Life insurer Liberty Life Assurance has today launched an innovative funeral product that allows customers to include their parents and parents in law on the cover with no requirement for medical checkups.
Under Liberty Life’s Legacy Plan launched today, the insured can extend life insurance cover to their parents, who must be aged below 75 years, for as low as Sh 260 in monthly premiums.
The Legacy Plan, which is an enhancement on the firm’s existing Msiba Plan, will be offered at three benefit levels: Silver, Gold and Platinum depending on the customer’s preferred benefit level of Sh 100,000, Sh 200,000 and Sh 500,000 respectively.
The plan may be taken to cover an individual or family of up to six children in addition to the parents.
“We are happy to offer Kenyans a product that is a tailored response to real needs. Consumer insight informs us that insured persons are not only expected by the realities of our socio-economic context to provide for the financial stability and social security of their immediate families, but also their parents. We shall continue to innovate to meet the needs of our customers,” said Managing Director Abel Munda, during the launch at Liberty House.
Association of Kenya Insurers (AKI) Chief Executive Tom Gichuhi, said: “The effort by Liberty Life in launching this innovative solution is commendable; we believe that it is through such innovative products that we shall be able to improve insurance uptake in Kenya and bolster the industry’s role in boosting national savings and social security, which remains largely untapped.”
The Legacy Plan now offers more benefits for the family cover but at the same premium to that under Msiba Plan.
For example, the spouse will now enjoy the same additional benefits as the insured e.g. the double accidental death benefit, under which an additional amount equal to the cover selected is payable, and the disability cover among other benefits which were available to the insured only.
The launch of the Legacy Plan comes on the heels of Liberty Life’s rebrand last October which marked its full integration into Liberty Group’s continental business, creating a single platform for innovation and institutional support to deepen insurance penetration and a savings culture as catalysts for overall socio-economic development.