Saving. Liberty Life launches savings plan targeting Kenyans' long-term goals

Liberty Life Kenya has launched a new savings and protection plan aimed at helping Kenyans work towards long-term financial goals while protecting them against unexpected disruptions.

The Secure Plan allows customers to save towards goals such as buying land, building a home, starting a business, paying for further education, funding a wedding or improving their families’ financial security.

The product which is being launched under the theme “One Day Now Has a Date”, encourages customers to put a specific timeline to financial goals that are often left open ended.

Liberty says the plan is designed to address the challenge of maintaining long-term savings when people face unexpected expenses, job losses or changes in income.

Unlike traditional savings products, Secure Plan combines savings with life assurance and a guaranteed maturity benefit. Customers can also take up additional cover for permanent total disability, critical illness, accidental death and retrenchment.

“Most people do not stop dreaming about the future. What often changes is their confidence that they will be able to keep working towards those dreams when life gets in the way,” said Kieran Godden, Group CEO of Liberty Kenya.

“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.”

The policy is available for terms of between five and 20 years, with sums assured ranging from Sh250,000 to Sh100 million.

Customers can increase or reduce their premiums and the corresponding sum assured depending on changes in their financial circumstances.

Additional benefits available under the plan include critical illness cover, permanent total disability cover, a double accident benefit and a six-month waiver of premiums following retrenchment.

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

Liberty said the launch comes as Kenyans continue to use a range of savings channels, including chamas, SACCOs and money market funds, but face challenges maintaining long-term financial commitments when unexpected expenses or changes in income arise.

“The future sounds different when it has a date,” Godden said. “Our ambition is to help more Kenyans move their goals from ‘one day’ into something they can actively plan and work towards.”

The insurer is encouraging customers to identify a specific financial goal, set a target date and develop a savings and protection plan towards achieving it.