Standard Chartered Bank Kenya, in partnership with Sanlam Life Kenya, has introduced a mobile app-based funeral insurance product. The product, the first mobile app-based farewell insurance plan in Kenya, will see customers receive immediate cash payout within one working day upon submission of the claim. This is to allow policyholders to extend a dignified send-off for their departed family members.
Speaking at the launch of the cover, Standard Chartered Chief Executive Officer for Kenya & EA Kariuki Ngari said the farewell plan, underwritten by Sanlam Life Kenya, will be delivered on the bank’s mobile app platform. The farewell plan comes with a guaranteed cash payout within one working day for essential funeral expenses.
Available to a maximum of 6 people – parents, parents-in-law, aunt, uncle, spouses and children, the product provides a range of convenient and attractive features including a Kshs 2million higher sum assured value with a premium waiver benefit after the policy holder’s 65th birthday, a cashback every 4 years half your annual premium will be paid back to you, among other benefits. In addition, families will receive an income benefit of up to KShs 55,000 for 12 months
According to Sanlam Kenya Group CEO Patrick Tumbo, the SC Mobile App Funeral Plan has been developed as part of the two firms’ commitment to enhancing the value of Bancassurance products in Kenya.
“The delivery of the SC Mobile App Farewell App underscores our mutual commitment to expand the range of insurance products availed on the bancassurance distribution model,” said Tumbo, adding that, “through the model and with a reputable partner such as Standard Chartered Kenya, at Sanlam we are looking at new growth opportunities, leveraging on technology to reach out to our mutual customers.”
Mr. Tumbo added that by working with a strong financial partner, Sanlam is in a position to offer a wide arrange of products to customers of both organizations at a competitive rate. This is in line with the company’s goal to contribute to financial resilience and prosperity in all its markets.
The funeral product is the fourth proposition born out of the partnership between the two organizations driven by the need to offer a one-stop-shop solution to the widening middle-class. This follows the motor, travel and home insurance that customers can purchase via the existing Bank’s Mobile App.
A research survey commissioned by the Association of Kenya insurers (AKI) in 2018 established that typical funeral budgets are deemed expensive, costing about Kshs 50,000 to Kshs 300,000 for an average middle-class household.
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