NAIROBI, Kenya, July 14 – Affluent people will entry as much as Sh500 million in insurance coverage protection below a brand new deal between Prudential Life Assurance Kenya and Standard Chartered Bank Kenya.
The product roll out comes at a time when demand for bespoke monetary options amongst Kenya’s rising base of greenback millionaires and upper-income earners has been rising.
According to Standard Chartered Kenya CEO Kariuki Ngari, the flagship product LivLife has already surpassed Sh2.6 billion in sum-assured gross sales throughout a six-month pilot section.
“The LivLife answer affords shoppers high-value life insurance coverage tailor-made for intergenerational wealth switch, legacy planning, and long-term monetary safety,” stated Ngari.
“The pilot highlighted a rising urge for food for future-proof financial savings and a shift from conventional endowment merchandise to needs-based, whole-life options.”
As a part of the expanded providing, the 2 gamers additionally rolled out Future Ready, a savings-orientated plan focusing on middle- to upper-income earners in search of to fund kids’s schooling, safe retirement, and protect current monetary stability.
“Our broader ambition is to make sure that merchandise are accessible, comprehensible, and precious,” Prudential Life Assurance Kenya CEO Gwen Kinisu stated.
The launch comes on the again of sustained development in Kenya’s bancassurance sector, with the most recent information exhibiting a 79.5 p.c development over 5 years and reaching Sh35 billion in premiums, based on the Association of Kenya Insurers.
