The money back extra cash policy offers an attractive combination of life assurance and savings plans tailored to better meet your needs. There are different policies and terms available.
Cash bonuses are paid out every four or five years depending on the policy selected. With personal accident, the full sum assured is paid in the event of death and double sum is assured if death was accidental. There is last expense cover as well as tax benefits.
- Guaranteed cash bonuses – Guaranteed cash bonuses of 20% or 25% are paid after every four or five years respectively depending on the policy term.
- Maturity benefit – The policy pays 100% of the sum assured on expiry of the selected term regardless of any previous benefit.
- Tax benefit – An insurance tax relief amounting to 15% of the premiums paid (subject to a maximum of Kshs. 5,000 per month) is available. The full amount payable at the maturity of the policy is tax free.
- Disability benefit – In the event of total and permanent disability through sickness or accident, the sum assured will be paid in 24 equal monthly installments. Britam will pay premiums for you until the policy matures.
- Death benefit – In the event of death, the full sum assured is paid out. If death is accidental, double sum assured is paid. The policy terminates on death.
- Injury (Disbursement) benefit – In the event of loss of one limb or one eye through an accident, Britam will pay 50% of the sum assured. In case of loss of two limbs or both eyes, a benefit of 100% of the sum assured will be paid and Britam will pay all future premiums.
Discounts are available for policies paying higher premiums as shown in the table below.
|0 – 4999
|5,000 – 9,999
|10,000 – 19,999
|20,000 – 29,999
|30,000 and above