icea lion - icea insurance - icea lion products.

Icea lion is one of the biggest Insurance companies in Kenya and East Africa, In Icea lion we have different products to cater to your financial needs. Some of the products in Icea Lion Insurance are Education plans and savings and investments. In this article am going to take you through Icea Lion products and below this article, you will find my contact that we can reach out to me.

We believe in saving for a better tomorrow. This enables one to meet the needs of children’s education, deposit for future mortgages, and indeed for any personal or family needs that cannot be met immediately on one’s current income. Life is full of uncertainty and misfortune can strike any time. If it does, your family may be exposed to hardships, and your properties and investments may also be put at risk.

In our savings plan, you can decide on how much you want to be insured for and we will calculate the premium for you. Alternatively, you can decide how much you want to pay and we will advise you of the sum assured and the maturity value.

That is why it is important for you to invest with us now for a better future, through our unique savings plans including:

1. Endowment Assurance With-Profits (EAW)
2. Usomi Bora (Children’s Education Assurance (CEA))
3. Anticipated Endowment (AEN)

1.Usomi bora

Icea Lion Usomi Bora.

Like everything else, the cost of education is on the rise while every child has a right to education hence they have to go to school. We advise you to have an education tailor-made saving plan now as the cost in the future may be prohibitive and your children may be denied the type of education you desire for them.

• The plan combines the life cover, through the sum assured value, with investment since it gains bonuses.
• The product is an open-ended facility that leaves the choice of the education institution to the parent.
• The amount of cover selected depends on the parent’s estimation of such future needs, including the quality of education and the time horizon to be covered (i.e. to primary level; or secondary level; or tertiary level).
• The amount of cover is also dependent on the parent’s resources, which will determine the premium that can be afforded and the desired point of the policy’s intervention (towards funding his or her children’s education).
• You affect the policy on your life as the insured (policyholder) with the child as the beneficiary.
• The term of the policy will be determined by the point at which you want the child to start benefiting.
• It is a hustle-free way of accumulating Education funds without interfering with your living lifestyle.
• The plan is bonus-earning. The size of the bonuses depends on the investment conditions and performance that are prevailing and they include:
• Annual (Reversionary) Bonuses: They are declared annually as cash values computed as percentages of the sum assured and are added to the sum assured.
• Accrued (Final or Terminal) Bonuses: Are additional bonuses declared at maturity of a policy to hence encourage the policyholder to keep the policy in force until maturity.
• The bonuses are paid together with the sum assured when the policy matures.
• In case of death of the assured, the subsequent premiums are waived and the policy continues earning bonuses until the maturity date.
• You are free to choose whether you want the sum assured at maturity to be paid in installments or as a lump sum and whether you want to receive the money or the payments to be directly sent to the school. (For example, if your child will go to high school or university in 10 years’ time, then you can choose the date of the maturity to coincide with that time, and the sum assured to be paid in, say, four equal annual installments, termly or in a lump sum.)

Key elements

1. Premiums: This is the amount to be saved per month. Premiums are payable annually, half-yearly, quarterly or monthly in advance. The minimum deposit with us is Ksh. 2000/=
2. Term: Number of years the policyholder plans to save with us The terms include a minimum of 8 years to a maximum of 18 years.
3. Age of the insured

The three elements help determine the Maturity Value (M.V). It is the amount paid by the insurance company to the policyholder upon maturity of the policy or in case of death of the policyholder. It is the sum of the Amount Saved plus the Bonuses gained.

Conditions

• The insured is required to make continuous and consistent saving with the company for at least three years in order to attain a Surrender Value. This is the amount a policyholder is given in case he/she decides to surrender the policy before the maturity period. The surrender value may be less than the amount saved due to administrative costs.

Upon attaining a surrender value (3 years) a policyholder can:

• Apply for a loan
• Legally use the policy as a bond in the court of law in case such a situation arises
• Surrender the policy

NB/ If a policyholder surrenders the policy before the end of the three years he/she risks losing all the savings.

Benefits

• Waiver of Premiums: In case the policyholder suffers death the insurance company takes the responsibility of paying the premiums until maturity for the benefit of the beneficiary child. This benefit is inbuilt in this policy with additional cost
• Permanent Total Disability: sum assured is paid in case the policyholder suffers an irreversible accident.
• Accidental Death Benefit: sum assured is paid in case the policyholder suffers death.
• Critical Illness: Sum assured is paid to cater for the medication of the insured under critical condition.
• Last Expense: Sum assured is paid within 48 hours beneficiaries reporting the incidence
• Tax Relief: the policyholder entitled to a 15% annual tax relief.

2.Endowment with-profits

Icea Lion Savings and Investment.

For the purpose of the planned investment plan, this is a fixed deposit kind of saving plan that takes time but ensures that you realize your financial and investment goals through a consistent and committed plan. It in the long run also can serve as an individual retirement plan for individuals.

• The plan combines life cover (protection) with investment.
• The plan is bonus-earning. The size of the bonuses depend on the investment conditions and performance that are prevailing and they include:
• Annual (Reversionary) Bonuses: They are declared annually as cash values computed as percentages of the sum assured and are added to the sum assured.
• Accrued (Final or Terminal) Bonuses: Are additional bonuses declared at maturity of a policy to hence encourage the policyholder to keep the policy in force until maturity.
• The sum assured plus the accrued bonuses is paid at the maturity of the policy, or in the unfortunate event of death — whichever happens first.
• You freely choose the policy term and the premiums best suited to your circumstance and the expected amount you intend to gain at the end. (i.e, if you intend to invest in 10 years’ time, then the maturity date coincides with the investment date. the amount to be invested could then be determined through quotation.)

Key elements

1. Premiums: This is the amount to be saved per month. They are payable annually, half-yearly, quarterly, or monthly in advance. The minimum deposit with us is Ksh. 3000/=
2. Term: Number of years the policyholder plans to save with us The terms include a minimum of 10 years, then 15, 20 and the maximum is 25 years.
3. Age of the insured

The three elements help determine the Maturity Value (M.V). It is the amount paid by the insurance company to the policyholder upon maturity of the policy or in case of death of the policyholder. It is the sum of the Amount Saved plus the Bonuses gained.

Conditions

• The insured is required to make continuous and consistent saving with the company for at least three years in order to attain a Surrender Value (S.V). This is the amount a policyholder is given in case he/she decides to surrender the policy before the maturity period. The surrender value may be less than the amount saved due to administrative costs.
• Upon attaining a surrender value (3 years) a policyholder can:
• Apply for a loan
• Legally use the policy as a bond in the court of law in case such a situation arises
• Surrender the policy

NB/ If a policyholder surrenders the policy before the end of the three years he/she risks losing all the savings.

Benefits

• Permanent Total Disability: Sum assured is paid in case the insured suffers an irreversible accident.
• Accidental Death Benefit: Sum assured is paid in case the policyholder suffers death.
• Critical Illness: Sum assured is paid to cater for the medication of the insured under critical condition.
• Last Expense: Sum assured is paid within 48 hours beneficiaries reporting the incidence
• Tax relief: the policyholder is entitled to a 15% annual tax relief.

Here is are my contacts you get in touch with me so that I can guide you on how to start.

clemo744@gmail.com

+254751675602