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StanChart, Prudential eye the wealthy with Sh500m life cover
The launch comes at a time the number of dollar millionaires in Kenya has dropped in the past year as the super-rich moved their treasures abroad on uncertainties buoyed by a softening economy and growing political unrest.
Standard Chartered Bank Kenya has partnered with the local unit of Prudential Life Assurance to unveil a life cover targeting the country’s wealthy class with a payout of up to Sh500 million, as the lender seeks to diversify its bancassurance offerings.
The lender said on Monday that the product, dubbed LivLife, has been running on a pilot phase for six months during which period it has surpassed Sh2.6 billion in sum-assured sales, with the banks terming it a signal for a strong demand.
