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SECURITY. INTEGRITY. VALUE
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Contacts
Charles Muema
Pricipal & CEO
Email Charles Muema
Mob: +254 (722) 675 953
Mob: +254 (734) 020 000
Mob: +254 (734) 665 511
Tel: +254 (020) 2783338
Fax +254 (020) 2783338
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Life & Pension Insurance

An important part of a sound financial plan, life insurance provides a valuable death benefit to your beneficiaries upon your death. Your beneficiaries can then use this money to replace some of the income you would have earned or to help pay off debts or other expenses.

The two types of life insurance are term and permanent. The one that's appropriate for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last.

arrow Employee benefits
arrow Retirement arrangements
arrow Life protection
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arrow Retirement arrangements
arrow Benefits Consulting
arrow Administration
arrow Annuity Service
arrow Trustee training seminars
arrow Retirement planning seminars
arrow Life Protection
arrow Group life assurance schemes
arrow Group mortgage protection schemes
arrow Individual life pension
arrow Group last expense schemes
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Employee Benefits

In order to attract, retrain and motivate high quality employees, it is vital that any organization develops a flexible and innovative employee benefits package.

Serian Insurance Agency expertise is in setting up and managing all types of pension schemes and group risk arrangements. We are able to advice on new legislation changes and their impact on your staff arrangements. We can work on behalf of pension scheme trustees, directly for the employer, or with both.

At Serian Insurance Agency, we are able to structure a range of products to suit your requirements in any of the following categories:-

Retirement Arrangements

  • Establishment of group retirement benefit schemes arrangements
  • Administration of occupational pension schemes and provident funds
  • Establishment of Personal retirement benefit schemes
  • Group investment plans
  • Personal investment plans

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Life Protection

  • Group Life insurance schemes
  • Individual life protection
  • Group last expense insurance schemes

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a). Retirement Arrangements

Benefits Consulting

We provide benefits consulting on a stand-alone basis or in conjunction with your actuarial experts and can also arrange for actuarial consulting – where requested.

Benefits consulting services at a glance:

  • Benefit design and review
  • Advice on legislative changes
  • Comparison of employee benefit levels
  • Attendance at Trustee and management meetings
  • Member communications
  • Advice on risk benefits – individual and group life risk insurance policies
  • Review and updating of scheme documentation

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Administration

Our pensions administration services cater to Trustees of pension schemes and provident funds. Our administration clients range from individual clients, to small and medium sized business to large corporates with thousands of members. Our services also include management of pension payrolls.

Administration services at a glance

  • Maintaining and updating membership records
  • Calculation and payment of benefits
  • Collection and tracking of contributions
  • Production of benefit statements
  • Administration of AVC schemes
  • Pension payroll processing
  • Maintaining financial records
  • Preparing accounts for annual audit
  • Preparing data for actuarial valuations
  • Communication with members
  • Providing employer and trustee support

Service Level Agreements

We enter into service level agreements with all our clients. Service levels are agreed and accommodated so that all parties are clear on the role of the administrator, tasks involved, responsibilities and time frames.

Quality Control

All administrative procedures are documented and accessed by administration staff via the intranet, which also provides technical help, standard letters and documents.

Implementation

We recognize that the success of ongoing administration for any scheme rests on the initial implementation and we therefore attach great importance to the proper establishment of new schemes and handover of existing schemes.

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Annuity Service

Our Annuity Service is aimed at providing retiring employees with information on how best to purchase an annuity which will provide them with a post-employment income for the rest to their lives. As key players in the pension market we are able to provide members with information that will enable them to reach an informed decision about the type of annuity that will best meet their needs in an easy to understand way.

In the event of a scheme winding up, we also provide the service to trustees who must ensure that the members nearing retirement are not prejudiced.

The service at a glance:

  • Consultations with trustees and managers on the options available
  • Personalized discussions on a one-to-one basis with the retiring member
  • Providing pre-retirement seminars for those approaching retirement
  • Explaining options available for enhancing the annuity income
  • Explaining options available for providing for spouses and dependants
  • Providing an analysis of annuity providers in the market
  • Obtaining various quotations from various annuity providers
  • Provision of relevant documentation
  • Checking provider documentation for accuracy

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Trustee Training Seminars

The Retirement Benefits Act 2007 and Regulations hereunder require that trustees understand their legal role, their responsibilities and duties as well as be conversant with scheme documents. It is also important that they understand the implications and relevance of the Income Tax Act with respect to taxation of retirement benefits schemes.

As part of our service to trustees, we offer comprehensive trustee training. The training is both Open House or industry wide and In House or Scheme specific covering:

  • the role and responsibilities of trustees
  • the role of the various service providers
  • investment of scheme funds
  • custody of scheme funds
  • accounting and taxation of schemes

The training can be arranged on a half day, full day or two day basis. Seminar material and lunch are provided. Each delegate also receives a certificate of participation after the training.

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Retirement Planning Seminars

The retirement planning seminars are designed to prepare employees for retirement at least five years to retirement. The seminar sessions are covered by professional resource persons  from various disciplines who address a wide range of topics including:

  • the pension scheme benefits
  • sociological effects of retirement
  • physiological and psychological challenges of retirement
  • investment options for retirees
  • Business ideas and planning for retirees

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b). Life Protection

Group life assurance schemes

A group life policy provides for the inevitable – death !  It covers the employees for their lives during their employment and provides immeasurable relief to their dependants should they die in service. The policy is an annual contract to pay a lump sum often expressed as a multiple of salary.

It can be provided with riders which enhance benefits such as critical illness, disability and funeral expenses.

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Group mortgage protection schemes

A group mortgage policy covers the lives of those employees who have mortgage commitments. It pays a lump sum benefit at the time of death to offset the outstanding loan. This provides immense relief to the family of the deceased as they are spared the agony of having to deal with mortgage debts.

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Individual life protection

Individual life protection is the first step towards financial security – that is the certainty that in the event of your death, your family would not suffer adverse changes to their lifestyle due to your early demise.

Life insurance provides cash to your family on your death. This replaces your income and helps your family meet the financial obligations that your were previously managing such as living expenses, mortgage payments, education expenses etc.

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Group Last Expense schemes

A group last expense scheme is extremely useful in these days of frequent deaths as a result of lifestyle illnesses, road accidents and so on. A group last expense cover pays a funeral assistance cash lump sum within 48 hours of the death.

The sum assured can vary from Kshs. 50,000 to Kshs. 250,000 for a fairly low premium. The lump sum saves the family from organizing expensive and time consuming harambees.

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