Standard Chartered (Stanchart) and Sanlam Insurance have launched a mobile-app based funeral insurance cover which will see policyholders offer a dignified send off to their deceased family members.
The funeral insurance cover named Farewell Plan will have customers receive immediate cash payouts within one working day upon submitting a claim.
Standard Chartered Chief Executive Officer for Kenya & EA Kariuki Ngari said the farewell plan will be available on the bank’s mobile app platform.
The Farewell plan will cover a maximum of six people who are related by blood with monthly premiums ranging from 1,749 to 4,600 shillings and the value of sum assured will start from 250,000 to 2 million shillings.
The plan has no age limit for parents as long as they are added to the policy before attaining 85 years. In addition, families will receive an income benefit of up to 55,000 shillings for 12 months.
For principal life assured, the spouse and children beneficiaries will receive 200 percent of the sum assured on deaths caused by accidents while benefits applicable to parents and extended family is 100 percent.
Policyholders are allowed to make amendments to the policy, for example by adding and removing dependants.
New members can be added onto the plan, only if the current age of the principal life assured at the time of alteration is below 55 years old.
In addition, if a policyholder fails to pay three consecutive premiums or an equivalent of six months’ non-consecutive premiums, the policy will lapse and the benefits will fall away.
“The delivery of the Farewell App underscores our mutual commitment to expand the range of insurance products availed on the bancassurance distribution model,” said Sanlam Kenya Group CEO Dr. Partrick Tumbo.