Apollo Life Assurance

By | June 13, 2019

Apollo Life Assurance

About APA

APA life insurance helps enhance and protect the quality of life you are living today and the life you dream of for tomorrow for you and your loved ones.

You deserve the best service and that is all we offer. Known as one of the best claim settlers in the region we pride ourselves with helping you check your worries off your list.

We walk with you on your insurance journey because we believe each one is unique. You get to determine how much of coverage you need, how long and how you make your payments (premiums).

APA Life

Individual

Pumzisha

Death is a traumatic event, however making plans ahead of time helps cushion yourself and your loved ones with lump sum payable within 48 hours provided.

Our funeral expenses include, among other things, mortuary fees, the cost of a casket, hearse, flowers, funeral programs and, refreshments. We have designed a funeral plan to cover most, if not all, funeral expenses in the event of an unexpected death so as to:

  • Minimize the financial impact of an unexpected death on the surviving members of your family.
  • Ensure the surviving members of your family go through a smooth transition during this difficult period.
  • Provide you with peace of mind, knowing that the funeral expenses will be covered in the event of your death or that of a family member.

The cover allows you to include all members of your nuclear family together with your parents and parents-in-law and provide peace of mind thanks to APA pumzisha cover.

Elimu

We work hard now to ensure the futures of our little ones remain bright. A great education is a best foundation to a good life, ensure that your child gets this chance through the elimu policy.

Our policy enables you to build a fund over a period of time, making suitable provision for your child’s school fees requirements as when they are required. It also ensures that the child’s fee required is available even in the untimely death of the policyholder during the term of the policy.

Why the Elimu cover?

  • Financial Security- This plan allows for a disciplined, systematic and easy way to save for your child’s financial education needs.
  • Fixed premiums- The sum assured and premiums are determined at onset and they remain fixed throughout the term of the policy. You can however increase your premiums or sum assured at your policy anniversary.
  • 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.

Imarika

What is a better start to realizing your dreams for the future than by having a lump sum payment at a predetermined date? Whether it’s travelling, buying a house or paying for your child’s wedding, the Imarika plan is designed just for you.

The Imarika plan allows for flexibility in premium payment, while giving you the opportunity to adjust your regular premiums in case of changes in your financial circumstances.

Why the Imarika plan?

  • Financial Security- This plan allows a controlled, organized and relaxed way to save for a specific future financial need. The savings process helps you to enjoy decent returns while at the same time offering you a life cover. The Imarika plan provides an excellent alternative to a loan.
  • Flexible term- The plan 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.

HosiCare

When facing a medical emergency, the last thing you want to worry about is the financial burden. APA Life understands that the only thing you should think about is getting better – which is why we came up with Hosicare.

Our Hospital Cash Insurance compensates you for lost income as a result of hospitalization. The cash benefit is payable for each day spent in continuous admission in hospital as a result of illness or accident for medical treatment.

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The benefit is payable if continuous admission exceeds 3 days, and for a maximum of 15 days on any one admission and a maximum of 52 days in a year.

In the unfortunate event of demise, a lump sum payment is made to assist in the funeral expenses.

Corporate

Group Pension

These are employer sponsored arrangements, set up under irrevocable trust. Upon being set up the scheme is a separate legal entity. The principle objective of setting up an Occupational Retirement Benefits Scheme is to provide for employees upon their retirement or for their dependents on the unfortunate demise of an employee.

As an employer, you need to be able to attract and retain high caliber staff. One of the ways in which several leading organizations do this is through the establishment of an Occupational Retirement Benefits Scheme.

Your occupational retirement schemes can either be:

  • a defined contribution scheme, or
  • a defined benefit scheme.

With the defined contribution scheme, which has proven to be very popular in the East African region, the amount or rate of contribution is determined at the start of the scheme.

At the time of retirement, the overall benefit is determined by the total amount of contributions and the accrued interest earned on the contributions.

Group Life

Group Life insurance is a benefit offered by an employer or an aggregator of diverse segments of the population for reasons other than insurance (like an association or labor organization) to its workers or members. Such organizations are called the sponsor of the group life scheme. Group life insurance is typically offered as part of employee / membership benefit package.

Ideally the cover will cost each individual worker or member much less than if they had to purchase an individual policy. Those receiving coverage do not have to pay anything “out of pocket” for the Group Life policy benefits if the employer or the group to which they belong provides this as a benefit. However, members of the group or employees may pay directly through salary or annual subscriptions if the employer or the group plays the role of a facilitator only. Usually a minimum number of employees or members are prescribed for the team to qualify as a group for the purpose of taking a group life cover.

What is covered under the Group life policy have?

  • Death Benefits: This benefit is payable on death from illness (natural causes) or accidental. The amount payable, called the sum assured, is either a fixed sum for all members in a particular category as predetermined by the sponsor or is determined as a multiple of the annual salary as set by the sponsor. The benefit is normally paid out as a lump sum to either the sponsor or the designated beneficiaries of the deceased employee / member.
  • Last expense: This is normally taken as an additional benefit to help facilitate the disposal of the mortal remains of the deceased member. The benefit amount ranges between Kshs. 30,000 and Kshs. 200,000/- either as a separate cover or as acceleration (advance payment) of part of the full death benefit described above. Customarily, this benefit is paid within 48hours of receipt of written notification of the death.
  • Credit Life Assurance& Sacco loan protection: Group life plans are also used to provide cover to redeem the outstanding loan balances in the event of premature death or disability of the borrower. This cover can be renewed every year (annually renewable) or provided at the onset of the loan agreement for the entire term of the loan (single premium option). All lenders with a minimum of 10 borrowers including financial institutions and Sacco’s qualify for this cover.
  • Mortgage Protection: Group life schemes offer mortgage protection arranged on a yearly renewable or single premium basis for lenders to specifically protect the families of the deceased mortgagor from the risk of the lender reselling their home in the event of the untimely death or disability of the breadwinner. This cover provides the same benefit as for credit life.
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What are the age limits for the Group Life Assured plan?

The minimum age at entry is 18 years while the maximum age at entry is 65. Beyond the age of 70 years, renewal for the respective member is reviewed individually.

What are riders and why should I take them?

Riders are benefits that complement your plan and offer additional benefits at a relatively low cost. The riders include:

  • Total and Permanent Disability: Where an amount equal to the death benefit sum assured will be paid to you in the event that you become permanently and totally disabled as a result of illness or accident.
  • Critical Illness: If a member contracts a specified critical illness for the time (the first diagnosis). The specified illnesses are cancer, kidney failure, Paraplegia, heart attack for the first time in their life, Stroke, Coronary artery bypass surgery and major organ transplant. 30% of the accepted group life sum assured subject to an upper limit range of between Kshs. 1 to Kshs. 12 million will be payable. On subsequent death 70% or 100% will be payable to the next of kin depending on whether the benefit is stand-alone or accelerated.
  • Group Disability Income Insurance: This rider Compensates for lost income during the disability period. The employer chooses the maximum period for disability benefit payment either 2years, 5years or up to normal retirement age.
  • Temporary Total Disability: This benefit is payable if a member becomes wholly but temporarily incapacitated by bodily injury following his usual occupation hence unable to earn an income. The benefit payable is the actual weekly earnings for periods ranging between 1 to 2 years.
  • Medical Reimbursement: This rider compensates for medical bills spent by the insured up to the agreed limit.

Credit Life

What is Credit Life Insurance?

This is a life insurance policy designed to pay, for a borrower, the remaining principal balance, assuming the borrower had made all the due installments.

The policy applies in case of death, disability or even loss of employment of the borrower of a lending institution during the term of their loan.

Lending institution includes: Banks, Microfinance and Saccos.

What is the purpose of Credit Life Insurance?

The cover is meant to protect the lending institution against risk of unexpected death, disability or even loss of employment of a borrower.
This ensures that the lending institution gets paid.

What are the benefits of Credit Life Insurance?

  • Protects the lending institution against risk of losing money.
  • The family of the deceased also gets to keep the asset/property that was financed by the borrowed funds even after the death of the borrower.
  • Removes the strain of repaying loans by the families of the departed member.
  • Provides a more economical coverage because of mass purchase and group discounting.
  • Premium is lower than individual insurance.

Features:

Death: Covers death of a borrower due to illness, accident or natural causes.

Permanent Total Disability [PTD]: Covers permanent total disability, of a borrower due to an accident.

Critical Illness: Covers a first positive diagnosis of a critical illness, of a borrower [Heart attack, Cancer, Stroke, Kidney failure, major Organ Transplant, Coronary Artery Bypass Surgery & Paraplegia]

Funeral Expense Cover: Payment to cater for the immediate burial costs upon death of the borrower

Cover can be extended to cover the nuclear family for the same amount

Retrenchment: Covers loss of employment/Involuntary termination of employment.

This means without the employee’s fault, their employment is terminated through the employer’s initiative.

Deposit Cover: Pays an equivalent of a multiple of the member’s savings to his beneficiaries upon his unfortunate death.

Contact Us

Head Office

Apollo Centre, ring road Parklands, Westlands

Tel:+254 (0) 20 364 1000

info@apainsurance.org

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