ICEA LION's Endowment With Profits

An endowment is a type of life insurance where you make periodical payments and you get a guaranteed payout after a specified period of time (at maturity) 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 (10), fifteen (15) or twenty (20) years, up to a certain age limit.

An Endowment With Profits policy is insurance that enables you 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 and wishes to have a disciplined way to do so.

There are no partial payments during the course of your policy term, payment is made in lump sum at maturity. It is also important to note that an Endowment With Profits policy is essentially life insurance, 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.

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 The Endowment with Profits has one lump sum payout at the end of the policy term whilst the Anticipated Endowment  has partial payouts in the course of the policy. Due to this 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

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What Are The Key Benefits Of Our ICEA LION Endowment With Profits Policy?

Eligibility for full Sum Assured Payout is immediate:

A very special feature of this endowment policy is that once our contractual agreements are finalized (including payment of your first premium installment), in the unfortunate event of your demise, we will pay out the full Sum Assured to your nominated beneficiaries immediately. You should however note that we will deduct the amount commensurate with what you would have paid for as a full year’s premium – from the final dues – if you had not paid up for the full first year.

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.

Flexible payment options

You can opt to pay premiums monthly, quarterly or annually making it suitable for self-employed as well as salaried employees.

You can add on additional benefits (Riders):

For 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). This can be done at any stage of the policy; it does not have to be done at inception.

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. Other organizations may charge a fee on the arrears, however we do not charge at ICEA LION. You can however only re-date 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

When your policy matures, you will get the full Sum Assured paid to you Tax-Free.

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).

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.

What other important information should I know about Endowment With Profits?

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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 Endowment With Profits & Anticipated Endowment

An Endowment With Profits may be confused with Anticipated Endowment. They are similar products however; they are differentiated on 2 key features:

  1. The Endowment with Profits has one lump sum payout at the end of the policy term whilst the Anticipated Endowments has partial payouts throughout the duration of the policy.
  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 Endowment with Profits Anticipated Endowment 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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