Personal Insurance

Personal Insurance

Life, Education & Pension Insurance

Ordinary Life

1. Term Assurance
This is issued for a specified duration of time.
It pays the sum assured on death of the person assured, provided death occurs within the specified period of time. It is a purely protection policy.
If the life assured survive to the end of the term, then the cover ceases and no money is payable to the assured.

2. Endowment
It is taken for a specified period of time say 10, 15, 20 or more years. The sum assured is payable under two circumstances:
In the event of death of the life assured within the specified term;
At the end of the period chosen. This is called maturity.
It provide a financial protection for the dependants in case the life assured dies while the policy is still in force or financial benefit for the policyholder at maturity.
It has both protection and investment element.

3. Whole Life Assurance
The sum assured is payable on the death of the assured whenever it occurs.
Premiums are either payable throughout the life of the assured or until retirement age of the assured when premium payment may ceases but the policy remains in force until the assured dies.


What does it cover?
Education protects your child’s future which should be anticipated and planned today by savings for purpose of education.
It is a tax free investment. The final payout is not taxable.

Who is eligible?
Individuals of a minimum age of 18 years to a maximum of 55 years.

How does it work?
You select the policy term based on age of the child and when you hope to expect the payments..
The benefits are payable during the last 4 years of the policy in equal installments.
The premium (contributions by the member) are payable throughout the policy period except the last 4 years of the policy.
The minimum policy term is 9 years.

What are the benefits to the child?
It ensures that the benefits are known from the outset.
The benefits are payable in equal Installments: 15% of (Sum Assured plus accrued bonuses).
With 45% of the Sum Assured plus accrued bonuses payable on the maturity date.

What does the quote include?
Death and Permanent Total Disability Cover.
A waiver of premium Critical illness to ensure that the policy is still paid for in case of diagnosis of critical illness.
A 150% of Sum assured cover due to accidental death.

How much does it cost?
Premiums are constant throughout the term thus allows you to better budget.

How do I pay premium?
Premiums are payable throughout the premium term unless premature death occurs. Premiums are payable annually, half yearly, quarterly and monthly.

What happens in case of death or permanent total disability?
• On death or permanent disability of the parent/guardian, the policy pays 50% of the sum assured and all future premiums are waived as the policy cover and benefits continue unabated until maturity.
• The 50% is used to build capacity on the declared guardian beneficiary to take up additional responsibility of taking care of children.
• The waiver of premium ensures peace of mind as the money will be availed when needed.

Individual Pension Plan

We assist in the acquisition of individual pension plans that suit the needs of clients who are seeking a retirement savings vehicle; both employed, but desire to have an own plan or non-employed.
In conjunction with our pension services partners, we also guide our clients accordingly in selecting the best investment options that vary from moderate to conservative, aligning with key investment variables and age groups. Some of our partners have pension solutions that provide investment options with various investment strategies.
Some of the benefits are of Individual Pension plan include:

Tax Relief
Your pension contributions and any interest earned from that contribution is not taxed , which means you get more out of your contributions , we at Spire partner with the leading underwriters in Kenya to provide tailor made solutions.

Guaranteed Interest Earnings
You save and your regular contributions are invested so that they grow throughout and then provide you with an income post retirement.

Flexible Contributions
We avail solutions that offer flexible contributions, for as little as Kshs. 500 you can secure an individual pension plan.


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