Britam has officially launched its Lifetime Whole Life Insurance Plan. The new product is designed to provide Kenyans with a permanent life insurance solution that combines lifetime protection with structured wealth transfer.
Unlike traditional term insurance policies that expire after a specific duration, the Whole Life Insurance Plan offers coverage for the duration of the policyholder’s life. This ensures that beneficiaries receive a payout regardless of when the policyholder passes away, provided the policy remains active.
One of the standout features of the plan is an automatic 3% annual increase in the benefit amount. This escalation is intended to preserve the purchasing power of the payout, ensuring that the financial support intended for loved ones keeps pace with the rising cost of living over time. Additionally, all benefits under the policy—including death, disability, and critical illness payouts, are currently tax-free under Kenyan law.
Britam is positioning this plan as a sophisticated tool for estate management. A unique aspect of the offering is the ability for customers to name the Britam Trust as a beneficiary. By doing so, the payout can be managed through a structured trust arrangement, allowing policyholders to leave specific instructions on how and when funds should be distributed to their heirs.
“The Britam Whole Life Insurance Plan reflects our commitment to offering solutions that go beyond basic protection,” said Tom Gitogo, Britam Group MD & CEO. “It is designed to help customers leave something meaningful for the people they love, with cover that grows over time and lasts a lifetime.”
To make the plan accessible to a wide demographic, Britam has introduced flexible payment structures:
- Premiums: Monthly payments start as low as Ksh. 3,000.
- Payment Terms: Customers can choose to pay premiums over a period of 10, 15, or 20 years, or opt for a one-off single premium.
- Simplified Underwriting: Medical examinations are generally waived for coverage amounts under Ksh. 15 million, simplifying the application process for many.
Customers can further customize their policies by adding riders for Permanent Total Disability, Critical Illness, and Funeral Expenses (with last expense benefits reaching up to Ksh. 500,000).
The launch comes at a time when Kenyan consumers are increasingly seeking financial products that facilitate the orderly transfer of assets across generations.
“We listened to what customers and partners were telling us: they want protection that is accessible, lasting, and built around real-life needs,” noted Ambrose Dabani, Britam Life Assurance CEO. “This plan brings together lifetime cover, flexible payment options, and simple entry requirements in a way that supports legacy planning.”
The Britam Whole Life Insurance Plan is now available to the public through Britam’s financial advisors and digital platforms.