NAIROBI, Kenya — Britam Holdings Plc has launched a new whole life insurance product offering lifetime coverage of up to Sh100 million, marking a significant push into long-term financial protection and wealth planning solutions.
The Britam Whole Life Insurance Plan, unveiled on April 21, is designed to combine family protection, wealth accumulation, and legacy planning into a single product, targeting individuals seeking permanent life cover beyond traditional term policies.
According to the insurer, the product provides lifetime coverage, with a minimum death benefit of Sh5 million and a maximum payout capped at Sh100 million.
Unlike term life insurance, which expires after a set period, the whole life plan guarantees a payout upon the policyholder’s death, provided premiums are fully paid.
A key feature of the policy is a guaranteed annual growth rate of 3 P.c on the sum assured, allowing the value of the cover to compound over time.
Industry analysts say this structure particularly benefits younger policyholders, whose policies have a longer duration to accumulate value.
“The Britam Whole Life Insurance Plan reflects our commitment to offering solutions that go beyond basic protection,” said Tom Gitogo during the launch.
“It is designed to help customers leave something meaningful for the people they love, with a cover that grows over time and lasts a lifetime.”
The product offers two entry pathways. Customers can opt for a single premium payment—typically starting from about Sh2 million, activating full coverage immediately.
Alternatively, policyholders can choose a regular premium plan, spreading payments over 10, 15, or 20 years, with flexible monthly, quarterly, or annual options.
Eligibility is open to Kenyan nationals, residents, and non-resident East African citizens aged between 18 and 65.
However, the combined age at entry and premium payment term must not exceed 75 years.
The plan is regulated by the Insurance Regulatory Authority, aligning it with Kenya’s legal framework governing insurance products and consumer protection.
Beyond the core death benefit, the policy includes optional riders aimed at enhancing financial security.
These include Permanent Total Disability (PTD) and Critical Illness cover, each offering a lump-sum payout equivalent to 30 P.c of the insured amount, with a minimum of Sh2 million.
Additional features include a last expense benefit ranging from Sh100,000 to Sh500,000, payable within 48 hours of confirmed death, and a retrenchment provision that waives premiums for up to six months in the event of involuntary job loss.
For example, Britam estimates that a 35-year-old professional can secure cover by paying as little as Sh11,400 annually over a 10-year period, depending on the selected plan.
However, the policy includes territorial limitations.
For non-East African citizens, death claims occurring outside Kenya are not covered under standard terms, a clause that may affect diaspora uptake.
Applications are processed digitally through Britam Financial Advisors, requiring identification documents, a KRA PIN, and an initial premium payment.
Policyholders can manage their accounts via the MyBritam platform.
