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

Post a Comment

Popular posts from this blog

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)...
Post a Comment
Read more

Decentralized finance as a key driver of the financial ecosystem in Africa

Decentralized finance has come a long way from being a term only known to tech insiders. Although still in the early stages of development, Defi has the potential to open the door to a new industry within the African financial ecosystem. Africa is home to some of the world's fastest-growing economies, has a young population and has proven to be a fertile market for digital financial services. The continent leads the world in mobile money adoption, with digital transactions in Africa accounting for more than 45% of global mobile money transactions All these factors make the continent a strong candidate for the adoption of new financial services and technology. As the younger population on the continent grows, the need for financial inclusion increases. As much as banks are crucial to poverty reduction and sustainable growth, they have been unable to fill this gap. As a result, mobile money and open banking platforms are rapidly taking over the role of many banks. Both are leveraging...
Post a Comment
Read more

Boehringer Ingelheim rolls out training programme for local health innovators

Some of the innovators from Kenya, Ghana and Nigeria during the Making More Health accelerator workshop Boehringer Ingelheim, one of the world’s leading pharmaceutical companies, has called on innovators in Africa to adopt viable business models for their enterprises to ensure growth and sustainability. Speaking during a two-day training workshop for social entrepreneurs Eduardo Lioy, Director Corporate Strategy Development at Boehringer Ingelheim said the firm has invested heavily in training innovators and social entrepreneurs especially in human and animal health in an effort to tackle unmet human and animal health needs. The 'Making More Health’ (MMH) Accelerator programme was launched last year and brings together African social entrepreneurs, Ashoka, an innovators platform and Boehringer Ingelheim's’ leaders from around the globe to brainstorm on ways to enhance the start-ups business models and identify opportunities for strategic collaboration to improv...
Post a Comment
Read more