What Is ICEA LION’s Value Added Term Assurance?

Our Value Added Term Assurance, initiated by ICEA LION in the East African insurance market, is unique in that it allows you to save for your desired term and get back your full premium contributions at the end of that period. However, in the unfortunate event of your demise, your nominated beneficiaries get the Sum Assured.

If you complete your term while alive, you will get reimbursement for your full premium contributions. However, you will not receive the Sum Assured.

We also offer Level Term Assurance which offers a higher payout than that of Value Added Term Assurance. Further, Level Term Assurance does not refund your premium contributions at the end of the policy period, even if you are alive at the end of the term.

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Helpful tip

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.

If you would like to talk to us in person, you can call us on +254 719 071 999 or request a call back by clicking here.

What Are The Key Benefits Of Our ICEA LION Value Added Term Assurance?

Eligibility for full Sum Assured Payout is immediate

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.


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 option

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

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.

Access to 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).

Guaranteed 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 out ICEA LION Milele Trust.

What other important information should I know about Equity Fund?

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Life Happens!

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

Policy Type

Level Term Without Profits

Value Added Term Assuarance

Value Added Term Assuarance

What other types of products are available At ICEA LION?

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