PERSONAL FINANCIAL MANAGEMENT - LIFE PRODUCTS

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JICK MARKETING TEAM WWW.JUBILEEINSURANCE.COM JUBILEE INSURANCE COMPANY OF KENYA LTD. PERSONAL FINANCIAL MANAGEMENT D.W.W.

Transcript of PERSONAL FINANCIAL MANAGEMENT - LIFE PRODUCTS

Page 1: PERSONAL FINANCIAL MANAGEMENT - LIFE PRODUCTS

JICK MARKETING TEAM

WWW.JUBILEEINSURANCE.COM

JUBILEE INSURANCE COMPANY OF KENYA LTD. PERSONAL FINANCIAL MANAGEMENT

D.W.W.

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PERSONAL DEVELOPMENT

PHYSICAL

MENTAL

EMOTIONAL

SPIRITUAL

HOW IS FINANCIAL RELATED TO THE ABOVE?

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CASH FLOW MANAGEMENT

CASH

BASKET

Loan Servicing

Share

Dividends

Income/ Salary/ Pension

Investment

Interest Rental Income

Asset Purchases/

Investments

Every Day Bank

Account

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HOW DOES JUBILEE ASSIST YOU?

By offering need oriented financial

products meant to help you plan for your

future consumption.

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JUBILEE’s COMMITMENT

OUR VISION

Enabling people to overcome uncertainty

OUR MISSION

To provide solutions to protect the future of our customers

OUR CORE VALUES

Integrity

Passion

Excellence

Team work

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WWW.JUBILEEINSURANCE.COM

INDIVIDUAL LIFE PRODUCTS

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LIFE ASSURANCE

A contract in which one party (the assurer) promises to

pay a given sum upon the happening of a particular

event dependent upon the duration of human life in

consideration of payment of a smaller sum or certain

equivalent periodical payments by another (the assured)

Types

Term Assurance

Whole Life Assurance

Endowment Assurance

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LIFE ASSURANCE PRODUCTS

CAREER LIFE PLUS POLICY -

FANAKA POLICY

TRIPLEX POLICY Savings Policies

Education Policy

CONTENTS

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1. CAREER LIFE PLUS POLICY

AN EDUCATION PLAN

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FACTS!

Every parent dreams of sending their child to the best High

School/College/University, for Higher Education.

Most Parents however are unable to see this dream come true.

With the day to day responsibilities of raising and maintaining a

family, parents merely save enough to send their children for

Higher Education.

Career Life Plus Policy gives a parent/ guardian the much needed

opportunity to accumulate savings for the purpose of education in

future.

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Why Career Life Plus Policy?

SAVING FOR YOUR CHILD’S

HIGHER EDUCATION

ENSURING YOUR CHILD IS

WELL LOOKED AFTER EVEN

WHEN YOU ARE NOT THERE

GIVING YOUR

CHILD AND FAMILY

THE FINANCIAL

PROTECTION

THEY DESERVE

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Career Life Plus (Layer 2)

Survival to the end of

term

Death by accident

during the term

Death by any other

cause

Sum Assured plus

Accrued bonus

1. Premiums waived.

1. Premiums waived

2. S.A. payable at the

time of death

2. S.A. plus Accrued

bonus payable at the

end of term

3. S.A. plus Accrued

bonus payable at the

end of term

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Supplementary Benefits

1) Accidental Death Benefit: Amount equivalent to S.A. Payable.

2) Total and Permanent Disability: Amount = S.A. is payable in

36 monthly instalments,

from accident date.

3) Waiver of Premium:

Future premiums waived if

Life assured becomes TPD,

accident/illness.

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Benefits cont’d

4) Adult Accident Hospitalization: JICK reimburses in-patient

medical expenses up to 40% of S.A.≤KShs.250,000.(accident)

5) Child Accident Hospitalization: JICK reimburses in-patient

medical expenses up to 40% of S.A. ≤ KShs.250,000.due to

an accident.

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Other Benefits

• Last Expense- 100,000 – Main Life, 50,000 - Child

• Policy Loan

• Tax Relief (15% of B.P.)

• 30-day free-look period

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Illustration

• Parent’s age - 35 years

• Child’s age – 6 months

• Sum Assured – KShs.1,300,000

• Term – 13 years

• Projected Bonus Rate – 5%.

Survival Benefits

Sum

Assured

1,300,000

Accrued

Bonus

845,000

Estimated

Maturity

Value

2,145,000

Premiums Tax relief Net Premium

Annual 117,455 17,618

99,837

Monthly

10,530

1,580

8,950

Riders TPD

WoP

AAH

CAH

838

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Illustration Cont’d Year Year of Study Fund Value

Annual Fees

Required

End of Year

Balance

14 Form 1 2,145,000/= 150,000/= 1,995,000/=

15 Form 2 2,094,750/= 150,000/= 1,944,750/=

16 Form 3 2,041,988/= 150,000/= 1,891,988/=

17 Form 4 1,986,587/= 150,000/= 1,836,587/=

18 1st Year 1,928,416/= 200,000/= 1,728,416/=

19 2nd Year 1,814,837/= 200,000/= 1,614,837/=

20 3rd Year 1,695,579/= 200,000/= 1,495,579/=

21 4th Year 1,570,358/= 200,000/= 1,370,358/=

Total Fees

1,400,000

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2. FANAKA POLICY

A SAVINGS PRODUCT

Land

Capital

House

Car etc.

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EVENT

TERM

Survival to the end of

premium paying term

Death by any cause during the premium paying term

Death by any cause after the

premium paying term

(5-10 yrs)

110% of S.A. +

Accrued bonus

75% of S.A. +

Accrued bonus

No benefit payable

(11-20 yrs)

120% of S.A. +

Accrued bonus

75% of S.A. +

Accrued bonus

No benefit payable

Fanaka Policy (Layer 1)

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Supplementary Benefits

1) Accidental Death Benefit: Additional amount equivalent

to S.A. Payable (layer 1 only).

2) Total and Permanent Disability:

3) Waiver of Premium:

4) Adult Accident Hospitalization:

5) Last Expense

6) Tax Relief (15% of B.P.)

7) Policy Loan

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Illustration

• Policyholder’s age – 35 years

• Sum Assured – KShs.1,200,000

• Term – 12 years

• Projected Bonus Rate – 5%

Survival Benefits

Sum Assured 1,200,000/=

Guaranteed bonus at the end of policy term 240,000/=

Accrued Bonus 720,000/=

Estimated Maturity Value 2,160,000/=

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Illustration Cont’d

Premium Tax Relief

Net Premium

Annual 116,616 17,492 99,124

Monthly 10,452 1,568 8,884

Riders(monthly) ADB

TPD

WoP

AAH

838

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3. TRIPLEX POLICY

• Partial Maturity Policy

A SAVINGS PRODUCT

Land

Business

Capital,

House

Car etc.

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Benefits’ Pay Out Structure

TERM

PAY

OUTS

12 year

plan

15 year

plan

18 year

plan

21 year

plan

24 year

plan

Percentage

payable

1st Instalment

(years)

4th

5th

6th 7th 8th 25% of S.A.

2nd Instalment

(years)

8th 10th 12th 14th 16th 25% of S.A.

3rd and Final

Instalment

(years)

12th 15th 18th 21st 24th 50% of S.A.

+ Accrued

bonus

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Supplementary Benefits

1) Accidental Death Benefit

2) Total and Permanent Disability- accident only

3) Waiver of Premium-accident and illness

4) Adult Accident Hospitalization

5) Last Expense

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Illustration

Survival

Benefits

Year Proportions Amount

1st Pay Out 5th 25% of 1,300,000 325,000

2nd Pay Out 10th 25% of 1,300,000 325,000

3rd and Final Pay

Out

15th 50% of 1,300,000= 650,000

Accrued Bonus = 975,000

1,625,000

Estimated Maturity Value

2,275,000

•Policyholder’s age – 35 years

• Sum Assured – KShs.1,300,000

• Term – 15 years

• Projected Bonus Rate – 5%

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Illustration Cont’d

Premiums Tax Relief Net Premium

Annual 118,919 17,838 101,081

Monthly 10,655 1,598 9,057

Riders (monthly) ADB

TPD

WoP

AAH

LE

830

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Parting Shot!

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