Liberty Life Lunches Savings Plan For Kenyans with Long-Term Goals

Liberty Life Kenya has launched a new savings and protection product targeting Kenyans seeking to build long-term financial plans while protecting themselves against unexpected disruptions.

The Secure Plan combines savings, life assurance and a guaranteed maturity benefit. It is intended for customers saving towards goals such as buying land, building homes, starting businesses, paying for education and meeting other long-term financial needs.

The plan allows customers to select policy terms of between five and 20 years, with sums assured ranging from Ksh 250,000 to Ksh 100 million.

Customers can also adjust their premiums and corresponding sum assured upwards or downwards as their financial circumstances change. The flexibility is intended to allow policyholders to continue with their plans even when their income or financial responsibilities change.

The product also comes with optional protection benefits. These include cover for critical illness, permanent total disability and accidental death, as well as a double accident benefit.

Customers who are retrenched can also receive a waiver of premiums for six months, subject to the terms of the policy.

Liberty Kenya Group Chief Executive Officer Kieran Godden said the product was developed to address the difficulty many people face in maintaining long-term financial commitments when unexpected events affect their income.

“Secure Plan is designed around that reality. It allows customers to move from saying ‘one day’ to identifying what they want to achieve, putting a date to it and having a financial plan that is designed to protect the way,” Godden said.

The plan is available to individuals aged 18 and above, while joint-life cover is also available. Children can be covered from birth up to 18 years, subject to the policy terms.

The launch comes as Kenyan households continue to use a mix of formal and informal savings channels, including SACCOs, chamas and money market funds. However, unexpected expenses, changes in income and other financial pressures can interrupt plans that require consistent saving over several years.

Liberty Life Kenya is positioning Secure Plan as an option for customers who want to link their savings to a specific financial goal and timeline while having insurance protection during the period.

The company is encouraging potential customers to identify their financial goal, set a target date and determine the level of saving and protection required to work towards it.