Liberty Kenya has enhanced its investment-linked life insurance plan, LifeVest, by incorporating Critical Illness and Permanent Total Disability benefits at no additional premium, strengthening the financial protection available to customers as they build long-term wealth.
The enhanced LifeVest plan allows customers to begin investing with a single premium of KSh50,000, with additional top-ups from KSh1,000. Designed for flexibility, the plan also offers liquidity by allowing partial withdrawals of up to 25 per cent of the fund value each year, subject to the policy terms and conditions.
LifeVest includes built-in life cover equivalent to 10 per cent of the accumulated fund value, subject to a maximum cover of KSh5 million. The newly introduced Permanent Total Disability and Critical Illness benefits are each equivalent to 30 per cent of the life cover amount and are provided at no additional premium.
Customers can monitor their policy performance and access account information through Liberty Kenya’s digital customer portal or its USSD platform.
Speaking on the enhanced offering, Liberty Kenya Group Chief Executive Officer Kieran Godden said the upgraded LifeVest is designed to provide a more comprehensive approach to financial planning at a time when many households are balancing long-term wealth creation with the risks posed by illness, disability, income loss and other unexpected life events.
“The traditional separation between saving, investing and insurance is becoming less aligned with the financial realities facing families, professionals, entrepreneurs and pre-retirees. While more Kenyans are intentionally investing for education, retirement, home ownership and legacy planning, many remain exposed to risks that can quickly undo years of disciplined saving,” said Godden.
The enhancement comes as households continue to face rising healthcare costs, fluctuating incomes, growing family responsibilities and increasing pressure to prepare for long-term financial needs.
Liberty Life Managing Director and Principal Officer Nkoregamba Mwebesa said customers increasingly expect financial solutions that are simple, flexible and responsive to their changing needs.
“Customers want solutions that support their ambitions, but they also need the confidence that one unexpected life event will not completely derail their financial progress,” said Mwebesa.
LifeVest is designed for customers seeking to grow their wealth while maintaining financial protection for themselves and their families. As an investment-linked insurance product, the value of the accumulated fund depends on contributions made, applicable charges and the performance of the selected investment portfolio.