This is a list of products offered by Prudential Life Assurance and its branches in Kenya. It is one of the 56 licensed insurance companies in Kenya by the Insurance Regulatory Authority. The company is a subsidiary of Prudential Plc, a multinational life insurance and financial services company headquartered in Asia. It first set its foot in Kenya in 1930. In 2014, it relaunched its operations in Kenya after the acquisition of Shield Assurance.
Prudential Life Assurance Products
1. Pru Dahari-Dumu
This is a lasting savings and protection plan. It combines the benefits of savings and life assurance and allows the insured to take a premium holiday after six months of paying premiums should the need arise. The policy helps you to achieve your goal and give you peace of mind that whatever happens, your investment will be secure.
2. Pru Select
This plan allows you to accumulate funds to help you achieve your goals whilst protecting you and your family against the worst that life can throw at you. The policy is designed to help you achieve those goals that are an absolute “must”, like your child’s education. It has guaranteed cash pay-outs to help your family get back on track and ensure your child’s education would not be compromised.
How the policy works.
- You decide the total savings that you need and the number of years you want to save for.
- You select how many cash pay-outs you want to receive. These cash pay-outs are paid during the last policy years.
- Prudential calculates the regular amount to be saved – you can choose to pay monthly, or – to receive a discount – quarterly, semi-annually or annually.
- Prudential carefully invests your savings to guarantee that you receive your target amount.
- You also benefit from a share in the investment profits via bonuses, giving you additional returns on top of your target amount.
- Depending on the cash pay-out plan you selected, during the final seven years of the policy you receive annual payments that increase each year.
- At the end of the policy term, you receive the final lump sum plus bonuses.
Benefits
- Guaranteed achievement of your savings target – with increasing annual payments in the last seven years of the policy if more than one cash pay-out plan is selected.
- Annual investment bonuses to share the investment profits (made at the insurer’s discretion)
- In case of death, Prudential will pay 100% of the insured amount to a beneficiary of your choice. We will then continue to pay your monthly payments and pay all the original benefits to your beneficiary on your behalf.
- In case of accidental death, Prudential will pay 200% of the insured amount to your beneficiary. We will then continue to pay your monthly payments and pay all the original benefits to your beneficiary on your behalf.
- If the cover is selected, on the diagnosis of a specified critical illness, Prudential will pay 50% of the insured amount, and then also continue to pay your remaining monthly payments and pay all the original benefits to you or your beneficiary when they become due.
- If the cover is selected, should you become permanently disabled due to an accident or illness, Prudential will continue to pay your remaining monthly payments and pay all the original benefits to you or your beneficiary when they become due.
3. PruMemorial Family Cover
This cover gives you and your family the support required to address the financial burden of losing a family member.
Features
- Funeral benefit
- Accidental death benefit
- Accidental disability benefit
- Claims paid within 48 hours
- Loyalty benefits – 50% of the annual premium paid back every 5 years
4.PruLife
This is a protection plan giving you protection in the event of death, critical illness or total and permanent disability for the whole of your life.
Benefits
- It offers you the option to cover your spouse in addition to yourself.
- It helps create an immediate estate for your dependents, helping your family maintain their lifestyle without having to sell land or property.
- It helps you and your family offset the financial strain of critical illness in the event that you or your spouse are diagnosed with a critical illness defined in the policy.
- It provides an option to double the cover for accidental death or disability.
- It offers attractive bonuses throughout the lifetime of the policy.
- It offers flexible premium payment terms, allowing you to finish paying premiums within a shorter period.
- No medical examination is required for sums assured of up to KES 5 million.
- It offers Insurance tax relief of 15% of the premium, up to a maximum of KES 60,000 annually.
Corporate and Sacco Solutions
1. Group Life Assurance Scheme
This cover is usually taken out by an employer/organisation on the lives of their employees/members as a group. The benefit is payable on the death of the employee/member from either accidental or natural causes.
Supplementary Benefits
- Last Expense (Funeral) Cover
On the death of an employee/member of the scheme, an amount which may vary between Kshs. 50,000/= to Kshs. 500,000/= will be payable within 48 hours of receipt of written notification of death. This benefit is intended to assist the bereaved family in respect of immediate burial expenses. It can also be extended to include the spouse and children of the insured employee/member.
- Critical Illness Cover
If an employee/member contracts a critical illness for the first time, 30% of the accepted group life sum assured subject to the stipulated maximum will be payable. The conditions covered are Heart Attack, Cancer, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, Major Organ Transplant and Paraplegia.
- Permanent Total Disability Cover
This benefit is payable where an employee/member becomes totally and permanently disabled or incapacitated whilst in the service of the employer / a member of the Group.
WIBA Compliant Group Life Assurance Scheme
This is a policy designed in compliance with the WIBA Act of 2007 to cover employees against accidental loss of life or disability arising out of a work-related accident.
2. Group Last Expense (Funeral) Cover
