Group Life Plan

The group life plan is a simple annual Master Policy issued to cover a group of persons, under which a company can become a policyholder on behalf of its employees. Via this arrangement each employee receives a certificate as evidence of their participation in the plan.

The main purpose of a group life plan include

• To provide benefits in the event of the death of an employee.
• Making funds available for last illness and burial expenses.
• To enables the company to provide financial assistance to the family

Key Advantages

• Full Tax relief is granted on the premiums paid.
• Cost of coverage lower than an individual plan.
• No evidence of insurability medical test is necessary, only required if the cover exceeds the free cover limit.
• Your company is able to attract and retain high quality employees.
• You can assist employees, without accessing current income.
• Provides a full proof 24 hours cover against death/disablement resulting from accident and diseases.

Who pays the cost of the insurance cover and is it expensive?

• Company bears the full cost of cover, which is decided by the benefits included in the plan and the composition of the group.
• Full tax relief is granted on the claims proceeds paid by the Company.
• Administration costs of group coverage are less; premium rates are lower than on individual policies.

How are the benefits under the plan determined?

The sum assured on each employee can either be a fixed amount for each employee, or an amount related to the employee's salary.

Pensions

When an employee retires, he no longer gets a salary, but his need for regular income continues. With continuous improvement in longevity, the economic problem of old age is now as serious as the calamity of premature death.

Group pension schemes provide for retirement benefits in the form of an annuity. Retirement benefits like Provident Fund and Gratuity are paid in lump sum which are often spent quickly or not invested prudently, as a result, an ex-employee could find him without regular income during his life in retirement. Group pension schemes provide an answer to this problem. The schemes can be set up on a contributory basis by the employees sharing a part of the contributions. Alternative, if the employees do not contribute, the whole of the contributions can be paid by the employer.

Benefits to the employers and employees;

Employer

• Contributions made to Approved Pension Funds are treated as business expenses for the purpose of determining tax liability. Hence, as per the income tax rules of Kenya, the employer’s contributions can be treated as a non-taxable expense, subject to a maximum total contribution towards the pension scheme of Kshs. 20,000.00 per or Kshs.240,000.00 per annum.
• Coverage under Group Pension Schemes also boasts employee’s morale.
• A good pension scheme attracts good, new staff and helps to reduce staff turnover, whilst reducing the need for charitable handouts on retirement.

Employee

• Assured regular income during retired life;
• The employer’s contribution will not be treated as extra benefit in the hands of employees.
• Tax – free build up of contributions till the date of retirement.

Financially, there’s a tax benefit to be gained by employees when contributing to a registered pension scheme.  The Kenya Revenue Authority appreciates employee’s attitude towards saving (via Pensions contributions) for the future by allowing the contribution to be treated as an income, free of P.A.Y.E. i.e. contributions are not taxed.

School Life Care Plan

School Life Care cover caters for both day and boarding schools. It enables schools to be prepared in handling financial consequences in care of risks and eventualities whilst schooling is in progress.

What are the benefits of this policy?

• Schools are able to release funds held up for emergencies to viable projects.
• Peace of mind to teaching fraternity.
• It creates more faith and confidence in a school as an institution that cares.

Why parents should demand for a student life care plan:

• No obligation of emergencies and sickness whilst in school.
• A better health for students
• Timely medical attention for students/pupils

For more details contact us on 2220814 or Email:  JLIB_HTML_CLOAKING

Group Medlife

We take this opportunity to introduce you to our world of MEDLIFE, a health-care service that offers corporate medical solutions.

At Pioneer Assurance, we have a solution, which will not only protect corporate clients but also make them healthier at an affordable rate.

MEDLIFE takes in consideration the unique needs and challenges that face the corporate world when it comes to sourcing a medical insurance.

OUR STRENGTHS

• Ability to work out medical solutions for corporate clients with utmost consideration of their budgets without compromising on the integrity of the medical scheme
• A unique feature of our medical policy is the commitment to actual management of medical services provided to ensure that clients get the best medical care available, at reasonable costs, at maximum convenience
• Ability to support and synergize with our intermediaries, clients and partners, offer competitive pricing and first class customer service and operational excellence
• Our unique value proposition is built within our ability to offer enhanced and tailor made medical solutions which include covers for pre-existing, chronic and HIV/AIDS related illnesses at very competitive costing
• Over the years we have had the opportunity to serve clients with different unique needs, small, medium and large corporations and institutions.

THE PURPOSE

• To meet healthcare needs of all our members.
• To provide consistently high quality service by consistently innovating new products, systems and techniques
• To create and retain members
• To be a medical insurance leader by providing value for money