Jubilee Life Insurance has stirred the market with Faida Elimu Insurance plan, a fresh education protection and investment that targets savers keen on helping their children access learning.

The company said the new product is modelled to ensure that a child’s academic journey remains uninterrupted, regardless of life’s uncertainties.

Faida Elimu Insurance Plan will see customers undertake monthly contributions starting fromKES5,000 or a one-off deposit of KES100,000 with a top up option. 

It integrates an investment aspect, linked with Life risk component, offering competitive returns alongside a mandatory Last Expense cover of KES100,000 and Life cover of up to KES1 million. 

According to the insurer, the product is tailored for parents and guardians in Kenya, who are navigating the rising costs of private and specialized education and seek a secure way to plan, save, and protect their children’s academic future.

“As a company, we are called to think beyond products and intentionally design practical solutions that relieve both the psychological and financial burdens among Kenyan families," noted Asman Mugambi CEO and Principal Officer at Jubilee Life Insurance Company during the launch on Monday. 

He added: "Every parent wants their child to go further than they ever did, without anything limiting that dream. Predictability and dignity ensure that a child’s education journey continues even when life takes unexpected turns.”

While education is often hailed as a key pillar of Kenya’s economy, the reality for many Kenyan families is increasingly defined by education uncertainties and uneasiness.

According to Kenya’s Inequality Crisis Report by Oxfam, approximately 36 percent of Kenya’s population is under the age of 15, with over 14 million pupils currently enrolled in primary and secondary schools. 

However, significant financial barriers persist, with households spending up to 14 percent of their income on school fees alone.

Faida Elimu Insurance Plan is tailored to help strengthens Kenya's Vision 2030 to achieve basic education for all. It seeks to empower parents to proactively secure their children's transition to the next education level, thereby supporting national human capital development.

Faida Elimu Insurance Plan moves beyond traditional insurance by functioning as a high-yield, investment-linked policy that mandates a long-term savings discipline. 

It is engineered to provide a financial safety net against school fee shocks, the sudden disruptions caused by loss of income or family tragedy that often force children out of school.

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