ICEA LION's Anticipated Endowment Policy

This is an insurance policy that gives you a platform to grow your savings by making regular payments (premiums) over a specified period of time. It is suitable for anyone who wants to save up for a long-term goal, but still wants to enjoy interim rewards to take care of short term goals by giving you a set number of payouts over the duration of the policy.

In essence, this is essentially a life insurance policy, which means that the Sum Assured and bonuses (both of which combined are known as maturity benefits) are payable to your nominated beneficiaries in the unfortunate event of your demise. Endowments grow your savings because the potential bonuses you gain are derived from the interest accrued from the investments made on your behalf by the insurer.

 

The term endowment is tossed around quite a bit, yet it is unclear to most people what it actually means! Despite the complicated name, an endowment is a type of life insurance where you make monthly or periodical payments and you get a guaranteed payout after a specified period of time, i.e. when the policy matures or in the unfortunate event of your demise. Some endowments even pay out in the unfortunate event of your incapacitation or if you are diagnosed with a critical illness. Typical maturity periods for endowments are ten, fifteen or twenty years, up to a certain age limit.

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Upon maturity, the Sum Assured will be paid to you Tax-Free.

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What Are The Key Benefits Of Our ICEA LION Anticipated Endowment Plan?

Payout in 3 installments:

Our payout structure is as follows:

The first payout:

  • 20% of the Sum Assured.
  • The second payout is 20% of the Sum Assured.
  • The final payout at maturity is 60% of the Sum Assured plus the accrued bonuses. ***However, note that the amount that is guaranteed to be paid out is your Sum Assured. The bonuses are paid out subject to market performance during the duration of your policy.

Affordability

In the unfortunate event you lose your source of income, you can reduce your premium payments up to KES 2,000 and you can later revise them upwards when your circumstances improve.

15% tax relief:

If you are employed and you advise your HR department about your policy, you get a 15% tax relief each month. If you are self-employed you can claim the same from Kenya Revenue Authority (KRA).

You can add on additional benefits (Riders):

At a minimal additional fee, you can boost your policy with a rider to your existing policy. These include disability rider, accidental death, waiver of premium for unfortunate events such as loss of income, critical illness and last expense (funeral benefit).

Contribution Break (Re-Dating):

If you are unable to continue paying the premiums for your policy, you can pause payment of your policy and restart when your circumstances improve, at no extra cost. This is known as re-dating. However, this can only be done once.

Policy Loan:

You can take a loan against your premiums from year 3 (36 months of contributions) and the loan amount is dependent on the value of your policy at that time not the Sum Assured.

Tax-Free benefit:

Upon maturity, the Sum Assured will be paid to you Tax-Free.

Flexible payment options

You can opt to pay premiums monthly, quarterly or annually.

Guarantee Income for Your Loved Ones

In the unfortunate event of your demise, your nominated beneficiaries can still have the quality of life you envisioned for them. That said, it is very important that you ensure you have structures in place to ensure that the people who are left in control of your funds use it as you desired. In order to protect your legacy for your intended purposes, it would be advisable to consider Estate Planning and perhaps set up a Trust. Click here to find out about our ICEA LION Milele Trust.

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What Happens If I Cannot Pay My Premium?

Life Happens!

If for one reason or another you are unable to pay your premiums, you can opt for either of these options

What Is The Difference Between Anticipated Endowment & Endowment With Profits?

What Is The Difference Between Anticipated Endowment & Endowment With Profits?

  1. The Anticipated Endowments has partial payouts throughout the duration of the policy whilst the Endowment with Profits has one lump sum payout at the end of the policy term.
  2. Due to the above mentioned structure, the final payout for Endowment With Profits is higher than that of an Anticipated Endowment. Long term investments are more likely to yield higher returns because one can invest in more profitable financial instruments. Below, is a comparison of a saving with Anticipated Endowment and with Endowment with Profits with the same monthly premium. The difference in the final maturity payout is about KES 400,000

Policy Type

Endowment with Profits

Anticipated Endowment

What Other Types Insurance Does ICEA LION Have?

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For a little as Kes 500/- and with the right partner to back you up, the only way for your investments is up

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