Our Level Term Assurance, as an insurance platform, allows you to select the premium you wish to pay as well as the duration. The Sum Assured tends to be significantly high as it is paid out to your nominated beneficiaries upon notification of your unfortunate demise. It is important to note, however, that your premium contributions are non-refundable at the end of the policy period, even if you are alive at the end of the term.
We offer Value Added Term assurance, a unique innovative plan, initiated by ICEA LION in the East African insurance market that allows you to save for your desired term, and get back your full premium contributions at the end of that period. However, the sum assured for Value Added Term is not as high as that of Level Term Assurance. Further, it is very important to note that with this plan, if you are alive once the policy term ends, you will be reimbursed your full premium contributions. However, you will not receive the sum assured.
To help you along, click here to watch a video that explains how you can decide on the ideal investment to make in light of your investment goals.
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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 upon notification of your demise. 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
Your ICEA LION Milele Trust Fund, under our Trusteeship, gives you the peace of mind to know that in the event the unexpected happens, your legacy is protected and preserved for your loved ones
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.
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.
When your policy matures, you will get the full Sum Assured paid to you Tax-Free.
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 opt to pay premiums monthly, quarterly or annually which is suitable for self-employed as well as salaried employees
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 out ICEA LION Milele Trust.
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If for one reason or another you are unable to pay your premiums, you can opt for either of these options
Below is a graphical comparison of the final dues paid to you if you paid a premium of Kes 10,000/- per month for 10 years for Value Added Term, Level Term Assurance, Anticipated Endowment and Endowment with Profits.