Liberty Life improves life cover to parents, offer income to spouses

May, 2015…Life insurer Liberty Life Assurance has today launched a unique product that allows customers to include their parents on the cover and gives spouses the same income benefits as the insured.

Under Liberty Life’s Legacy Plan launched today, policy-holders can extend life insurance cover to their parents for as low as Sh2,810 in annual premiums. However the parent must be under 75 years old. Spouses also receive the same benefits as main member, including all the additional benefits, at the same premium.

The Legacy Plan, which is an enhancement on the firm’s existing Msiba product, will be offered at three levels: Silver, Gold and Platinum depending on the customer’s income level for the various cover options on offer: Individual, Family and the latest one, Parent.

“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.

Speaking at the same function, AKI Chief Executive Tom Gichuhi said…

While the premiums for both Individual and Family cover options will remain unchanged, with the benefit catalogue for the latter being enhanced to include spouses under the Legacy Plan; the Parent cover option will be available at annual premiums of Sh2,810, Sh5,620 and Sh14,040 respectively for the Silver (Sh100,000), Gold (Sh200,000) and Platinum (Sh500,000) categories, respectively.

Other add-ons under the Legacy Plan include a lump sum payment of half the cover amount on the death of the main member to take care of funeral expenses, under what is called the Maandalizi benefit. A fifth of the cover amount (Family Care benefit) will also be payable to take care of immediate family needs. Spouses can also now receive same benefits as main member, including all the additional benefits, at the same premium. Other benefits include Double accidental death benefit, under which an additional amount equal to the cover selected is payable and Accidental benefit, which covers the main member for accidental impairment.

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.

Liberty is one of the largest wealth management groups in Africa with operations in 15 African countries. The Group also trades as Heritage Insurance Kenya for the short lines and STANLIB for its Asset Management businesses in the region.

Note to Editors…Liberty is a broad based wealth management group specializing in life insurance, asset management, retirement and investment planning, property management and development, and health administration. Liberty is 54% owned by Standard Bank Group, the largest financial services group in Africa which also incorporates a Bancassurance arrangement unique in value and access to customers. The Group, through Liberty Kenya Holdings Limited, a company that is listed on the NSE, also owns Liberty Life Kenya (formerly CfC Life) and Heritage Insurance companies. Today, Liberty Holdings is a leading financial services holding company in sub-Sahara Africa that provides wealth creation and preservation offerings to individuals and businesses. The company has a market capitalization of just over USD 3.1 billion and a presence in 16 countries across the African continent.

For more Information please contact:
Liberty Life Assurance Kenya
Cell: +254 721 510 365

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