Skip to main content

Prudential Life Assurance launches product with a “Never Lapse Guarantee”

From Left:  Prudential Africa Kenya CEO-Andrew Greenwood, the company's Chief Commercial Officer-Gwen Kinisu, Head of Operations-Irene Kamau and Daniel Beresford Senior 

Prudential Life Assurance has today announced the launch of Pru Dahari-Dumu, the first insurance product in Kenya with a “Never Lapse Guarantee”, a feature that guarantees policyholders will keep their product, and its benefits, irrespective of life’s circumstances.

The “Never Lapse Guarantee” alleviates one of the major concerns Kenyans have about insurance. This is that unforeseen circumstances might lead them to miss some premium payments on their insurance policies which results in these policies “lapsing” and the savings & protection benefits of the policy being lost.

Data compiled by the Association of Kenya Insurers indicates that in Kenya, 1-in-3 policies lapse in the first year. By the end of the third year, 6-in-10 policies will have lapsed. 

Pru Dahari-Dumu is a 5-10 year savings product that combines the benefits of savings and life assurance – helping customers and their families achieve their financial goals whilst protecting against the risk of accident, illness or loss of life. The innovative “Never Lapse” feature means that policies beyond the first six months will never lapse or become inactive. When it comes to paying benefits to the customer or their family, either at maturity or at the claims stage, the payout will be pro-rated based on the overall contribution.

Speaking during the launch, Andrew Greenwood, Chief Executive Officer of Prudential Kenya, said: “At Prudential we understand that when times get tough and your finances are strained, maintaining fixed monthly premiums sometimes isn’t possible. That’s why we are introducing the “Never Lapse Guarantee”. Customers won’t lose their savings if they fall behind with their payments and can resume paying whenever they’re back on their feet, with the option of catching up on missed premiums to get the maximum benefit from their policy.”

The Association of Kenya Insurers (AKI) has lauded the launch of Pru Dahari-Dumu, “the perception that the general public has on insurance is that it is complex, expensive and rigid. This product responds to these concerns by being simple to understand, affordable and flexible especially on payments,” said Mr Gichuhi, AKI Executive Director.

At the same time, Prudential is also rewarding loyal customers who do pay each & every month. For each year of the policy, if you pay all 12 months premiums, we’ll give you back the 12th premium. Alternatively, if you pay 11 months premiums, we’ll give you the 12th premium free.

Andrew Greenwood said: “At Prudential our customers are at the heart of our business and we are committed to helping Kenyans build better futures by offering innovative and affordable products that meet their needs. Initiatives such as the Never Lapse feature prove that we live our mantra “Always listening, Always Understanding”.”

Comments

Popular posts from this blog

Visa and Halotel bring secure and convenient mobile payments for Tanzanians

Visa, the global payments technology company, has announced a strategic partnership with Halotel to enable Visa on mobile payments on Halotel’s HaloPesa wallet in Tanzania.  The service will be rolled out in early 2019 thereby enabling HaloPesa’s one million registered wallet holders to use Visa on mobile to securely make merchant payments and conduct cash deposits and withdrawals at Visa agents. Any HaloPesa customer, including those who do not have a bank account, will be able to benefit from the solution. The aim is to connect more Tanzanians to the global payment system, bringing secure and convenient mobile commerce for consumers and merchants.  “We are excited about this partnership with a key mobile service provider such as Halotel. Our partnership with Halotel will ensure that Tanzanians can pay using Visa on their mobiles at over 40,000 new retailers. It will also help expand financial inclusion for Tanzanian consumers who will now be able to benefit from pa...

Bolt launches its car-sharing service Bolt Drive

Bolt, the leading European mobility platform, launches its car-sharing service, Bolt Drive. The new service allows customers to rent a car for short periods of time using the Bolt app. Bolt will invest €20 million in launching Bolt Drive in Europe this year, starting with a pilot in its home market, Estonia. Bolt is the first mobility platform in Europe to offer car-sharing, ride-hailing and micromobility with scooters and electric bikes in one app. By enabling customers to quickly and conveniently rent a car at the tap of a button, Bolt allows them to be less dependent on personal cars and encourages the use of alternative modes of transport for short-distance trips. Markus Villig, CEO at Bolt, said: “Personal cars are the primary cause of problems in urban transport. They are responsible for traffic, environmental emissions and taking up city space. Bolt’s mission is to help people give up their personal cars by providing a better alternative. For people to switch from ownership to o...

Narok School benefits from a Dormitory Courtesy of Procter and Gamble

STUDENTS OF OLOIGERO PRIMARY SCHOOL POSE FOR A PHOTO WITH THE P&G TEAM AND PARTNERS OUTSIDE THE NEWLY BUILT DOMITORY Pupils of Oloigero Primary School in Narok County have a reason to smile after Procter and Gamble funded the construction of a girl’s dormitory in the school. The facility, which will accommodate 80 girls, will help support and improve the access to quality education in the area. “Access to quality education is affected by a myriad of challenges in this country. Inadequate infrastructure is one of them.  The situation is even more dire for our girls thus the reason we are here today to commission this dormitory. We believe that this facility will be a critical resource to help keep our girls in school and together with other partners we will work to ensure that we change the narrative about girls missing school due to menstruation,” said Anthony Ng’ang’a,  Associate Brand Director -Commercial Leader - East Africa at Procter & Gamble (P&G)...