Press Release: KCB Residential Mortgage Customers to Get Hospital Cash Benefit in UAP Old Mutual Deal

KCB Bank Kenya customers holding residential mortgages will now be entitled to a cash benefit should they contract COVID-19 and are hospitalized.

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This follows a deal between KCB Insurance Agency and UAP Old Mutual which will see customers, both new and existing, draw a free cash benefit of KShs. 1,500 per day up to a Maximum of 14 days.

The benefit is to be paid out on the first diagnosis of COVID-19, which has to be confirmed by a Government medical institution accredited to carry out coronavirus tests. The cover will run for a period of six months from June 1, 2020.

Speaking during the signing, KCB Agency Managing Director and Principal Officer Aggrey Mulumbi said:  “We have taken various measures in playing our part in the society to cushion the vulnerable, and this is one of the ways we are showing support to our customers to ensure that everyone we count on, from staff, to customers to partners and the general public, can count on us”.

“UAP Old Mutual Group remains that certain friend in uncertain times and we are committed to honor all valid Life insurance claims related to the COVID pandemic. This partnership demonstrates the value we place in the well-being of our Customers and Kenyans as a whole. “said UAP Old Mutual Group Managing Director for the Life Business Jerim Otieno.

To ensure non-exposure to Covid 19 during the claim process, all documentation will be done online.  Claims will be processed within 48 hours upon submission of all documents and the customers can track the process via KCB insurance agency using the contact details; Tel. No.: 0727444000

Email address: cxbancassurance@kcbgroup.com

About KCB Bank Kenya Ltd

 KCB Bank Kenya Limited is the largest commercial bank in the country. A subsidiary of KCB Group Plc, the Bank has the largest branch network, with over 200 branches, 367 ATMs and 16,000 agents offering banking services on a 24/7 basis in East Africa. This is complemented by mobile banking and internet banking services with a 24-hour contact center services for our customers to get in touch with the Bank. KCB Group Plc- which also has presence in Uganda, Tanzania, South Sudan, Burundi, Rwanda and a representative office in Ethiopia also boasts of a wide network of correspondent relationships totaling over 200 banks across the globe and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.

For further information, please contact Judith Sidi Odhiambo-Group Head of Corporate & Regulatory Affairs; email: jsodhiambo@kcbgroup.com

About UAP Old Mutual Group:  

UAP Old Mutual Group is a subsidiary of Old Mutual Limited, a listed company on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. As a Pan-African financial services company with a strong heritage of 175 years, it has presence in 13 markets across Africa. In East Africa, the Group has over 1.5M customers, 1,400 employees, 12 iconic properties and over USD 2B in funds under management in the region.

In Kenya where it has been serving customers for 100 years, the UAP Old Mutual Group has the third largest short-term insurance business and a fast-growing Life Assurance business. It has established diverse distribution networks via brokers, an agency force, direct sales, bancassurance, digital channels and supermarkets.

In South Sudan, the Group has the largest short-term insurance business. In Uganda, the Group has the largest Life Assurance Business and has the second largest short-term business in the country. UAP Old Mutual also has short term insurance businesses in Rwanda and Tanzania.

Regionally the Group has a Kshs. 20B property portfolio with iconic buildings; Equatoria Tower in South Sudan, Nakawa Business Park in Uganda and UAP Old Mutual Tower in Nairobi among others. 

Fund Prices
Old Mutual Money Market Fund Daily Yield : 4.93%  Annual Rate: 5.04%
Old Mutual Equity Fund Buying Price: 333.53  Selling Price: 333.53
Old Mutual Balanced Fund/Toboa Buying Price: 147.12  Selling Price: 147.12
Old Mutual Bond Fund Buying Price: 102.30  Selling Price: 102.30
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Fund Prices

Fund Prices at 27th October 2020

Fund Name Currency Daily Yield Effective Annual Rate
Old Mutual Money Market Fund Kenya Shillings 4.93% 5.04%
Fund Name Currency Buying Price Selling Price
Old Mutual Equity Fund Kenya Shilling 333.53 333.53
Old Mutual Balanced Fund/Toboa Kenya Shillings 147.12 147.12
Old Mutual Bond Fund Kenya Shillings 102.30 102.30
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