenchment insurance cover

The new insurance cover will be provided in a partnership between BBK, Pan Africa Life and MicroEnsure/CFM

The new insurance cover will be provided in a partnership between BBK, Pan Africa Life and MicroEnsure/CFM

NAIROBI, Kenya, Jun 27 – Barclays Bank of Kenya (BBK) has launched a salary retrenchment insurance cover to cushion account holders against sudden job loss.

The new insurance cover will be provided in a partnership between BBK, Pan Africa Life and MicroEnsure.

The cover is aimed at supporting retrenched account holders whose salaries are processed via the bank for a period of three months, with monthly monetary payment equal to their net salary. This comes at no extra cost to the account holder.

“With the current dynamic business environment, long-term formal employment in Kenya is not guaranteed. Cases of retrenched employees left struggling to make ends meet as they seek alternative sources of income are common. The Salary Retrenchment Cover is therefore meant to ensure that the family needs are met even as the bread-winner seeks alternative income generating opportunities,” BBK’s Consumer Banking Director, Zahid Mustafa said.

The insurance will cover customers that have been subjected to implementation of a staff reduction program, adverse business conditions, introduction of new technology rendering them redundant, resulting in the insured member not earning any income for a continued unemployment period of at least 30 days.

The cover will however exclude customers who have voluntarily resigned, accepted voluntary retrenchment or with a lapsed contract, retirees and those dismissed due to fraud, dishonesty or any illegal conduct.

The solution also comes with a death benefit of Sh100,000 payable to the designated beneficiary upon the unfortunate death of the account holder.

“Financial institutions today are under pressure to improve their quality of service, while also reducing costs to remain competitive in an extremely volatile and uncertain market. Customers are increasingly expecting more convenience, accessibility, personalization and reliability,” Zahid noted.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...