Combine life protection with guaranteed savings - compare endowment, money-back, and education policies
Insurance savings plans combine life insurance protection with a savings component. You pay regular premiums, and at the end of the policy term, you receive your savings with guaranteed returns - plus you're protected throughout the term.
Pay premiums for a fixed term (10-25 years). At maturity, receive sum assured plus bonuses. Ideal for long-term wealth building with life cover.
Receive periodic payouts (e.g., 20% every 5 years) during the policy term. Great for regular milestone needs while maintaining life cover.
Structured payouts aligned with school milestones. Premium waiver if parent dies. Ensures children's education regardless of circumstances.
| Company | Plan | Type | Min Premium | Term | Returns |
|---|---|---|---|---|---|
Jubilee InsuranceâââââMarket Leader | Fanaka Endowment Plan | Endowment | KES 3,000/month | 10-20 years | 4-6% guaranteed |
| Education Savings Plan | Education | KES 2,500/month | 5-18 years | 5% guaranteed | |
Britam InsuranceââââAffordable Options | Britam Endowment Plus | Endowment | KES 2,000/month | 10-25 years | 4-5% guaranteed |
| Elimu Plan | Education | KES 1,500/month | 5-15 years | 5% guaranteed | |
CIC InsuranceââââLow Minimums | CIC Smart Savings | Endowment | KES 2,000/month | 10-20 years | 4-5% guaranteed |
| Junior Achievers Plan | Education | KES 1,000/month | 5-18 years | 5% guaranteed | |
ICEA LionââââStrong Returns | ICEA Endowment Plan | Endowment | KES 3,500/month | 10-25 years | 5-6% guaranteed |
| Child Education Policy | Education | KES 2,000/month | 5-15 years | 5% guaranteed | |
Sanlam KenyaââââInternational Backing | Sanlam Savings Plan | Endowment | KES 2,500/month | 10-20 years | 4-5% guaranteed |
| Sanlam Education Plus | Education | KES 2,000/month | 5-18 years | 5% guaranteed | |
UAP Old MutualââââMoney-Back Options | Money Back Plan | Money-Back | KES 3,000/month | 15-20 years | 15-20% of sum every 5 years |
| Education Protector | Education | KES 2,500/month | 5-15 years | 5% guaranteed |
Your family receives the full sum assured even if you pass away early in the policy, unlike bank savings.
Commit to regular premiums with penalties for early withdrawal - helps you stay on track.
Insurance premiums qualify for tax relief under Kenya's Income Tax Act (Section 22B).
Unlike investment-linked plans, traditional savings plans offer guaranteed minimum returns.
Education funding? Retirement? General savings? Different goals suit different plan types.
Only commit to premiums you can sustain for the full term. Early surrender loses value.
Look at guaranteed returns vs. projected returns. Guaranteed is safer.
Choose insurers with strong financial ratings and good claims settlement history.
Most insurance savings plans in Kenya start from KES 1,000-3,000 per month depending on the insurer and plan type. CIC offers some of the lowest entry points at KES 1,000/month for education plans.
Insurance savings plans offer lower returns (4-6%) compared to fixed deposits (9-12%), but provide life cover as a bonus. They're ideal for long-term goals where protection is important. For pure savings with higher returns, fixed deposits are better.
Yes, but early surrender typically results in significant penalties. Most plans only return a portion of premiums paid if surrendered in the first few years. It's best to only commit to amounts you can sustain for the full term.
Most insurers offer a grace period (30-60 days). If you continue missing payments, the policy may lapse or convert to a paid-up policy with reduced benefits. Some plans allow premium holidays after a certain period.
Maturity proceeds from life insurance policies are generally tax-free in Kenya. Additionally, premiums paid qualify for tax relief under Section 22B of the Income Tax Act, up to KES 60,000 per year.
Compare fixed deposits for higher short-term returns, or use our savings calculator to plan your goals.