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Panafrica unit linked insurance
Rank: Elder Joined: 1/27/2011 Posts: 1,777
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I took a wealth provider policy with panafrica insurance but i've got no idea how many units i have or how much they are worth. If i ask for a statement, i get a statement showing how much premium i've paid. Anyone with an idea of how to know how many units i have and what those units are worth?
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Rank: Member Joined: 12/2/2009 Posts: 286 Location: Nairobi
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@Josiah33: Pretty interesting, you need to visit their offices and demand answers. ICEA does provide a statement complete with interests earned to date. If the absense of this, how would anyone know how their policy is doing?! The laudable is more often than not rendered laughable by overclaim
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@barrywhite umenichanua. Those people must let me know how much am worth now. The only thing i know is that the unit price was sh.18 when i took the policy and now it's sh.27.44 or something like that.
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Rank: Member Joined: 6/5/2008 Posts: 174
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any investment insurance in kenya is a mere con due to material facts non disclosure by agents.Take pure life cover seriously though. For bookkeeping and bank loan interest recalculation try us:niando.becia@gmail.com
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Rank: Member Joined: 12/2/2009 Posts: 286 Location: Nairobi
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@Josiah33: How many units did you initially buy? Then if you know the quantity and the unit price, you can calculate the value of your investment. The laudable is more often than not rendered laughable by overclaim
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@barrywhite that's my dilemma. You see, i've got no idea how many units i've bought up to now because i can't calculate how many they are from the premiums i pay even when i know the unit price at that particular time. If only i knew how much upfront fee they deduct and their other charges i'd be in a position to know how many units i have after deduction of upfront fee and cancellation of some units to cover this other charges. @niando is insurance investment a con for non disclosure by agents of the fact that it is worthless or is it a con for not disclosing how your policy is doing even when it's supposed to be doing fine?
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Rank: Member Joined: 6/5/2008 Posts: 174
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josiah33 wrote:@niando is insurance investment a con for non disclosure by agents of the fact that it is worthless or is it a con for not disclosing how your policy is doing even when it's supposed to be doing fine? The agents wont tell you that 45% of your premium goes to 'administration fees' read their commission in the first year and 10% till the maturity of the 'investment'. woe unto you if you decide to withdraw after the policy has acquired a surrender value. A certain percentage will be deducted to punish you for that.This is not indicated anywhere in the policy so the Insurance company has an upper hand.Utado? Josiah did you know that . Many other costs too. Buyer beware . I have burnt my fingers on these 'investment 'policies.Learned and moved foward. For bookkeeping and bank loan interest recalculation try us:niando.becia@gmail.com
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@niando ok, looks like i've burnt my fingers but i am made to understand that if u hold on for 5 years and above your returns would be able to cover for the initial administrative and agents commissions and still be left with something. I am going to find out the truth from those panafrica guys.
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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Relax; Just because you don't have info doesn't mean there is something wrong with the policy. As you find out the truth about the policy enjoy its benefits like taking a loan against it. PanAfrica is a very good co. and all policies under AKI are similar if not the same. Pan Africa scooped the following Awards last yr: Fastest in claim settlement, best customer service!, 1st Runners-up in ICT, life insurer of the year, Fraud Detection And Prevention Initiative Of the Year. Disclaimer: I don't work or intend to work for Pan-Africa or any insurance co. I've 2 policies with them and a loan on one of them. The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@jerry wish u could tell me more about this wealth provider thing if u know about it. It's not that i think Pan africa insurance co. is bad, i just hate being in the dark about something i should know about.
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Investment plans are generally a beautiful racket. Pay me 10% p.a, then go invest on the N.S.E & Property for a lot more and keep the balance...using my premiums. No thank you  Medical cover is the most relevant insurance product to me...I will construct my own retirement.
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@cde monomotapa elaborate please. Is there commission 10% per annum?
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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Ok, i meant, is their commission 10% per annum?
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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josiah33 wrote:Ok, i meant, is their commission 10% per annum? No, no. Sorry. I am reffering to the investment return they usually offer of10% p.a
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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josiah33 wrote:@jerry wish u could tell me more about this wealth provider thing if u know about it. It's not that i think Pan africa insurance co. is bad, i just hate being in the dark about something i should know about. @josiah; As I stated earlier I do not work for Pan-Africa and my answer to ur querry may not be official position of the co. However, if you look at the LAPEC (Life Assurance Plan Eligibility Certificate), u will see Capital Sum Assured. That to me is the worth of ur investment. I started with 1,550/= pm in 2004 with an update of 5% every year. My contributions to date amount to around 160,000/= and my Capital Sum Assured is 389,160/=. I would suggest that you get the LAPEC and tactfully try to seek for an explanation of the Capital Sum Assured from an official of the insurer. Then tell me the outcome. I may be wrong. P.S. Don't forget that I have been enjoying 15% relief. The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@jerry is the sh.390,160 the sum assured stated at the start of your policy? If it is, don't you think you should be worth more factoring the 5% inflation protector?
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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josiah33 wrote:@jerry is the sh.390,160 the sum assured stated at the start of your policy? If it is, don't you think you should be worth more factoring the 5% inflation protector? @josiah33, The 390,160 is what I have on my latest LAPEC. There were other figures like 270k and 353k for past yrs. I'll confirm from an agent the true meaning of these figures. Do you have a Lapec? The opposite of courage is not cowardice, it's conformity.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Hmmm... Quite foggy this unit linked insurance. So what does the insurer invest in? Does one have a say in the investment plan? Looks fishy like the unit trusts with non disclosure investment rights. Assuming the insurer invests in equities & real estate, and both markets bomb out, I presume the value of the insured sum would equally tank. Is this clearly stated? What would happen if u tried to withdraw or terminate the contract during such distress? Can u switch to a pure insurance product (without the unit linked investment nonsense) during such distress without incurring additional costs? I think this is too risky a product, yet drafted as an insurance product for assurance protection? Very ironical... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 1/27/2011 Posts: 1,777
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@jerry i'll try and get that LAPEC thing, wish they would just give it to you without you asking them to do so. @hisah i beginning to have my doubts too and my main worry is this insurance guys intent to keep you in the dark.
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Flee from these fishy insurance products! It is either an insurance or an investment, not both.
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