This dynamic Endowment Policy Calculator if for estimating survival benefits and/or final maturity payout based on your age and savings goals.
The calculator assists you to do financial planning for your future goals such as buying a house, land, or saving for your child’s education or old age (retirement package).
I have also included a Money Back Policy Calculator for those who would like to get bonuses or survival benefits along their savings journey.
Choose between a Single Lump sum Life Insurance Policy Calculator or Money Back Policy Calculator for Kenyan.
Request An Endowment Policy Quote
Request Endowment Policy Quote
Please submit your target preference details below. A customized endowment policy illustration proposal will be structured and sent directly to your WhatsApp.
Endowment Policy Calculator Kenya
Endowment Policy Calculator Kenya
Calculate your guaranteed returns and extra bonuses.
Total Cash You’ll Receive
KES 0
Built-in Family Security Structure:
Money Back Life Insurance Policy Calculator
Money Back Endowment Policy Calculator
Determine your guaranteed Sum Assured, survival milestones, and total estimated returns instantly.
📅 Survival Benefit Return Milestones
- Adjust configuration above to populate your policy return timeline milestones.
How to Use the Endowment Calculator
- Age and Term Bands
The workings of this calculator is dependent on your age and the savings period.
Younger people have better return rates than older people. Insurance is about risk and younger people are assumed they will live longer and healthy as opposed to older people.
When you input your age in the calculator, your age is mapped to the appropriate return rate. Some ages might have similar rates and that is what we call age grouping.
For example you will find that people aged 18-24 or 30-36 are grouped have similar rates since their age difference is small.
- Saving Period
The higher the savings period, the higher the returns.
If you want to.maximize savings returns, invest for 10 or more years. For example, if you save KES 10,000 for 12 years, for every KES 10,000 you place, you will get KES 5,000 or more as the return for that month. However, the savings returns you get is very much influenced by your age.
This Insurance savings plan calculator for Kenya is suitable for people below the age of 50.
Example Using The Calculator
Let us make this real. Assume you are 30 years old. You plan to save for 10 years. This is how the numbers will look like in the life insurance premium calculator
Option 1:
Monthly contribution: KES 30,000
Total contributions: KES 3,600,000
Estimated payout: KES 5,000,000
Option 2:
Monthly contribution: KES 40,000
Total contributions: KES 4,800,000
Estimated payout: KES 8,333,333
Understanding the Maturity Payout: Sum Assured
When you have entered your age, savings period, and the amount you are willing to commit each and every month until maturity, the endowment calculator will give you a figure.
This figure is the amount you will receive at the end of the savings period. The figure is referred to as the guaranteed maturity benefit, maturity payout or sum assured.
Sum assured is legally guaranteed to be paid out. This amount can help you achieve the 3 necessities of life, building a house, educating your children, or achieving financial freedom at your old age.
Guaranteed sum assured includes your contributions and savings returns combined.
Note: Money Back Life insurance policy is another type of Endowment Policy. Instead of waiting until the policy matures, you get survival benefits/bonuses along the way, so that you can be implementing your long-term goals early.
This money back life insurance calculator Kenya above gives survival benefits every four years, 20% of the guaranteed sum assured. You can choose a savings term of 12, 16, 20, and 24 years.
Built-in Family Protections vs. Optional Riders
Endowment policies come with life protection built-in. This is meant to cushion your financial goals against unfortunate death or disability.
This Endowment Policy cushions your life against the unfortunate event of death. If the policyholder dies after the 1 year waiting period and before the end of the savings term, a premium waiver is applied and the sum assured, now referred to as death benefit in this case, is paid when due.
This life protection is meant to lock your financial goals. If your financial goal is to create an education fund, this goal is achieved whether you are there or not. You children will go to school as you had planned.
In endowment policies, you are allowed to add life protection. These add-ons are referred to as riders. So you can add, for example, a death cover. If you add a death cover and you die (may God forbid), your beneficiary receives an immediate payout (death benefit) as they wait for the policy to mature and the final guaranteed sum assured is paid. Riders are meant to inject immediate cash payout to your family at the exact time of death for final expenses.
Tax Benefits of Saving via an Endowment in Kenya
Endowment Policy payout are exempted from any form of tax.
Equally, when you enroll in an endowment policy with a savings period of 10 years or more, you will enjoy a tax relief of 15% of the premium you pay every month.
The tax relief is capped at KES 5,000 per month or KES 60,000 per year.
For example, if you have chosen to commit KES 100,000 per month towards your financial goal(s), you are eligible for a KES 15%(100,000) tax relief.
15% of KES 100,000 is KES 15,000 per month. Since this figure is beyond the capped monthly tax relief amount, you will just qualify for the maximum amount you can enjoy in any month as tax relief, and that is KES 5,000.
If your monthly premium is KES 10,000, your tax relief will be KES 1,500 (10% of KES 10,000).
Tax relief of 15% is guided by Kenya tax law, and is meant to reduce taxpayer’s tax burden and effectively acts as an immediate subsidy on their monthly savings.
Request an endowment policy quote
