5 Payments is a Life Insurance Policy that offers survival benefits in fifths. The first benefit payable is equal to 10% of Sum Assured on completion of 1/5th interval of the policy term and 15% of Sum Assured on completion of 2/5th, 3/5th and 4/5th intervals of the policy term. At the end of the policy term, 45% Sum Assured plus accrued bonuses becomes payable.
In the unfortunate event that the Life Assured passes on during the term of the policy, full Sum Assured plus accrued bonuses shall be payable regardless of the number of survival benefits already paid.
Why get the 5 Payments Policy?
- The plan is suitable for people who have long term financial needs such as house purchase but also anticipate requirement of funds relatively earlier. It helps fulfil those needs without needing to terminate the contract.
Key Benefits
Flexible policy terms of 15, 20 or 25 years depending on your financial plan.
Premiums determined at the onset and remain fixed throughout the term of the policy.
Benefits and bonuses are payable based on the sum assured and policy term chosen by the policy holder.
FAQs
The policy will acquire cash and paid-up value after the payment of at least three full years’ premiums and after it has been in force for at least 3 years.
The minimum sum assured is KES 200,000. There is no maximum sum assured.
The minimum age at entry is 18 years while the maximum age at entry is 58 years. The maximum premium ceasing age will however be 70 years.
