Traditional bank savings accounts have lost their meaning. They no longer hold the same status they had, especially after Covid-19 with the popularity of Money Market Fund and investment-linked (unit-linked) life insurance.
Traditional bank savings accounts lose money to inflation. Though they are highly liquid, investments such as the MMFs and unit-linked life insurance are now very liquid. If you withdraw money from a Money Market Fund, it can be instant or within 24 hours depending on the amount you are withdrawing and the mode of withdrawal.
Now, 10-year investment insurance plans are not about liquidity but about the long-term investment opportunities and benefits they bring, including higher interest rates or savings returns and the tax relief benefit.
That is unheard of in bank savings accounts. When you invest or save in a 10-year insurance investment plan, you will enjoy a tax relief of 15% on the premium you contribute regularly capped at KES 5,000 per month or KES 60,000 per year.
Another benefit, which doesn’t apply in bank savings accounts, is that interest or savings returns from insurance investments are not subject to taxation.
In this write-up, I will take you through the 3 most common types of 10-years investment insurance plans in Kenya designed differently to serve different purposes and different people with the same outcome – to build untaxable wealth.
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Understanding the 3 Types of 10-Year Investment Plans
There are three types of investment insurance plans in Kenya.
Unit-Linked Insurance Plans e.g. Britam Imarika
If you are chasing higher market-driven returns, with investment flexibility, unit-linked insurance plans are for you.
No returns are guaranteed and the returns to your investment will be determined by the performance of the asset in which your funds are invested.
Funds in unit-linked insurance plans are invested in unit trusts. In most cases, their returns are higher than those of Money Market and another good thing is that unlike the returns of Money Market, unit-linked yields are not subject to taxation.
A good example is Britam Imarika Plan. It has better returns than the money market and yields are not subjected to taxation.
Pure/Lump-Sum Endowments e.g. Britam Akiba
Lump sum endowment policies are types of insurance investments whereby savings returns are guaranteed in advance as long as you make your regular contributions (premiums).
The amount guaranteed (sum assured) is paid at maturity (end of the savings period) and their purpose is to guarantee a particular long-term financial goal a policyholder has.
They are meant to solve the 3 most pertinent challenges of life, which are building a house, educating your children, and attaining financial freedom at old age.
These plans give you a big, single lump sum that you can use to buy land, buy a house, start a business, educate your children, or use the money as a retirement benefit that you can use to buy retirement income products such as annuity or income drawdown.
Single lump sum endowment policies, as well as the anticipated/multi-stage endowment policies (sometimes referred to as money back endowment policies), come with life protection built-in.
Your life is protected against death or disability, or both. When any of these unfortunate events occur, the regular premiums you contribute are waived and the insurer steps in and until maturity. Once the maturity payout is due, you or your beneficiary get the payment.
Endowment policies allow you to add more optional benefits to protect your financial goals further. For example, you can add a death cover or a disability cover such that in case any of these events occur, besides the maturity payout, you will get a lump sum immediately.
Anticipated/Multi-Stage Endowments e.g. Britam Money Back Plan
Instead of the single amount paid lump-sum endowments, anticipated endowment pays staggered payouts known as survival benefits at regular intervals and a final maturity payout when the policy term comes to an end.
Survival benefits are paid regularly e.g. after every 4 years for a 12-year plan or after every 5 years for a 15-year plan.
At maturity, the final payout is made and the policy comes to an end. Anticipated endowment policies are suitable for people who might not have the patient to wait for 10 years or so before any payout.
They help people who have financial goals that have phases and each bonus paid goes towards fulfilling those goals. For example, a parent might need school fees every year at their target level and an anticipated endowment will fit in this plan so well.
Just like lump-sum endowments, anticipated endowment policies have a built-in life protection.
Life protection is meant to guarantee your long-term financial goals regardless of the turn your life takes. For instance, if the policyholder dies while their education policy is still in force, premiums are waived and the maturity payout is paid to the beneficiary or policy title. The fund paid is used to clear school fees for the children left behind.
Top 10-Year Investment Insurance Plans in Kenya
Britam Imarika/Nawiri: Unit-linked Life Insurance
Are you a high-net worth individual, a business person, entrepreneur, or an employee with a lump sum that you can commit for 2 years? If yes, you are an eligible member to Britam Imarika.
Britam Imarika Investment Plan is a unit-linked life insurance. The policy offers one of the best rates in town.
Since inception in 2017, the policy has yielded up to 15% returns rate. Returns from their investment are not taxable since it is a unit-linked life insurance.
It has a built-in last expense of KES 100,000, which can be increased up to KES 500,000.
The minimum investment capital is KES 200,000 and top ups are from KES 100,000.
The plan requires you lock the funds for 2 years. If you withdraw your funds after the second year, no withdrawal charges are applied. However if you withdraw before the ending of 2 years, you will be charged 5% and 3% of the withdrawn funds.
You can read more about Imarika and apply from here through the link I have provided above.
If you want slow paced wealth building, Nawiri is your alternative. If you do not have a big, single lump sum, this plan allows you to start low where you can make regular monthly contributions, starting from KES 1,000.
The characteristics of Nawiri and Imarika are similar, but eligibility terms are different.
Britam Imarika Plus Versus Money Market Fund (MMF)
| Feature | Britam Imarika Investment Plan | Money Market Fund |
| Core Product Category | Investment-Linked Insurance Plan (ILIP) | Collective Investment Scheme (Unit Trust) |
| Primary Goal | Medium-to-long term disciplined wealth building | Short-term saving, wealth preservation, & emergency buffer |
| Current Yield/Returns | Currently at 13.7% July 2026 | Currently at 9.8% as at July 2026. |
| Safety Net/Guarantees | 5% p.a. minimum guaranteed return at maturity | No guaranteed returns (yield floats with the market) |
| Tax Advantages | 15% insurance tax relief on your PAYE (for policy terms of 10+ years)No Withholding Tax (WHT) on interest earned | No tax reliefInterest is subject to standard 15% Withholding Tax (WHT) |
| Minimum Entry Investment | KES 200,000 (Single lump sum) and optional top-ups | KES 1,000 to open, with KES 1,000 top-ups |
| Liquidity and Withdrawals | Locked in Year 1 and 2 (withdrawal fees apply: 5% in Yr 1, 3% in Yr 2). Free withdrawals after Year 2. | Highly Liquid. 1 free withdrawal per month. Money settles within 24 hours or instantly via M-Pesa or Bank |
| Built-in Insurance Cover | Free KES 100,000 Last Expense cover (if fund value stays above KES 200,000) | None |
| Annual Management Fee | 0.25% p.a. on the principal | Up to 2.5% p.a. fund management fee |
Britam Akiba Savings Plan: Lump-sum Endowment Policy
Britam Akiba Savings Plan is an endowment policy that requires you to make regular premium conditions.
The minimum premium amount you can adopt is KES 3,000. The best savings term for this policy is 10 years or more.
Akiba of 10 years or more gives you good savings returns, especially if you are 50 years and below.
It is a savings plan suitable for young professionals and people looking to save for retirement. With Akiba, you can build a fund that can help you build a house, take your children to school, buy land, start a business, and so on.
To join this plan you must be between 18 and 65 years and the maximum savings period is 12 years. The maximum age on cover is 70 years.
Once the policy matures after 10 years, for example, you will get a guaranteed maturity payout as a single lump sum.
The policy comes with death cover built-in to guarantee your dreams. In the unfortunate event of death, premiums are waived, and the sum assured is paid to the beneficiary. If the fund was to educate your children, that dream is achieved.
Another benefit of Akiba is, for a policy of 10 years and above, you will enjoy a tax relief of 15% of the regular contributions you make, capped at KES 5,000 per month or KES 60,000 per month.
Savings returns earned from Akiba are not taxable and the final payout is guaranteed no matter the market conditions. These are one of the reasons Akiba is a superior 10-year investment insurance plan.
The other benefits of Akiba include a policy loan after your policy has been in force for 3 years, possibly of re-dating in case of financial instability, and opting out after 2 years through cash surrender value or paid-up option.
ICEA LION (Endowment With Profits)
ICEA Endowment With Profits policy is a cash value life insurance (endowment policy) where you make regular contributions to build a fund that can help you achieve your long-term financial goals.
At the end of the policy term you will get a guaranteed maturity payout.
Endowment With Profits policy comes with built-in life protection, such that in the unfortunate event of death or incapacitation, the sum assured is paid to you or your beneficiary.
Other benefits attached to ICEA Lion Endowment With Profits include tax relief, policy loan after 3 years since inception of your policy, and the possibility of re-dating in case of financial hiccup.
Jubilee Insurance (Fanaka Investment Plan)
Jubilee Fanaka Investment Plan is an endowment policy designed for long-term goals.
To build your fund, policyholders contribute a regular premium contribution up to the end of the policy term.
The policy runs between 5 to 20 years. Once the policy term ends, you will receive a guaranteed maturity payout.
The entry age of the policy is between 18 and 65 years, and the maximum age on cover is 70 years.
Fanaka Investment Plan has a built-in death cover. In case of the unfortunate event of death a particular amount of money will be paid as defined by the policy.
Other benefits attached to Fanaka Investment Plan are tax relief, policy loan and premium waiver if the policyholder becomes totally disabled.
CIC Insurance (Smart Saver)
CIC Smart Saver plan is an endowment policy as well with a policy term of between 8 and 25 years.
The maturity payout is guaranteed as long as the premiums are paid and the lump sum assured is made at the end of the policy term.
The regular premium contributions are made throughout the life of your policy and stop at maturity.
Other benefits of Smart Saver plan include a tax relief if your policy has a term of 10 years or more and built-in life protection against death and permanent disability.
We have just listed 10-year investment insurance plans that show a path to building your wealth.
These plans guarantee your financial goals by spelling out the future in clear terms.
You have noted that we have left out investment plans that don’t guarantee returns such as MMFs, Bonds, Equity Funds, Balanced Funds, and many others.
We just need plans that lock your dreams by creating funds that finance those dreams.
We included the Imarika Investment Plan to include people with huge wealth and can take a calculated risk with a minimum guarantee of 5%. Unlike other funds, Imarika guarantees a minimum return of 5% and higher rates than most low-risk funds.
For us looking to grow a fund steadily an endowment policy is a good option if you have a steady income. They instill a savings discipline forcing us to achieve our life dreams.
If you have a shaky income, go with Britam Nawiri Lite or Premium. It may take a long time to get where you want, but it is a journey started.
What to Look for Before Signing the Policy Document
- When you enroll in an endowment policy, please note that you must make the regular premium contributions until policy maturity.
- For the Imarika Investment Plan, you make a one-off lump sum and regular contributions are optional.
- Once you have enrolled in an.endowment policy, you can opt out after a certain period as prescribed in your policy document through cash surrender value or paid-up option. You can also re-date your policy in case of financial hiccups.
- Endowment policies come with life protection which lead to premium waiver in case the unfortunate event covered occurs. They also allow you to add life protection benefits as options.
A competitive 10-year investment insurance plan is the one that offers a competitive return rate e.g. Imarika or Akiba, and a fee structure that you understand.
For more guidance, fill the quote form above or chat with me through the chat link below.
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