GROUP LAST EXPENSE

What is a better start to realizing your dreams for the future than by having a lump sum payment at a predetermined date? Whether it’s travelling, buying a house or paying for your child’s wedding, the Imarika plan is designed just for you.

This policy has been designed to enable one to build a fund over a period of time and at the same time make provision in case of an early death.

It also assures a lump sum at a desired age, which can also be reinvested to provide an annuity during the remainder of your life.

The premium will be payable for the policy term selected (capped at 20 years) or until the death of the life assured if it occurs within the term.

The minimum and maximum ages at entry are 18 years and 65 years respectively. The maximum maturity age is 70 years.


Why the Imarika plan?

Financial Security

This plan allows a controlled, organized and relaxed way to save for a specific future financial need. The savings process helps you to enjoy decent returns while at the same time offering you a life cover. The Imarika plan provides an excellent alternative to a loan.

Flexible term

The plan has a (saving period) which ranges from 5 to 20 years, which will be chosen by you, and this will depend on when you require the funds.

Product Specification

a) Premiums

This is determined by:
  1. Life assured’s age
  2. Frequency of premium payment
  3. level of cover selected
  4. Term of the policy
The premiums can be paid on a monthly, quarterly, semi-annually or annually and the modes of payment include Standing Order, Cheque, and Direct Debit Authority, M-Pesa or Salary Check off.
The premium is payable up to the end of the term of the policy or on earlier death.

b) Terms

  1. The policy term ranges from 6, 9, 12,15 and 18 Years
  2. Premium will be payable for the policy term selected or until death of the life assured if it occurs within the




Our main products features include:


Survival Benefits

On survival of the Policyholder up to :
  1. 100% of the sum assured plus
  2. Simple reversionary Bonus: computed as a percentage of the sum assured (4%)
  3. Terminal bonus: computed as a percentage of the sum assured (50%)

Death Benefits


100% of the sum assured plus accrued bonus (simple reversionary bonus).

The benefits are payable as a lump sum or in from of an annuity payable in installments as specified by the life assured e.g. monthly, quarterly, half yearly or yearly, the first payment being payable at the end of the term of the policy.

Rider Benefits

On payment of additional premium, the following rider benefits are available;
  1. Total and Permanent Disability
  2. On total and permanent disability due to an accident an amount equal to the basic sum assured will become payable in equal monthly installments over a period of 24 months form the date of the accident. The disability referred to must be such that there is neither then or at any time thereafter any work, occupation or profession that the life assured can do to earn or obtain wages, compensation or profit.

  3. Accidental Death
  4. On death due to an accident an amount equal to the basic sum assured will become payable. This is in addition to the main benefit.

  5. Waiver of Premium
  6. All future premiums will be waived following total permanent disability due to accident or illness.

  7. Medical Reimbursement Rider
  8. In case of an accident leading to the injury and hospitalization of the life assured, the in-patient medical expenses incurred will be reimbursed subject to a maximum of 60% of the policy sum assured but not exceeding Kes. 500,000/-.

  9. Critical Illness rider
  10. In the event of first diagnosis of a specified critical illness an amount equal to 30% of the sum assured is payable to the life assured up to a maximum of Kes. 300,000. Includes: Cancer, Stroke, Heart Attack, Kidney Failure, Paraplegia or Paralysis, Coronary, Artery Disease, Major Organ Transplant, e.g. Kidney transplant

  11. Retrenchment rider
  12. In the event of loss of employment due to adverse business conditions e.g. introduction of new technology or re-organization of the business by the employer, future premiums will be waived off up to a maximum of 6 monthly installments. This will cease, if the assured secures employment before the end of 6 months

Additional benefits

Paid Up and Surrender

The policy will acquire paid up and surrender values after payment of at least 3 full years’ premium.

Loans

Loans will also be available within the surrender value of the policy

Tax benefit

By law, a 15% insurance relief will be granted to the policyholder up to a maximum of Kes. 5,000 p.m. (Kes. 60,000 p.a.)

If you are interested in learning how much Group Last Expense insurance would cost you, or if you are interested in purchasing Group Last Expense insurance, please click Get Cover.

If you would like further explanation or assistance about Group Last Expense insurance, please click I Need Assistance.