Endowment Life Assurance
Endowment Life Assurance Policy (With Profits)
The financial security we provide for ourselves and our family is our utmost responsibility in life. One's present disposable income not only enables one to look after oneself and the family, keep them healthy, content and happy but also to provide for them in future. To do this successfully, one needs a Saham Endowment Policy with an added Bonus or with profits.
This plan helps individuals accumulate the money they need through a systematic saving programme with a guarantee that the cash will be available as planned, whether the Assured lives or dies. This Endowment Assurance pays the face amount of the policy to the;
Named beneficiary if the Assured dies before the end of the endowment periodor
Assured if he/she is living at the end of Endowment period.
The Endowment plan allows the individual to choose the most suitable Endowment period from the following; 10, 15, 20, 25, 30 years or Endowment maturing at Assured ages 55, 60 and 65. The minimum entry age is 16 years; the maximum is 55 years while maximum maturity age is 65 years.
Assumed Age - 35 Years
Sum Assured - Ksh. 100,000/=
Term10 - Years
Annual Premium - Ksh. 11,502/=
Monthly Premium - Ksh. 1,006/=
The policy incorporates the following benefits to the individual:
> A Bonus - it is a profit earning policy, which besides paying the sum insured at the time of the claim, also earns an individual, a healthy profit, which one can obviously call a bonus.
> Accident and Disability Benefit
> Premium Stoppage
> Loan after a period of three years from the date of commencement, policy acquires a loan value.
The policy is designed with a view that an individual can live longer than expected as it provides an avenue to make adequate provision for one's old age when income diminishes. It also helps to make sure that when one dies prematurely, the family's basic standard of living is maintained.
Endowment Life Assurance Policy (Without Profits)
This is similar to plan 2 (a) but does NOT participate in the profits declared periodically.