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.
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Transcript of PERSONAL FINANCIAL MANAGEMENT - LIFE PRODUCTS
JICK MARKETING TEAM
WWW.JUBILEEINSURANCE.COM
JUBILEE INSURANCE COMPANY OF KENYA LTD. PERSONAL FINANCIAL MANAGEMENT
D.W.W.
PERSONAL DEVELOPMENT
PHYSICAL
MENTAL
EMOTIONAL
SPIRITUAL
HOW IS FINANCIAL RELATED TO THE ABOVE?
COMMON FINANCIAL DILEMMAS
• Family without provision.
• Lack of school/ college fees for one’s children
• Retirement without future income
• Death without dependants' provision.
How do we manage them?
CASH FLOW MANAGEMENT
CASH
BASKET
Loan Servicing
Share
Dividends
Income/ Salary/ Pension
Investment
Interest Rental Income
Asset Purchases/
Investments
Every Day Bank
Account
1. PAY YOURSELF FIRST
• Money comes gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family
2. INVEST WISELY
• Money labours diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
3. MANAGE RISKS
• Money clings to the protection of the cautious owner who invests it under the advice of men wise in its handling
4. MANAGE YOUR DEBT
• Money slips away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
5. THERE IS NO QUICK FIX
• Money flees the man who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.
HOW DOES JUBILEE ASSIST YOU?
By offering need oriented financial
products meant to help you plan for your
future consumption.
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
WWW.JUBILEEINSURANCE.COM
INDIVIDUAL LIFE PRODUCTS
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
LIFE ASSURANCE PRODUCTS
CAREER LIFE PLUS POLICY -
FANAKA POLICY
TRIPLEX POLICY Savings Policies
Education Policy
CONTENTS
1. CAREER LIFE PLUS POLICY
AN EDUCATION PLAN
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.
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
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
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.
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.
Other Benefits
• Last Expense- 100,000 – Main Life, 50,000 - Child
• Policy Loan
• Tax Relief (15% of B.P.)
• 30-day free-look period
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
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
2. FANAKA POLICY
A SAVINGS PRODUCT
Land
Capital
House
Car etc.
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)
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
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/=
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
3. TRIPLEX POLICY
• Partial Maturity Policy
A SAVINGS PRODUCT
Land
Business
Capital,
House
Car etc.
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
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
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%
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
Parting Shot!
