ICEA Lion Life Insurance Company: History, Branches, Premiums and Packages Offered

ICEA LION Group is a one-stop financial services provider offering a range of innovative products in insurance, pensions, investments, and trusts.

 It is one of the largest financial service providers in East Africa, with established operations in Kenya, Uganda, and Tanzania.

With roots dating back to 1895, ICEA LION has played a key role in the early stages of East Africa’s commercial development.

ICEA LION Group is part of First Chartered Securities (FCS), a private investment holding company with interests in financial services, logistics, real estate, manufacturing, and agriculture.

The Group’s companies include:

• ICEA LION General Insurance Company Ltd
• ICEA LION Life Assurance Company Ltd
• ICEA LION Asset Management Ltd
• ICEA LION Trust Company Ltd

ICEA LION has multiple branches across Kenya. Key locations include their Head Office in Westlands, Nairobi.

Other branches include Mombasa Nyali Branch, Thika Branch, Kisumu Branch, Westlands Branch, Nyeri Branch, Mombasa Road Branch, Nakuru Branch, Karen Branch, Meru Branch, Upper Hill Branch, Eldoret Branch, University Way Branch, and Kenyatta Avenue Branch.

Personal Accident Insurance

Their Personal Accident Insurance provides you with monetary compensation in the unfortunate event you suffer accidental injuries, disability, or death.

It also covers your medical expenses that arise as a direct result of this specific incident.

As such, this insurance plan acts as a supplement to your life and medical insurance plans. The premium you pay depends on the cover you take out.

Group Personal Accident, in turn, provides compensation to a group such as a family, employees, “chamas”, learning institutions, SMEs, or any other group of people with a common interest.

ICEA Lion Cancer Insurance

Their Cancer Insurance product is a financial planning solution that pays you in cash in the unfortunate event that you are diagnosed with cancer.

It may be easily confused with your medical insurance that covers you for cancer treatment, rather than paying you in cash to use as you need it.

The payout can be used for actual treatment if your medical cover is insufficient, or to meet your other financial obligations that you may be unable to meet because of your incapacitation from the illness.

This way, you can focus on your treatment, as we focus on your expenses.

The cost of insurance is dependent on your age, gender, and whether you smoke.

As such, the cost is specific to you and not a lumped figure. For instance, if you are 18, male and a non-smoker, you can pay less than Ksh 200 per month for a cover of Ksh 1 Million.

The cover ranges from Ksh 1 million to 15 million.

Education Insurance (UsomiBora)

This is a type of life insurance that allows you to save towards your child’s education.

The plan enables you to set aside a given amount every so often, monthly, quarterly, or annually for a specified period, so that you have sufficient funds to invest in the quality of education you desire for your child.

This policy also has a protection component that pays out the amount you intend to your nominated beneficiaries in the unfortunate event of your demise.

What Are Some of The Factors to Consider When Purchasing Education Insurance?

• The type of school you want for your child: Public or Private
• What curriculum do you want for your child: Local or International, i.e. CBC (Competency Based Curriculum), 8.4.4 or IGCSE.
• The amount you can set aside periodically; this premium depends on the future cost of education, determined by your preferred calibre of institution and inflation.
• The duration between when you start paying and when you want the insurance policy to start paying you, that is, either at the primary, secondary, or tertiary levels. This also depends on the education system you have enrolled your child in. This education policy allows for a minimum of eight (8) years and a maximum of seventeen (17) years.

Motor Insurance

Motor Insurance policy helps you in the unfortunate event that your vehicle, its accessories, or spare parts are stolen or damaged as a result of an accident, fire, floods or riots.

It also covers third-party liabilities – this means that the cover will extend to compensate any other parties other than yourself or the person you have authorized to use your car should you be the party that caused the incident or injury.

They offer the following types of motor insurance:

• Commercial
• Private motor insurance solutions

Under special circumstances:

• Third Party Only
• Third Party Fire & Theft
• Motorcycle Insurance

Also Read: APA Insurance Company: History, Branches, Premiums and Packages Offered

Home Insurance

The Home insurance offers comprehensive protection against loss or damage to the structure and contents of your residence.

Whether you are a tenant or the owner, this cover is available to you.

The policy can be customized to include:

• Movable valuable items: Jewellery, mobile phones, Camera, Laptop, and other personal belongings.
• Home employees: Protection for your domestic staff.
• Liability cover: Protection against any liability arising from accidents or incidents within your home.

The Coverage also Includes Protection Against:

• Riots and strikes
• Theft accompanied by forceful entry
• Malicious damage
• Damage caused by bursting or overflowing water tanks, apparatus, or pipes
• Storm or tempest (including flood or sea overflow)
• Fire
• Lightning / Thunderbolt
• Earthquake/Volcanic eruption
• Explosions
• Aircraft or other aerial devices

Also Read: Jubilee Insurance Company: History, Branches, Premiums, and Packages Offered

Business Insurance (BIZBORA)

Business Insurance (BIZBORA) is a simplified insurance policy that brings together seven insurance solutions to enable you, as a business owner or operator, to protect your business against such occurrences.

Based on your assessment of the risks your business is prone to, you can select the insurance cover or covers that suit you from the options offered under the BIZBORA combined solution

What Are Some of The Benefits of Our ICEA LION Business Insurance (BIZBORA)?

• You can select from a wide range of options: They offer you a selection of insurance options relevant to you as a business owner to protect your business against a wide range of risks.
• You can tailor-make your insurance solution: They work with you to assess your business risks and combine your selected options into a tailor-made, single-package policy that best serves your business.
• Ease & Convenience: You can pay a single premium for the options you select, get one policy document and have a single view of all your business insurance.
• Covers Small and Medium-Sized Businesses (SME): It takes care of all your non-motor business insurance needs. This insurance is suitable for you if you have retail outlets such as boutiques, bakeries, grocery stores, cyber cafes, electronics shops, butcheries, salons, barber shops, eateries, among others.

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