Geminia Life Insurance Company Limited is a Kenyan-owned insurance company that specializes in Life Insurance.
The company was established after Geminia Insurance Company Limited separated its General and Life insurance businesses.
The insurance company has provided life insurance solutions since 1982, offering a range of insurance, investment, and retirement plans tailored to clients’ needs.
It was incorporated in Kenya in July 1981 and commenced operations in April 1982 by providing general insurance services.
In 1992, the company expanded its portfolio to include life insurance products.
Additionally, in November 2020, Geminia Insurance demerged its general and life insurance businesses, leading to the establishment of Geminia Life Insurance Company Limited as a separate entity.
Their Head Office is at Geminia Insurance Plaza, Upper Hill, Nairobi. We have branches in Wetlands, Nairobi CBD, Mombasa, Eldoret, Kisumu, Nyeri, and Nakuru.
Edmaster Cover
The Edmaster cover ensures that your child’s fee is available even in the unfortunate demise of the policyholder (life assured) during the term of the policy.
The Edmaster Cover offers several key benefits to policyholders:
- 15% Tax Relief – Policyholders are entitled to a 15% income tax relief on the premiums they pay, up to a maximum of Ksh 60,000 per year, following the Income Tax Act (Cap 470).
- Cash Benefits at Maturity – Upon maturity, the sum assured is paid out in five equal instalments starting five years before the policy matures. Any bonuses accrued over the policy term are paid together with the final instalment.
- Death Benefit – In the event of the policyholder’s death, future premium payments are waived, and the policy remains in force. All benefits are paid out as originally planned, ensuring financial security for the beneficiaries.
- Policy Add-ons (Riders) – Policyholders have the option to enhance their cover by adding a Critical Illness Rider at a small additional premium. This rider provides a lump-sum payment in case the policyholder is diagnosed with a critical illness such as cancer, offering extra financial support during challenging times.
Last Expense Cover
Last Expense cover helps policyholders to ease the burden of funeral expenses from falling onto their family members after their demise.
This product is offered to institutions or groups to cater to the members & their named dependents’ funeral expense benefits.
It provides a defined benefit to the beneficiaries if the covered individual dies during the defined Insurance period.
The benefit ranges from Ksh 50,000 to Ksh 500,000 per member covered and is paid within 48 Hours of notification and full documentation
Whole Life Insurance Policy
Whole Life insurance is a permanent coverage that provides security for the beneficiaries of the policyholder in the event of death.
It covers individuals for the duration of their lives if the premiums, which are fixed, are paid on time. The policy matures and payments are disbursed to the listed beneficiaries upon the death of the life assured.
The policy does not expire and will stay in effect until the unfortunate event of the life insured or if the policy is cancelled, as long as the premiums are being paid.
The premiums are fixed and calculated based on the age, gender, and health of the life assured.
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Credit Life Insurance
The Geminia Credit Life Policy is a life insurance solution that is taken out by a lending entity in order to offset or pay off a borrower’s outstanding debt in the unfortunate event of their death, disability, or unemployment.
The borrower’s property is safeguarded against being used as compensation for outstanding loans.
A benefit of the cover is that the premium payable reduces with the loan repayment.
Mortgage Insurance
This is a type of life insurance policy that is designed for financial institutions to provide security against a mortgage loan and effectively pays off the loan in the event of the borrower’s untimely disability or death.
The policy safeguards the policyholder’s or mortgage borrower’s house, offering financial protection in the event of unforeseen circumstances.
The premium payable decreases over time in line with the reducing mortgage balance, making it more affordable as the loan is repaid.
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Endowment With Profit Plan
The Endowment with profits plan is a life insurance plan that works both as an insurance cover as well as a long-term savings scheme to help individuals protect their loved ones financially and create goal-based savings for the future.
A lump sum amount on the policy is payable upon maturity, or the sum assured is paid out to beneficiaries upon the sudden death of the policyholder.
It provides a death benefit to ensure your family has financial assets to sustain their lifestyle when you are not around, and a 15% Income Tax Relief up to a maximum of Ksh 60,000 per year on premiums paid.
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