Akiba halisi has been designed to enable you to build a fund over a period of time and allows you to have access to this fund at specified times to enable you to meet your financial obligations. This plan also offers a life cover.
The policy terms that you can choose are 6, 9, 12, 15 and 18 years. Premium will be payable for the policy term selected or until death of the life assured if it occurs within the term.
This policy has been designed to enable one to build a fund over a period of time and allow the policy holder to have access to his fund at specified times to enable him meet his obligations. It also assures a lump sum at a desired age.
The minimum and maximum ages at entry are 18 years and 65 years respectively. The maximum maturity age is 70 years.
This is determined by:
The premiums can be paid on a monthly, quarterly, semi-annually or annually and the modes of payment include Standing Order, Cheque, and Direct Debit Authority, M-Pesa or Salary Check off.
The premium is payable up to the end of the term of the policy or on earlier death.
On survival of the Policyholder up to :
100% of the sum assured plus accrued bonus (simple reversionary bonus).
The benefits are payable as a lump sum or in from of an annuity payable in installments as specified by the life assured e.g. monthly, quarterly, half yearly or yearly, the first payment being payable at the end of the term of the policy.
On payment of additional premium, the following rider benefits are available;
On total and permanent disability due to an accident an amount equal to the basic sum assured will become payable in equal monthly installments over a period of 24 months form the date of the accident. The disability referred to must be such that there is neither then or at any time thereafter any work, occupation or profession that the life assured can do to earn or obtain wages, compensation or profit.
On death due to an accident an amount equal to the basic sum assured will become payable. This is in addition to the main benefit.
All future premiums will be waived following total permanent disability due to accident or illness.
In case of an accident leading to the injury and hospitalisation of the life assured, the in-patient medical expenses incurred will be reimbursed subject to a maximum of 60% of the policy sum assured but not exceeding Kes. 500,000/-.
In the event of first diagnosis of a specified critical illness an amount equal to 30% of the sum assured is payable to the life assured up to a maximum of Kes. 300,000. Includes: Cancer, Stroke, Heart Attack, Kidney Failure, Paraplegia or Paralysis, Coronary, Artery Disease, Major Organ Transplant, e.g. Kidney transplant.
In the event of loss of employment due to adverse business conditions e.g. introduction of new technology or re-organization of the business by the employer, future premiums will be waived off up to a maximum of 6 monthly installments. This will cease, if the assured secures employment before the end of 6 months.
The policy will acquire paid up and surrender values after payment of at least 3 full years’ premium.
Loans will also be available within the surrender value of the policy.
By law, a 15% insurance relief will be granted to the policyholder up to a maximum of Kes. 5,000 p.m. (Kes. 60,000 p.a.).
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