Prudential Life Assurance Kenya and Standard Chartered Bank (SCB) Kenya have announced the official launch of their strategic partnership that kicks off with the rollout of bancassurance products, supporting affluent and ultra-wealthy clients in their risk management, as well as financial, wealth protection and legacy planning.
Two products have been introduced, namely, LivLife, a life insurance plan with protection of up to KES500m ($3.86m) crafted for intergenerational wealth transfer, legacy planning, and long-term financial confidence, and Future Ready, a flexible plan for the affluent to finance education, save for retirement, and build long-term financial resilience.
SCB Kenya CEO Mr Kariuki Ngari said that the flagship product LivLife has already surpassed KES2.6bn in sum-assured sales during a six-month pilot phase. He added, “The pilot highlighted a growing appetite for future-proof savings and a shift from traditional endowment products to needs-based, whole-life solutions.”
The launch followed sustained growth in Kenya’s bancassurance sector. The latest data shows a 79.5% growth over five years and reaching KES35bn in premiums, according to the Association of Kenya Insurers.