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Life Insurance

Finding and retaining good employees is a challenge. Providing competitive but cost-efficient life insurance and retirement annuity options plays a large part in this.

FlexiPension

With FlexiPension, a personal pension plan, we ensure you have pension benefits upon retirement.

FlexiPension will enable you to build up a fund by making periodic contributions into a high yielding retirement fund administered by Sanlam in Kenya. It aims to cover all persons aged 18 years and above, whether they are self-employed or employed. It also caters for small occupation schemes which members might want to convert from occupational schemes to lessen financial pressure on their funds from annual administrative and statuary levies.

Contributions

  • Contribution levels are entirely flexible to assist those with fluctuating income
  • Further flexibility is achieved by the plan’s design of membership continuity throughout various career changes in the course of a member’s working period
  • You can contribute to the fund irrespective of where your workplace is based
  • The minimum monthly contribution is KSh1 000
  • The maximum tax-exempt contribution is KSh20 000 per month or KSh240 000 per year
  • Individuals will be informed that, despite the fact that they are allowed to contribute any amount at any given time, any amount above KSh20 000 per month or KSh240 000 per year are not tax exempt
  • The contributions vest immediately. However, withdrawals before expiry of the investment period are discouraged. Partial withdrawals are also discouraged under the plan
  • Upon retirement, a cash payment of 30% of the individual's fund will be paid as a lump sum. The rest will be utilised to buy a monthly pension. There are numerous options available within the annuity income products range for the member to select.
    • * The investment fund manager is Sanlam Investment Managers Ltd.

Major Rider on FlexiPension

The Last Expense rider benefit is optional and pays either KSh100 000 or KSh200 000 as a benefit from as little premium as KSh1 200 or KSh3 000 respectively. The benefit is paid to the beneficiaries of the policy holder in the event of the policy holder’s death to take care of funeral expenses.

FlexiAnnuity

An annuity plan is an arrangement whereby Sanlam, in exchange for the purchase price/money, enters into a contract to pay a set amount of money (the annuity) on agreed dates for life or an agreed term. Its purpose? To ensure that upon your retirement, an income for life or for a convenient number of years is streaming in.

You can also arrange for joint life annuity provision which, if required, can be extended to cover your children. Our annuity plans are favourably designed to provide assurance against the possibility of the annuitant outliving the purchase premium.

How do you apply?

  • Fill out an Annuity Purchase proposal form, which should be submitted to Sanlam together with your National ID and a copy of your PIN certificate.
  • Evidence of your existence will be required on an annual basis.

How do you receive your payments?

  • Annuitants may opt to receive their payments monthly, quarterly, semi-annually or annually.
  • You are free to select the level of increasing/escalating installments.
  • Installments that increase will be at a fixed percentage each year on an agreed date.
  • Escalations are essential to offset the effects of inflation.
  • Under the present tax regulations, the first KSh25 000/= of your monthly annuity income is not subject to tax and the remainder is taxed at the Withholding Tax rates.

Major Riders on FlexiAnnuity

The Last Expense rider benefit is optional and pays either KSh100 000 or KSh200 000 on a premium from as little as KSh1 200 or KSh3 000 respectively. The payable benefit is given to the beneficiaries of the policy holder in the event of the policy holder’s death to take care of funeral expenses.

Verification Certificate

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Group Life Assurance

This group term assurance policy is offered to employers for the benefit of family/dependants of an employee who dies in the line of duty, is permanently and totally disabled, temporarily disabled and/or has critical illness.

The policy guarantees to pay a lump sum usually calculated as a multiple of the salary of an employee or an agreed fixed sum. For convenience and ease of administration of the scheme we try to minimise the number of documents and forms to be completed and submitted by the client.

Required forms

  • Group Proposal Form. This is completed once by the policy holder
  • A schedule of details of the persons to be covered. The schedule should have the following details:
    • The names
    • Dates of birth
    • Identification number
    • Salary (monthly or annual)

Upon receipt of the group proposal form, the member’s schedule, premium and policy document will be issued. Sanlam offers very completive premium rates through careful risk assessment and negotiations with clients based on their needs. The premium is payable annually in advance. However, medical evidence of insurability is required for all the sums assured, which are above free cover limit, and the examination is usually carried out by any of the medical examination service providers on our panel.

To claim you will need:

  • Benefits claim notification letter
  • Original death certificate in case of benefits claim by death
  • Certified copy of National ID card of the deceased

The benefit due will be determined and a “Discharge Form” for execution and return by the policy holder will be issued. Upon receipt of the signed discharge form settlement will be made within three days.

*The policy does not have an HIV/Aids exclusion clause.

Major Riders on Group Life

  • Disability cover
    This rider is optional. The benefit is payable in the event of the policy holder becoming totally and permanently disabled due to an accident or illness and is unable to perform his/her usual occupation. The benefit is paid based on the continental scale.
  • Critical illness
    This rider is optional and pays 30% of the Group Life Benefit, up to a specified maximum, upon diagnosis of a terminal illness as specified in the policy document.
  • Last Expense
    This rider is optional and is payable within 48 hours of notification of death. It can pay up to KSh200 000. The payment is made to the beneficiaries of the policy holder in the event of untimely demise, to take care of funeral expenses.

Group Last Expense

With Group Last Expense we offer your employees affordable insurance to cover all their funeral expenses.

For membership, it takes 20 members with an upper limit of age next birthday as 65 years. Spouse(s), children and parents of members can be included into the scheme as dependants however, dependent children ought to be between 1 and 18 years—cover can sometimes extend to 21 years of age if the dependant is still in school.

Application requirements

  • The group must be a registered society either with the Registrar of Societies or by the relevant Government Ministry
  • We’ll require the group to complete and submit a group proposal form upon receipt of which we shall issue the policy document to them
  • Individual members will not be required to complete proposal forms. They must submit the list of members proposed for cover and their dependants where applicable
  • We’ll require identification documents of the members, e.g. a copy of the ID card, copy of passport and birth certificates for children
  • Newly recruited members of the group can join the scheme at any time during the year upon which we shall be advised to include them in to the scheme
  • The group will provide us with their names and we will in turn advise them of the proportionate premium payable in respect of the new entrants
  • There is a six-month waiting period (from the date of commencement of the policy) within which claims arising out of death as a result of sickness are excluded. The waiting period will also apply on any new entrant from the date they are admitted as members of the scheme
  • There is no waiting period for death caused by accident. This clause does not apply on policies taken out by corporate organisations.

Premium rates

  • The premium rates are negotiable and once agreed, the premium should be paid in advance at the commencement of cover
  • The subsequent premiums will be calculated at the renewal date, subject to any changes within the group, claims experience or changes made by the company
  • It is upon the group to decide on the level of cover per member. The level decided upon shall be uniform for all the adult members of the scheme. However, the cover for dependent children can either be the same as that of adults or half of that of adult members, in which case the decided level of cover shall apply uniformly to all children under the scheme
  • The minimum benefit a group can take is KSh30 000 and the maximum is KSh200 000. However, the maximum level of cover for children is limited to KSh100 000

Claims

  • The group will require
    • a death notification form
    • a burial permit
    • a copy of the National identity card of the deceased
    • a letter from the doctor certifying death
    • a mortuary acceptance certificate
  • The claims will be paid within 48 working hours on receipt of all the requirements.
  • For a member with dependants, the cover for the dependants continue until the expiry of the underwriting year in which death occurred.
*Our Group Life Products do not have an HIV/Aids exclusion clause.

Group Mortgage

Our Group Mortgage policy is for organisations that offer mortgage finance to third parties, such as banks, building societies, micro-finance institutions, cooperative savings and credit societies, hire-purchase dealers.

The policy guarantees to settle 100% of the outstanding loan in respect of a deceased member of the scheme or when a member becomes totally and permanently disabled by accident. The policy can also be taken with a funeral expense benefit at an additional but modest premium. The funeral cover guarantees to avail funds to finance funeral expense in respect of a deceased member of the scheme.

Benefit payments

  • The benefit is payable within 48 hours of notice
  • The level of benefit per member under this cover will be decided on by the financier in consultation with the members of the scheme and should be uniform.
  • The levels of cover range from KSh50 000/= to KSh200 000/=

Premiums payable

Depending on the arrangements of the collection of premiums from the debtors by the creditor, premiums can be paid in two ways:

  • An annual premium is payable on commencement of the cover and thereafter annually on the renewal date
  • A single premium is paid for the whole term of the loan
  • Large organisations prefer a single premium method because it is easy to administer
  • Sanlam offers very completive premium rates arrived at through careful risk assessment, negotiations and agreement with the client in accordance with its needs

Requirements

The documents required are as follows:

  • Group Proposal Form. This is completed once by the creditor
  • A schedule of details of the persons to be covered. The schedule should have the following details:
    • Name and surname
    • Date of birth
    • Identification number
    • Outstanding loan
    • Interest rate
    • Loan repayment term

Upon receipt of the group proposal form, the member’s schedule and the premium of the policy document will be issued. Under extreme cases medical evidence of insurability may be required. This is due to high loan amounts and/or high age of a member. The evidence may be required in either of the following ways or both:

  • Complete and submit a medical examination questionnaire
  • Submit to medical examination by our listed medical examination service providers

To claim, you need to provide

  • Proof of claim documents

In case of benefits claims, the documents required are:

  • Benefit claim notification letter
  • Original death certificate in case of benefit claim by death
  • Satisfactory medical examination reports in case of a benefits claim by permanent and total disability
  • Certified copy of National ID card of the deceased
  • Loan repayment statements

The outstanding loan will be determined and a “Discharge Form” for execution by the creditor will be issued. Our claim settlement cheque will be ready within a maximum of three days on receipt of the signed discharge form.

*The policy does not have an HIV/Aids exclusion clause.

Group Credit Assurance

Group Credit Assurance is usually suitable for employees of banks, building societies, micro-finance institutions, cooperative savings and credit societies, hire- purchase dealers and employers who offer credit facilities to their employees.

Policy features

  • The policy guarantees to settle 100% of the outstanding loan in respect of a deceased member of the scheme or when a member becomes totally and permanently disabled by accident to engage in any occupation for a wage or profit.
  • It can be taken with a funeral expense benefit at an additional but modest premium and guarantees to make funds available to finance funeral expenses in respect of a deceased member of the scheme.
  • The policy pays out within 48 hours of notice.
  • The level of benefit per member under this cover will be decided on by the financier in consultation with members of the scheme and should be uniform.
  • These levels of cover range from KSh50 000/= to KSh200 000/=.
  • A retrenchment cover is another optional rider on this product, which relieves policy holders of loan instalments for a specific period while they change between jobs.

Premium payments

Depending on the arrangements of collection of premiums from the debtors by the creditor, premiums can be paid in two ways:

  • An annual premium is payable on commencement of the cover and thereafter annually on the renewal date
  • A single premium is paid for the whole term of the loan

Required documents

  • Group Proposal Form: This completed once by the creditor
  • A schedule of details of the persons to be covered. The schedule should have the following details:
    • Name and surname
    • Date of birth
    • Identification number
    • Outstanding loan
    • Interest rate
    • Loan repayment term

Upon receipt of the group proposal form, the member’s schedule and the premium of the policy document will be issued. Under this policy there are no medical examination requirements. However, a negotiated waiting period will apply. To claim the members need to:

  • Provide proof of claim documents

In case of benefit claims, the documents required are:

  • Benefit claim notification letter
  • Original death certificate in case of benefit claim by death
  • Satisfactory medical examination reports in case of benefit claim by permanent and total disability
  • Certified copy of National ID card of the deceased
  • Loan repayment statements

The outstanding loan will be determined and a settlement within three days.

*The policy does not have an HIV/Aids exclusion clause.
Sanlam Life Insurance is a licensed financial service provider.
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