This is an Endowment - type life assurance plan. It is a policy that enables you to build a fund over a period of time. The accumulated funds may be used to meet future financial needs. Some of such long term financial needs are capital to start a business, a deposit and the cost of legal expenses for a mortgage loan, buying a plot, building a home, paying your own college fees or acquisition of a major family or business asset etc…The Fanaka Gold plan allows for flexibility in premium payment, giving you the opportunity for adjustment of the regular premiums in case of changes in your financial circumstances.
Why Fanaka Gold plan?
This plan allows for a disciplined, systematic and relaxed way to save for a specific future financial need. The capital accumulation process helps you to enjoy decent returns (as reversionary policy bonuses credited to your policy but paid out on maturity) on your savings, gives you the opportunity to create a disciplined savings culture while at the same time granting you protection against death and permanent disability. The Fanaka Gold plan provides an excellent alternative to borrowed capital.
The premiums are fixed , but with an option for adjustment in case of changes in the policyholder’s financial circumstance.
The policy term is 15 years. You may choose to enjoy life cover for the rest of your life even after expiry of the savings term by choosing the relevant option.
Why start now rather than later?
You may be aware of the famous old saying ‘time is money’. The earlier you start the plan, the more time you will have for the funds to grow through accumulation of bonuses. Additionally, the premiums will be much cheaper at younger ages as premium increases with age.
What are the age limits for the Life Assured within Fanaka Gold?
The minimum age at entry is 21 years while the maximum age at entry is 65 years. The maximum age at maturity is 75. This means that at the time the policy matures, the policy holder will be 75 years or younger, and the maximum term of the policy will be determined based on this.
Is there a minimum or a maximum sum assured?
The minimum sum assured is Kshs. 500,000/-. There is no maximum sum assured limit set. However, the maximum sum assured will be determined by the applicant’s financial capability (ability to afford the premiums over the entire policy period).
What are riders and why should I take them?
Riders are benefits that complement your plan and offer additional benefits at a relatively low cost. The riders include:
Accidental death benefit:
An additional amount equal to the sum assured will be paid in the event that you die out of an accident.
Permanent & Total Permanent Disability:
An amount equal to the sum assured will be paid to you over a period of 36 months in the event that you become disabled out of an accident.
Waiver of premiums:
All future premiums will be waived and the policy will remain in force in the event that you become permanently and totally disabled. In effect, the premiums are paid for by Jubilee Insurance till the time of death when the sum assured will be paid to your beneficiary.
Accident hospitalization benefit:
In the event that you are hospitalized as a result of an accident, Jubilee would reimburse the inpatient medical costs incurred.
What happens in the event of death of the Life Assured?
Jubilee should be notified immediately on death of the Life Assured. In order for the claim to be paid, the claimant should do the following:
- Have the claim form duly completed and signed
- Have the certificate of attending physician form filled by the doctor who was attending to the Life Assured at the time of death
- Provide the original police abstract or original postmortem report if death was caused by an accident.
- Submit a certified copy of the Life Assureds’ identity card
- Submit the original policy document together with the above listed documents
How can I apply for the policy?
The steps to apply are very simple and easy to follow:
- Fill in the application form
- Attach copy of your National Identity Card or Passport
- Payment of the first premium