Stanbic Bank To Offer Income Protection Cover

hilip Odera, Stanbic Bank Kenya Chief Executive and David Ohana, Group Managing Director KenolKobil celebrate the launch of Smart Direct, a new insurance linked account targeting salaried individuals.

Stanbic Bank Kenya has introduced an insurance-linked transactional salary account dubbed Smart Direct  targeted at salaried individuals.

This is a Pay As You Go account, which means the customer only pays for what he/she uses on the account while transacting.

“We created this product with the needs and aspirations of a mid-level salaried employees in mind, hence it offers 24/7 access to funds through free internet and mobile banking, ability to transact online and at points of sale , creating convenience for the customer,” Stanbic Bank Head of Personal and Business Banking Adam Jones  said.

The account attracts a minimum opening balance of Sh1, 000 with no minimum operating balance and offers a transactional banking which enables the account holder to do payments through cheques, bank transfers, debit card payments, drafts or online transfers.

Apart from offering everyday banking services the account holder also gets an income protection cover at a monthly fee of Sh100, with a waiting period of 6 months (the period one should have purchased the income protection plan before they can access it). The waiting period is however waived for existing customers.

“Income protection comes in once the customer loses their job on retrenchment terms only. They are paid 70% of their net salary for 3 months. The monthly premium of Sh100 also gives the account holders access to funeral and life insurance (death) cover,” he said.




About the Author

Trust is my currency, biscuits are my best snacks. A business story by me that has sparked change, informed and made a positive difference is what makes me going. I yearn to achieve more through writing Reach me via