Frequently Asked Questions
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- How do I enjoy the tax relief?
- Can I have more than one Education plan?
- What happen in case my child dies before Policy Maturity?
- What is disability waiver of premium for?
- How is bonus calculated?
- Can I have a joint policy with my life partner?
- What happens when I am not able to contribute to full maturity?
- When and how much can I borrow from the Policy?
- Can I increase my premiums as my income increases?
- What is covered under critical illness?
- Can the critical illness cover be extended to my spouse?
- Do I qualify for a loan?
- What benefits do I get from this policy?
- Can I withdrawal cash from my policy?
Education Plan with profits
How do I enjoy the tax relief?
You will need to submit to us a copy of your National Identity card and PIN Card.We will issue tax relief certificate on annual basis that you submit to Kenya Revenue Authority with your Tax returns. To have the relief reflected in your Monthly payslip you will have to submit the relief certificate you payroll section.Can I have more than one Education plan?
Yes you can have more than one Education plan to cover all your children.What happen in case my child dies before Policy Maturity?
You can subsitute with another child and in case you do not have, then you have a right to demand for a refund of Premiums paid.What is disability waiver of premium for?
It is a small premium that allows us to waive all future premiums in case you suffer permanent total disabilty through an accident or illness.How is bonus calculated?
Unlike other savings plans where the bonus is based on the amount saved in a year, this plan calculates your bonus based on your sum assured from the 1st year of the Plan. Example, if the sum assured is 500,000 the bonus will be 4% of 500,000 to give a bonus of 20,000 for the year.However the bonus can only be paid on death or Maturity of the planFlexidowment Plan
Can I have a joint policy with my life partner?
The plan is suitable also as a joint life policy, where the benefits are payable to the surviving partnerEndowment Assurance plan with profits
What happens when I am not able to contribute to full maturity?
You strongly encouraged to save for at least 36 month for you to qualify for an immediate cash value or convert your Policy into a paid up.incase you save for less than 36 month and stop, your Policy will lapse and it will have no value. However you are at liberty to revive a lapse policy within three years of lapse and terms of revival will be given to you.When and how much can I borrow from the Policy?
You are allowed to borrow from the policy after 36 months of premium payment. The loan value will depend on the cash value of the policy at the time of application. Normally it will be 80% of the cash valueCan I increase my premiums as my income increases?
No, you can't under the plan, but the plan allows you pay for your premiums in advance. For good financial planning, you can pay for your Policy one or three years in advance. This will ensure the protection cover and investment is not interrupted. However we have a plan by the name Golden harvest that allows you to increase your premiums as your incomes increasesWhat is covered under critical illness?
Heart attacks,Cancer,stroke,Kidney failure,Paraplegia,Blindless, Coronary heart disease requiring surgery,and Major organ transplant.Can the critical illness cover be extended to my spouse?
If the plan is taken on joint life basis it will cover your spouse, but if taken on single basis, it will cover only you.Golden Harvest Equity Linked Plan
Do I qualify for a loan?
No loans are permissible under the policyWhat benefits do I get from this policy?
On survival to maturity, the company shall pay the balance o fthe residual market value of units accumulated under this policy.
In the event of death, the benefit payable by the company is a flat sum assured as specified on your policy schedule or the market value of the units in your portfolio, whichever is greater.
Can I withdrawal cash from my policy?
A policy can be fully encashed after 36 months of premiums have been paid. See table below
| Nil | Within 36 months of policy inception |
| Up to a maximum of 30% of the unit value | In the 4th year |
| Up to a maximum of 50% of the unit value | In the 5th year |
| 100% of the unit value | Thereafter |
