This is a list of products offered by Liberty Life Assurance and its branches in Kenya. It is one of the 56 licensed insurance companies in Kenya by the Insurance Regulatory Authority. The company was established in 1964 and primarily offers life insurance. It is among the largest life insurance companies in Kenya.
Liberty Life Assurance Products
a) Individual Products
1. Life protection
This cover ensures that those you care about most are financially stable in the event of your death.
Life Protection plans
- Short-term life cover
Silver Lining Plan – The policy provides for payment of the sum assured on death provided the death of the life assured occurs within a specified period. The policy doesn’t have a cash value and the periods are either 5 or 10 years.
Convertible level term – This policy is offered in four categories whose periods are 5, 10, 15, or 20 years. It offers protection to the insured and has a minimum coverage of KES 1 000 000. It is valid for persons between the ages of 16 and 60 years. In the event of accidental or natural death, at any point during the period of the policy, a death benefit of the cover amount is payable.
- Life – long cover
Whole Life Plan – This policy offers protection against the death of the insured. The policy is affordable, with a minimum cover of KES 200 000, and it accumulates a cash value after two years. This allows you to take a loan against your policy’s cash value. You have a guarantee for the growth of your cash value because this cash value continues to build up throughout your life.
- Endowments policies
Income builder – This plan provides for your changing needs by providing initial life cover to ensure your family is secure – no matter what happens to you. For the first 7 years, you have guaranteed payout values in the event of your death. From the beginning of the eighth year, your money is invested in a portfolio that is linked to underlying asset performance.
From the beginning of the 8th year the premiums, together with all the accumulated cash values, are invested in an investment account that attracts interest up to the maturity of the policy. The policyholder is also allowed to withdraw up to 25% from the investment and protection account once per year from the beginning of the 8th year of the policy.
Triple payment diamond plan – This is offered in options of 15, 18, 21, and 24 years periods. The contract pays the sum assured in three installments. The first installment of 25% is paid after the completion of the first third of the policy term, the second installment of 25% after the completion of two-thirds of the term, whilst the balance of 50% is paid at full maturity with both the reversionary and terminal bonuses accrued. The insured is also covered for the full assured amount, plus the bonuses during the entire duration of the policy term.
- Mortgage cover
This policy offers protection for your home. Should you pass away while the mortgage is not fully paid, your loved ones will never be homeless. Terms range from 5, 10, 15, or 20 years.
2. Funeral Plans
This policy ensures that you have protection and financial security in the event of death. It will provide financial support to take care of the most urgent and vital expenses.
The plan is available in two packages:
- Individual package This option provides cover for the main member, who must be under 65 years of age at the time of taking the policy. Covers start from KES 400 per month.
- Family package This option provides cover for the main member, one spouse, and up to six children. The main member and the spouse must both be under the age of 65 years at joining. Children must be under the age of 18 at joining. The spouse will receive the same benefits as the main member.
3. Education plans
These plans are designed to secure your child’s education.
Karo plus plan
This plan will cater for your child’s education in the event that you become physically impaired or you pass away. The policy will pay a lump sum benefit to either a Trust or a nominated beneficiary, and this lump sum will be used to pay for the children’s annual school fees until completion.
This plan is designed as a savings and protection plan to provide for the future education needs of your child. The plan offers returns in the form of 4 payments before maturity at the rate of 14%, 14%, 14%, 14% & final payment of 50% of the sum assured after completion of the full period. It runs from 10 to 20 years.
The Scholar plan insures the life of your child from the age of 3 months for 15 years or more. The policy is a basic life insurance cover and builds up cash values for the first seven years. At the beginning of the 8th year, an Investment protection account (IPA) is created.
From the beginning of the 8th year, the premiums, together with all the accumulated cash values, are invested in an investment account that attracts interest up to the maturity of the policy. The policyholder is also allowed to withdraw up to 25% from the investment protection account once per year from the beginning of the 8th year of the policy.
1. Group Life Assurance
This cover gives the employer and employees peace of mind that in the unfortunate event of death, the employees’ dependents will receive a cash benefit, thereby minimizing financial worries and burdens and allowing you to grieve and heal.
Benefits under this policy
- Permanent and Total disability – This benefit pays a lump sum in the event of permanent disability of an employee. The purpose of this benefit is to protect the employees against the loss of earning potential if he/she becomes disabled and is unable to work.
- Temporary and Total disability – This is a cash benefit that is payable for a fixed period. The benefit usually covers a proportion of their salary for 52 or 104 weeks including the waiting period. The purpose of this benefit is to protect the employees against the loss of earnings or earning potential if he/she becomes disabled and is unable to work for a limited period. The benefits are paid to the employer in the event that the staff stays on salary during this period.
Critical illness – This benefit, if selected, is payable to an employee if diagnosed with a defined critical illness (such as Cancer, Heart Attack, Coronary Artery Bypass Graft (CABG), Stroke, Major Organ Transplant or End-Stage Renal Failure) by providing a lump sum payment on the first diagnosis of any one of the stated critical illnesses.
- Funeral benefits – This benefit pays out a lump sum in the event the employee, their spouse, their children, their parents or parents-in-law (if these options have been selected) pass away while the employee is still in service of the employer.
Credit life – It pays off the balance of a loan in the event that the policyholder or joint loan holder passes away or becomes disabled or suffers a disease.
2. Family Protector
This plan provides peace of mind during the difficult times that result from the death of a loved one. The plan was developed in response to the growing concern of many employers regarding the ever-increasing costs of funeral/burial expenses of employees and/or spouses. The plan is also ideal for members of registered institutions such as Chamas, SACCOS, and Churches.
List of Liberty Life Assurance Branches in Kenya
1. Liberty Life Assurance Head Office
Location: Liberty House, Processional Way, Nairobi.
Contacts: +254 711 076 222, (+254) 20 286 6000, 0711 028 000
2. Liberty Life Assurance Kitengela Branch
Location: Capital Centre, 3rd floor
Contact: +254 711 076 222
3. Liberty Life Assurance Mombasa Branch
Location: NSSF Building, 6th Floor, Nkurumah Road
Contact: +254 41 2315893
4. Liberty Life Assurance Eldoret Branch
Location: Imperial Court, 1st Floor, Uganda Road
Contact: +254 711 028 464
5. Liberty Life Assurance Nanyuki Branch
Location: Silver Plaza, 1st Floor, Meru Road Nanyuki
Contact : +254 20 286 6870
6. Liberty Life Assurance Kisii Branch
Location: Royal Plaza, Hospital Road
Contact: +254 20 286 6564
7. Liberty Life Assurance Kisumu Branch
Location: Tuffoam Mall, 1st Floor, (next to KCB Bank)
Contact: +254 711 028 529
8. Liberty Life Assurance Thika Branch
Location: 4th Floor, Zuri Centre, Kenyatta Avenue
Contact: +254 711 028 560
9. Liberty Life Assurance Kitui Branch
Location: Muli Mall, Biashara street, Opposite Equity Bank, 1st Floor Room 92
Contact: (+254) 20 2866 000
10. Liberty Life Assurance Nakuru Branch
Location: Polo Centre, 1st Floor
Contact: +254 0711 028 928
11. Liberty Life Assurance Embu Branch
Location: Embu town, Njue plaza, 3rd Floor, Left Wing
Contact : +254 711 076 222