For more information, please Download the following brochures:

• Lifevest Brochure (PDF Format)
• Lifevest Brochure 2 (PDF Format)

Here below is a summary of the product features and how it works.

In general, the product offers life cover, savings, accidental death and disability (personal accident) and increasing term assurance cover.

A) Product Structure

• For the savings benefit, the minimum age at entry for the policyholder is 18, and the maximum age at entry is 70. The maximum entry age is 60 for the rider benefits.
• The product has two variants; the first being aimed at the middle to upper income population and the second the lower to middle income population. The minimum premium aimed at the lower/middle income group is Kshs2,500 per month for the savings portion while the middle/upper income variant, minimum premium is Kshs5,000 per month.
• Cover on all rider benefits ceases at age 65
• The life cover included in the product is compulsory and the rates shown for the savings component have allowed for this; however, additional accidental death cover can be purchased as a rider benefit.
• The maximum age at maturity for the savings benefit is 75
• The policy will be offered with terms of 5 to 30 years.
• Standard policy conditions will apply for this policy.
• This product will have limited underwriting at commencement and for this reason, the increasing term assurance cover will be peaked at Kshs5 million
• Reinsurance will be undertaken under our standard reinsurance treaties.

B) Benefits

• The product is designed to provide a savings benefit to the policyholder which is payable in the form of annual cash bonuses (after 5 years) and then the residual accumulated fund on maturity
• The savings component is compulsory and includes a fixed life cover benefit of Kshs100,000. The rider benefits are optional.
• On death of the policyholder the maximum of the fixed life cover and residual accumulated fund is payable

B (i) Optional Riders

• Increasing term assurance
• Personal accident (death and disability)

B (ii) How it works

• The policyholder selects the required maturity value and policy term on the savings element subject to any limits set by CfCLife
• This is a unit linked product and thus, the maturity benefit is linked to an underlying asset performance. This aspect is expressly stated in the policy wordings
• On early surrender of the policy, the surrender value payment is equal to a percentage of the accumulated fund at that time. These are outlined below:
• Year 1 : 0%
• Year 2 : 50%
• Year 3 : 75%
• Year 4 : 85%
• Year 5 : 100%
• The rider benefits do not attract a surrender value payment. Surrenders are only allowed once the policy has been in force for at least one year
• If the policy is paid up, the surrender value at the paid up date accumulated with the net returns less charges will be paid at maturity.
• Cash withdrawals are permitted after the policy has been in force for at least five years. Thereafter one cash withdrawal is allowed per annum subject to a maximum of 25% of the accumulated fund. Withdrawals in excess of this are deemed to be surrenders and thus attract surrender charges.
• The policyholder in upper/middle income variant has the option to invest in a range of investment portfolios e.g. Aggressive, balanced, Conservative or Offshore

B (iii) Riders

• All the riders are pure risk products and therefore no maturity payments are payable on these components
• Joint life options are available for all riders. The seconds life's rate is based on the same rate table as the policyholder but will reflect the age and gender of the second life. Cover is on the first death basis
• If the increasing term assurance is selected, then on death of the selected sum assured is payable. However, if death occurs in any of the first 5 years, the proportion of the sums assured payable is as follows:

• If the personal accident rider is selected, then on accidental death, the selected sum assured will be paid in addition to the normal death sum assured if increasing term was also selected
• On accidental disability, a percentage of the nominated sum assured is payable as stated in the policy disability schedule of benefits.

C) Premiums

• Premiums are payable in advance at the selected frequency while the policyholder is alive and the policy is in force until the end of term
• The policy rates (appendix 3&4) are in respect of male policyholders. Age adjustments apply for females (-3). These adjustments apply to the savings and increasing terms assurance rates.
• The policyholder has the option to escalate premiums at 5%, 7.5%, 10% and 15% per annum on the savings option

D) Charging Structure:

• This is only applicable to the savings component.
• The allocation percentages are term specific and are fixed for the balance of the term. See appendix 2
• Commission structure is as set out in appendix 1

Lifevest Plan – Marketing Literature

This is a unit linked product offering you life cover, savings, accidental death and disability, and increasing term assurance cover in one package. The savings component is compulsory and includes a fixed life cover of Kshs100,000

The product is designed to provide a savings benefit to you, which is payable in the form of bonuses (after 5 years) and then accumulated fund on maturity. The rider benefits are optional.

You have an option of selecting your own expected maturity value and policy term on the savings element subject to any limits set by CfCLife

Benefits

i) Death – the maximum of the fixed life cover and residual accumulated fund is payable
ii) On early surrender of the policy, the surrender value payment is equal to a percentage of the accumulated fund at that time. These are outlined below:

• Year 1 : 0%
• Year 2 : 50%
• Year 3 : 75%
• Year 4 : 85%
• Year 5 : 100%

• The rider benefits do not attract a surrender value payment. Surrenders are only allowed once the policy has been in force for at least one year
• Cash withdrawals are permitted after the policy has been in force for at least five years. Thereafter one cash withdrawal is allowed per annum subject to a maximum of 25% of the accumulated fund. Withdrawals in excess of this are deemed to be surrenders and thus attract surrender charges.
• The policyholder has the option to invest in a range of investment portfolios e.g. Aggressive, balanced, Conservative or Offshore

ii) Rider Benefits
• The following riders are available
Increasing Term Assurance and Accidental & Disability Benefit

• If the personal accident rider is selected, then on accidental death, the selected sum assured will be paid in addition to the normal death sum assured if increasing term was also selected
• On accidental disability, a percentage of the nominated sum assured is payable as stated in the policy disability schedule of benefits.

Premiums

• Premiums are payable in advance at the selected frequency while the policyholder is alive and the policy is in force until the end of term
• You have the option to escalate premiums at 5%, 7.5%, 10% and 15% per annum on the savings option