Fanaka plan
This is a life insurance policy that enables you build a fund over a period of time so as to enable you to meet any financial need such as building a home for your family, purchasing of that dream car, catering for major life ceremonies like marriages or graduations.
The Fanaka plan can also set you off to financial freedom by offering you seed capital for your business.
With Fanaka :
• Benefits and bonuses are payable based on the sum assured and policy term chosen by you
• Premiums are pre-determined and fixed based on your selection
• The policy term can vary from 5 to 20 years depending on your financial plan
• Premium payments can be made monthly, quarterly, semi-annually or annually through a variety of convenient methods.
Why Fanaka plan?
Financial security - This plan allows for a disciplined, systematic and relaxed way of saving for a specific future financial need. Most people will consider taking a loan from financial institutions to enable them to meet their financial requirements. The Fanaka plan works as the perfect alternative to this option as you will receive your required savings plus bonus accrued during the policy term instead of repayment of interest.
Fixed premiums - The sum assured and premiums are determined at the onset and remain fixed throughout the term of the policy.
Flexible term - The plan also has a saving period which ranges from 5 to 20 years, which will be chosen by you, and this will depend on
when you require the funds.
What are riders and why should I take them?
Riders are additional benefits at relatively additional low cost that come as compliments to your plan and offer.
The riders include:
Accidental death benefit - where an additional amount equal to the sum assured will be paid in the event that you die in an accident.
Total & Permanent Disability - where 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 as a result of an accident.
Waiver of premiums - in the event that you become totally and permanently disabled as a result of an accident or illness, all future premiums will be waived and the policy will remain in force.
Accident hospitalization benefit - In case of an accident leading to the injury and hospitalization of the life assured, Jubilee will reimburse the medical expenses incurred subject to a maximum of 40% of the policy sum assured but not exceeding Kes 250,000.
Last Expense — where a fixed amount of Kes 100,000 will be paid to your named beneficiary in the event of death, within 48 hours of submission of required documents, to cater for your burial expenses.
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What next?
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