About BimaNet FAQs1. How long has BimaNet been in existence?
The BimaNet business model was conceptualised in 2012 but operations begun in November 2016 after 4 years of extensive research by the leadership team.
BimaNet K Ltd is not an underwriter; It is an insurance intermediary that has repackaged insurance thereby making it more affordable, palatable and accessible to more Kenyans. That is why we have partnered with solidly capitalised insurance underwriters namely CIC Insurance, Sanlam and UAP-Old Mutual.
BimaNet is duly registered under the Companies Act of Kenya and we are regulated as an insurance intermediary by the Insurance Regulatory Authority (IRA).
As an aggregator of lives, BimaNet utilizes a Group Life Assurance scheme that leverages on the power of numbers and its associated economies of scale to negotiate for Group Life benefits with tier 1 underwriters. In the past, such Group Life benefits were only accessible to affinity groups of 20 or more people and they are significantly cheaper to administer compared to retail/individual insurance. For the first time in Kenya, these discounts are now accessible to individuals and micro enterprises through the BimaNet platform. Furthermore, while retail/individual insurance premiums are age related, all BimaNet members between the ages of 18 and 75 years enjoy the privilege of paying the same rate for our bundled Life Insurance benefits.
Linda Fanaka FAQs5. What is Linda Fanaka?
Linda Fanaka, is the most comprehensive, most affordable, no nonsense life insurance product with living benefits. It is designed to provide maximum protection and financial security to a member and their family in the unfortunate event of their passing, disability, hospitalization or upon being diagnosed with a critical illness. Linda Fanaka has 2 main components;
- A 5-in-1 bundle of Insurance products and
- A Welfare Fund that augments these benefits.
Customers who purchase Linda Fanaka are entitled to the following benefits;
- Life Policy
- Dignity Plus (Last Expense)
- Critical Illness
- Accidental Permanent Total Disability and Accidental
- Total Temporary Disability
- In-Hospital Cash Back pay-out
At the beginning of the individual’s 3rd year of membership, the BimaNet Welfare Fund augments the 5-in-1 bundle of Insurance benefits (described above) without a corresponding increase in premiums. This Welfare Fund;
- Doubles the sums assured by the underwriters and
- Pays a cash-back-bonus for every 3 consecutive claim free years.
Linda Fanaka is classified as a Life Insurance product with supplementary rider benefits. However, there are medical events which trigger some of the benefits associated therein for example;
- Critical Illness Benefit: Unlike a medical insurance product which pays the hospital for your cost of treatment, this Linda Fanaka benefit pays the member a lump-sum amount upon being diagnosed with any of the specified critical illnesses in our policy guidelines. You may use this money help offset any additional expenses or reduced income as a result of the adjustments associated with your recovery.
- ii. In-Hospital Cash Back: This feature is designed to help you cope with the extra financial burden when your life is disrupted by hospitalization. The money is paid directly into your account, which you can use to cover the shortfall of your medical cover or take care of other expenses from your hospital bed.
Please click here to view the Terms & Conditions that apply to the insurance covers. The Terms & Conditions are provided at the bottom of the page.
Your policy covers all your children between the age of 3 months and 18 years. They are all entitled to a Life Cover of Ksh 100,000 and a Critical Illness equivalent to 50% of the main member’s benefit in this category. Should you wish to include other adult members of your family, you may refer them to BimaNet through the Refer-a-Friend Program and get rewarded for doing so.
Admission to Linda Fanaka is immediate and there is no waiting period imposed.
The duration of policy is 12 months from your commencement date but continuation of the cover is subject to renewal on the 11th month anniversary of your membership.
All claims are lodged with the BimaNet customer care department and we follow-up with the underwriters to ensure that your benefits are processed timeously without complications.
Upon submitting a valid claim, the benefits are paid out to your nominated beneficiaries. If there are no specified beneficiaries, the benefits will accrue to your deceased estate and distributed in accordance with your last will and testament.
BimaNet’s underwriters will retain the benefits until the member or nominated beneficiaries institute a claim.
The Insurance Act of Kenya does not impose a limitation of cover on individuals that sets out the maximum sum assured on an individual’s life. That is why you can have as many life insurance policies as you can afford and they will all pay out in the event of your death.
Subscription to a BimaNet membership is quick and simple. Complete an application form and submit the following supporting documents;
- copy of ID/Passport
- proof of payment (e.g. deposit slip, EFT receipt, MPESA reference number, etc)
- We will not subject you to any medical examinations other than completing a health questionnaire.
- Membership is open to Kenyan Citizens and Legal Residents between the ages of 18 and 75 years.
You cannot move between tiers in the course of your 12-month membership but you can upgrade or down grade upon your renewal date. This caveat is in place to mitigate against fraud which ultimately increases the cost of insurance for the entire group if left unchecked.
You will receive a Certificate of Insurance that serves as your proof of insurance.
You may cancel your BimaNet membership at any time by opting not to renew your annual membership.
Linda Fanaka does not provide an investment return after a specified period of time because it is a pure risk product. However, it pays you a cash-back bonus every 3 consecutive claim free years.
Refer-a-Friend Program FAQs22. How does the Refer-a-Friend program work?
Everyone who purchases Linda Fanaka is assigned a unique alpha-numeric Personal Referral Code (PRC) which is used to track all referrals. Upon subscription, the system will prompt your referrals to quote your PRC and BimaNet will reward you accordingly.
Your commission for each successful Linda Fanaka referral is calculated as follows;
There is no limit to the number of times that a member’s PRC may be used to refer new Linda Fanaka subscriptions.
All members who purchase Linda Fanaka are eligible to earn from the Refer- a- Friend program.
Referral incentives are paid on the 5th of every month via Electronic Funds Transfer (EFT) to your nominated bank account.
Any amounts above Ksh 24,000 are subject to a withholding tax of 5%. This is why BimaNet requires the member to furnish us with their KRA PIN in the application forms.
Kenyan citizens living in the diaspora are now eligible to purchase Linda Fanaka for themselves and on behalf of their parents.