Prudential eyes affluent individuals with up to Sh500mn cover
NAIROBI, Kenya, July 14 – Affluent individuals will access up to Sh500 million in insurance coverage under a new deal between Prudential Life Assurance Kenya and Standard Chartered Bank Kenya.
The product roll out comes at a time when demand for bespoke financial solutions among Kenya’s growing base of dollar millionaires and upper-income earners has been rising.
According to Standard Chartered Kenya CEO Kariuki Ngari, the flagship product LivLife has already surpassed Sh2.6 billion in sum-assured sales during a six-month pilot phase.
“The LivLife solution offers clients high-value life insurance tailored for intergenerational wealth transfer, legacy planning, and long-term financial security,” said Ngari.
“The pilot highlighted a growing appetite for future-proof savings and a shift from traditional endowment products to needs-based, whole-life solutions.”
As part of the expanded offering, the two players also rolled out Future Ready, a savings-orientated plan targeting middle- to upper-income earners seeking to fund children’s education, secure retirement, and preserve present financial stability.
“Our broader ambition is to ensure that products are accessible, understandable, and valuable,” Prudential Life Assurance Kenya CEO Gwen Kinisu said.
The launch comes on the back of sustained growth in Kenya’s bancassurance sector, with the latest data showing a 79.5 percent growth over five years and reaching Sh35 billion in premiums, according to the Association of Kenya Insurers.
