The policyholder is the one who proposes the purchase of the life insurance policy and pays the premium. The policyholder is the owner of the policy, and he/she may or may not be the life assured.

Life assured is the insured person. Life assured is the one for whom the life insurance plan is purchased to cover the risk of untimely death.

Sum Assured is the term used for an amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured event.

The sum assured is the amount that the life insurance company will pay to the beneficiary if the insured person dies during the policy tenure.

The sum assured is chosen by the policyholder at the time of purchase.

The beneficiary is the person nominated by the policyholder to whom the sum assured, and other benefits will be paid by the life insurance company in case of an unfortunate eventuality. The beneficiary could be the wife, child, parents, etc.

You receive the surrender/cash value of the policy if any.

Your cover will commence once Absa Life Assurance provides you with a formal acceptance letter you with a policy schedule and the premium is fully paid and receipted.

The policy term is the duration for which the policy provides life insurance coverage. The policy tenure can be any period ranging from 5 years to 20 years, depending on the type of policy and the terms and conditions

Yes. You can amend any of the following details on the policy:

• Frequency of premium payment
• Direct debit date
• Details of nominated beneficiary
• Personal details
• Bank account details

The premium is the amount you pay to keep the life insurance plan active and enjoy continued coverage. If you are unable to pay the premium before the payment due date and even during the grace period, the policy terminates.

You can pay the life insurance premium as per your convenience. You can pay premium regularly throughout the policy term either – monthly, quarterly, half-yearly, yearly, or single premium.

NOTE: Absa Life does not accept premium payments in cash/cheque whether through staff, agents, or bank accounts

Lipa na Mpesa procedure

1. Select "Pay bill" from your Safaricom Mpesa Menu

2. Select "Enter Business Number"

3. Enter Absa Life Assurance Business Number "300151".

4. Select "Enter Account Number".

5. Enter Your Policy Number.

6. Enter Amount.

7. Press "OK" Only when you are sure of all the details you entered.

Non – payment of premium will cause the policy to terminate/lapse after two subsequent missed premiums.

If you are unable to pay the renewal premium for your policy on time, an extension is given in the number of days after the premium payment due date. A ‘Grace Period’ is a period of 30 days. If the policyholder does not pay the premiums even before the end of grace period, the policy terminates/lapses.

Yes. In case of lapse due to missed payment, we allow reinstatement as per the policy terms.

This is the cash value of the policy one would receive upon cancellation of the policy at a given time before maturity.

This is an annual increase in premiums and benefits to guard against the effects of economic inflation. You have the option to choose an annual inflation payment of 0%, 5% or 10%. You will be able to remove the inflation increase at a later date, should you choose to do so but you will not be able to change the inflation rate chosen.

Should your circumstances change in the future such that you can no longer afford to continue paying the premiums, but are interested in keeping the policy, you may request for your policy to be paid up.

This means you will cease paying premiums, and your policy will have a reduced sum assured, in proportion to the duration of the policy at the paid-up date compared to the original premium-paying term. The policy will qualify for paid-up maturity bonuses at the end of the original premium-paying term.

Maturity benefit is the amount paid when the life assured outlives the policy term. This is applicable to our Endowment plans (Endowment Policy and Education Policy).

Maturity benefits comprise of the full sum assured plus maturity bonuses.

The ‘Death Benefit’ is what life insurance company pays to the beneficiary in case the life assured dies during the policy term.

Claims must be reported in writing to Absa Life Assurance Kenya immediately and as soon as the event becomes known to the policyholder and/or the beneficiaries. All claims must be reported within 180 days of the claim event.

You can reach Absa Life Assurance Kenya through any of the following channels:

SMS: 20114

Call: 020 420 9000

For general enquires Email: AbsaLifeKenya@absa.africa

For policy amendments & statements Email: alak.customerservice@absa.africa