Britam has launched Imarika Plan, a phone based cover that guarantees investors of investments of as little as sh1000 competitive returns of between 8 and 12 percent per annum, with a minimum guaranteed return of 5 percent. One can top up with any amounts depending on one’s saving ability.
The investment also guarantees a free life insurance cover of sh50,000, and the interest is not subjected to withholding tax of 15 percent. An investor is also allowed to apply for tax relief if the policy is 10 years or more.
According to Britam CEO Benson Wairegi, the plan is targeting low income earners in the formal and informal sectors, families, young people and chamas.
The Imarika Plan is flexible and affordable, and gives an investor the choice on how much they want to invest, the contribution period, and the option to make lump sum contributions. One can stop contributions and pick at a later date, without loss of the contributions. As the fund accumulates, one is allowed to make partial withdrawals of up to 30 percent of the fund value after three years to cater for short term needs or goals.
A customer invests from a minimum term of 5 years up to a maximum of 20 years. You have the choice to select how long you want to invest with the option to exit after 37 months at no charge.
While you can contribute a minimum of only sh1,000 per month, you can also choose to do lump sum contributions for sh50,000.
Mr. Stephen Wandera, Principal Executive Director (Business), Britam Holdings said the product targets Kenyans who seek to invest in low risk, but high interest earning instruments at a time when investors are looking for alternative investment platforms outside the traditional insurance products. He added that the fund invests in quality interest bearing securities and other short-term market instruments and ensures risks are managed, while preserving the initial capital.
Being a phone based cover all an investor needs is your cellphone. Dial *778# and follow the prompts.