KCB and Liberty Life Insurance have partnered to launch an insurance policy through which customers can save for children’s education.
The product known as ‘KCB Elimisha’ will allow customers to take out insurance for a minimum premium of Sh500. Liberty Life will underwrite the policies through KCB’s Insurance Agency.
“Financial planning is a critical first step to actualising your child’s dreams. Funding children’s education is a key priority for most parents both in the short- and long-term,” said Liberty Life Insurance Kenya managing director Abel Munda at the launch. Education, however. policies remain unpopular because of their perceived rigidity and complex fine print.
KCB Elimisha takes between five and 20 years for the policyholders to be paid benefits, which ranges between Sh50,000 and Sh40 million. In the case of accidental death, it will give double the guaranteed payout.