As we do financial planning, we are all looking for different financial solutions. Some of us are looking to secure our family’s future, others to grow wealth for a target goal, or preserve an estate, and so on.
Financial planning is not a one-size-fits-all endeavour. Britam recognises this and for that reason, the insurer provides tailored solutions through different life insurance packages.
Britam Life Assurance is one of the top life insurance in Kenya. It has been a multi-award winning AKI Life Insurer of the Year for more than a decade now. This excellent performance can be felt through the insurer’s well structured life insurance products and a plan with them will definitely help you to plan accordingly for your target financial goal.
In this guide, I will break down the most popular Britam’s protection plans, investment and savings solutions, estate planning, and key onboarding steps.
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Britam Life Insurance Packages
The following are Britam life insurance packages, categorised into 4 groups : pure term and family protection, life time cover and estate planning, unit-linked and endowment policies and funeral and last expense.
Let us get into it.
Category I: Pure Term and Family Protection Plans
This category of Britam life insurance offers high financial security at an affordable monthly entry point. The main purpose of term life insurance is family protection.
Tegemeo Protection Plan
Tegemeo is a pure life protection plan that helps your family cater for financial obligations in case of the unfortunate event of death.
The plan also allows you to add optional benefits such as last expense, permanent and total disability and critical illness benefits, where a single lump sum payment will be made on the occurrence of any of these risk events.
For a very low price, your family can get a huge lump sum in the unforeseen event of death.
This term life has policy terms of 5, 10, 15, 20 and 25 years, and your choice depends on your financial goals.
There are 2 options to enroll in this plan. You can join without going for a medical check-up and this limits the amount your family can be paid and you will also be subjected to a waiting period of 12 months before you can be eligible for the death benefit. In case the policyholder passes away within this waiting period, all their contributions are refunded back to the family.
In case you join through a medical check-up, you will not be subjected to a waiting period and in case you pass away, your family will be paid immediately. You will also be eligible for a higher death benefit limit.
To join this term life insurance, you must be between 18 to 65 years old.
The minimum joining amount is KES 3,000
and any optional cover will cost as low as KES 50.
CarePlus+ Protection Plan
CarePlus+ Protection Plan is a shield against critical illnesses.
The plan will help you and your family cater for
medical expenses and lifestyle changes that arise on diagnosis of a listed illness.
This ensures you can afford the best medical and home care during your treatment and recovery phase.
In the event of first diagnosis of a listed critical illness during the term of the policy, you shall receive a lump sum benefit equivalent to the sum assured. This enables you to pay for treatment and other costs locally or abroad.
This term life insurance has policy terms of 5, 10, 15 and 20 years.
When enrolling for this policy, you can choose either to go for a medical check-up or not. In case you have taken the route of being checked by a doctor, in the event of a critical illness diagnosis, you can access the sum assured at any time.
If you have decided not to go for a medical check-up, you will be subjected to a 12-month waiting period. In case you are diagnosed with any of the listed illnesses during the waiting period, you will not access the sum assured. Your premiums will be refunded to you without interest.
The policy entry age is 18 to 60 years and the minimum contribution per month is KES 3,000.
I will share with you the listed critical illnesses including cancer, heart attack, stroke, coma and deafness.
Family Income Pure Protection Plan
Britam Family Income Pure Protection Plan is a term life policy that helps your family cater for ongoing financial obligations in the event of your untimely death and give them peace of mind when they need it most.
In this policy, your family receives a defined, regular income for a specified benefit payment term.
Your family can receive the monthly income for 3, 5 or 10 years depending on the option you choose during enrollment.
The plan is very affordable and starts from KES 3,000 per month and the plan has policy terms of 5, 10, 15, 20 and 25 years.
If you enroll through a medical check-up, you will not be subjected to a waiting period. This means that in case you pass away, your family will receive a regular income for the specified duration.
If you join without going for a medical check-up, you will be subjected to a 12-month waiting period. If you pass away during the waiting period, your family will not receive any income and all your premiums will be refunded without interest.
The policy entry age is between 18 to 65 years.
Category II: Lifetime Cover and Estate Planning
Britam Whole Life Insurance Plan
The Britam whole life insurance plan is a straightforward policy. It is a whole life insurance policy that builds cash value over time.
The policy pays a lump sum to the family of the policyholder once they pass away. The policy has no maturity payout, but you can borrow against the cash value the policy accumulates as time goes by.
Besides the death benefit, you can add a disability and critical illness covers such that, in case of the occurrence of these unfortunate risks, you get paid a lump sum immediately to sort you out with your financial obligations.
Whole life insurance is a permanent life cover, it covers you for life that is. Its main purpose is wealth preservation or estate planning.
When joining whole life insurance you choose a term (e.g. 5 years, 10 years, or 20 years) to make your premium contributions or you can make a one-off single premium.
When you join and choose not to go for a medical check-up, the death benefit is capped at KES 15,000,000. If you go for a medical checkup, the death benefit is not capped.
The minimum entry age is 18 years and the maximum entry age is 65 years.
Category III: Investment-Linked and Savings (Endowments), and Education Policies
Britam Akiba Savings Plan
Akiba Savings Plan is an endowment policy. It combines death protection with a savings plan.
The plan has a policy term of 5 to 12 years and 10 to 12 years are the most profitable ones.
The plan offer a 7% interest rate, net withholding tax and management fee.
Akiba pays a single lump sum at the end of the policy term and this lump sum is not taxable.
The purpose is Akiba is to help you overcome the three challenges of life: building/buying a house, educating your children and building a fund to retire in financial freedom.
If you do not go for a medical check-up when enrolling the maximum maturity payout you can receive at the end of the policy term is KES 50,000. If you go for a medical check-up, your payout is not capped.
Besides the built-in death cover , you can add optional death cover so that your family gets an immediate payout in the event of your death.
The minimum premium contribution for Akiba is KES 3,000 and the policy entry age is between 18 and 65 years.
To know more about Akiba, read this comprehensive guide on [Britam Akiba Savings Plan: An In-Depth Analysis & Review]
Britam Imarika Investment Plan
Imarika is a unit-linked life insurance by Britam. The policy combinines investment plan with built-in last expense cover as long as you maintain the minimum account balance.
The minimum investment amount is KES 200,000. The plan requires you to lock your funds for just 2 years.
Imarika interest rate ranges from 12% to 15% since inception in 2017, net withholding tax and gross management fees. Over the years, Imarika has performed well than the money market.
The built-in last expense is KES 100,000 and you can push it up to KES 500,000 for a few shilling.
You read more about Imarika in this guide titled [Britam Imarika Investment Plan Review: Returns, Benefits, Fees & Is It Worth It?]
Nawiri Investment Plan
Nawiri is similar to Imarika Investment Plan. However, the minimum premium contributions start from KES 1,000 up to KES 200,000 (where Imarika begins)
With Nawiri, you cannot invest a huge lump sum. A huge lump sum investment is only possible in Imarika or Money Market Fund.
Nawiri is again divided into two. Nawiri Lite and Nawiri Premium. Nawiri Lite premium contributions start from KES 1,000 up to KES 19,999. It has no withdrawal charges and you can access your funds when you need them. It takes 1-2 days to get your funds in your M-pesa. Nawiri Lite is meant to help you save for both short and long-term goals.
Nawiri Premium premium contributions start from KES 20,000 to KES 199,999. However, unlike Nawiri Lite, withdrawn funds are subject to 5% and 3% charges of the withdrawn amount in the first and second year respectively.
Both Nawiri Lite and Nawiri Premium have a growth rate similar to Imarika. However, the management fee is higher than that of Imarika, up to 3% compared to up to 5%.
Britam Education Insurance Policies
Britam education insurance policies are endowment policies designed for building an education fund for the future school fees of your children.
Britam has quite a number of education insurance policies including Boresha Elimu, Msingi Poa, Super E, Soma Sure, among others.
These education policies are designed for both international (IGCSE) and CBE curriculum. Their maturity is matched with your target level where you really need money for school fees and related costs.
Britam education policies terms start from 6 years up to 22 years. The minimum premium contribution you can make starts from KES 3,000.
Education policies come with built-in life protection to guarantee your children future school fees regardless of the turn your life takes. They feature death, disability, and life protection covers.
Their maturity payouts are usually staggered to cover for school for all years of the target level.
Here is a separate guide discussing Britam Education Policies titled [Britam Education Policies Review: Benefits, Costs & Is It Worth It in Kenya?]
Dhamana Plan
Dhamana is a 15-year endowment policy suitable for long-term financial goals such as building a fund for buying/building a house or retirement.
The policy has built-in life protection against permanent and partial disability and a death cover. If you get partially or permanently disabled after the 5th year of the policy, one gets 50% of the sum assured in case of temporary disability and 100% sum assured in case of permanent disability.
If the policyholder dies after the 5th year due to natural causes, 100% of the sum assured is paid plus any accrued bonuses. If the death is as a result of an accident, 200% of the sum assured is paid plus any accrued bonuses.
The policy is designed that your savings start accumulating a 20% of the Sum Assured every year after the 5th year of the policy. This means that your savings will get a 20% boost every year for 11 years, starting from the 5th year up to the 15th year (maturity).
At the end of the policy term, the total maturity amount paid, which is the guaranteed sum assured (100%) plus the guaranteed bonuses (20*11)=220%. A total of 320%.
Category IV: Funeral and Last Expense Cover
Britam Fariji Plan
Fariji plan is a Britam funeral expense cover in the event of the demise of the policyholder or those under them.
The cover ranges from KES 100,000 to KES 500,000. Premiums are paid throughout the life of the policyholder.
The sum assured is applicable to each family member and there is no limit to the number of family members you can add to the policy.
The maximum age on cover is 82 years.
Upon the death of the policyholder or family members on cover, 50% of the cash benefit is paid within 72 hours of notification to Britam though a burial permit and the other 50% upon submission of death certificate.
This cash benefit is paid to the nominated beneficiary. Fariji plan is a life insurance for family protection.
Table Comparing Britam Life Insurance Packages
| Package Category | Flagship Plan | Ideal For | Key Advantages | Minimum Entry Premiums/Policy Term |
| Term Life Protection | Tegemeo | This policy is ideal for budget-conscious primary income earners seeking pure family protection | -The policy offers a high sum assured for low monthly premiums. c-Choice of medical vs. non-medical underwriting when joining | -Monthly premiums start from KES 3,000-Fixed policy terms are 5, 10, 15, or 20-year policy terms |
| Estate & Wealth Transfer | Britam Whole Life Insurance | This policy is ideal for intergenerational wealth transfer, debt protection, and estate liquidity. | -The sum assured grows by 3% annually to hedge against inflation.-Medical exam only needed when the death benefit is above KES 15M.-Flexible premium payment terms (10–20 yrs or a one-off single lump sum. | -Monthly premiums start from KES 3,000.-Flexible premium payment terms e.g. 10, 15, 20-year policy terms or a one-off single lump sum and there the policyholder is covered for life |
| Goal-Based Savings Endowment | Akiba Savings Plan | Akiba is suitable for risk-averse savers accumulating funds for specific milestones e.g. business capital, house deposit, school fees, and saving for retirement. | -The policy has a guaranteed maturity payout with a free built-in premium waiver if the policyholder passes away-High returns for longer periods | -Monthly premiums starts from KES 3,000/mo-Policy term ranges between 5 to 12 years |
| Education and Savings Cover | Education Policies | Education policies are ideal for parents securing structured future funds for school and university fees | -The offer guaranteed fee payouts -Premium waiver if parent dies or becomes disabled, Britam pays remaining premiums | -Premium start from KES 3,000 per month-Flexible terms ranging from 6 to 22 years |
| Investment-Linked Growth | Imarika Investment Plan | Imarika is for wealth accumulation with market-linked returns and embedded last expense cover | -The policy combines unit deposit growth from 12 to 15% target yields since inception-Guaranteed minimum net return of 5% p.a. | -Initial lump sum from KES 200,000 (top-ups from KES 100,000)-Policy term starts for 5 to 15 years |
| Guaranteed Return Savings Endowment | Dhamana | Dhamana is for conservative, highly disciplined long-term savers | -It offers guaranteed returns-Acess to policy loans after 3 years for quick liquidity | -Premiums start from KES 3,000 per month-Fixed policy term of 15 years |
| Last Expense/Funeral Cover | Fariji Plan | Fariji, last expense policy, is for families wanting quick cash relief during bereavement. | -It gives rapid payout (50% within 72 hrs on burial permit)-Zero medical exams when joining | -The policy cover limits ranges from KES 100,000 to KES 500,000-Policy renewable every year |
Key Benefits and Considerations Before Buying
Before enrolling in any one of the above Britam life insurance policies, here are some benefits and considerations you should take note of.
- Tax relief advantage: If you take a life insurance policy with a policy term of 10 or more years, you will enjoy a tax relief of 15% of your regular premium contributions you pay, capped at KES 5,000 per month.
- Premium waiver. Some Britam life insurance policies feature a built-in premium waiver in the event of permanent disability or death of the policyholder and the amount due on maturity is payable to the policyholder or nominated beneficiary.
- Age limits and eligibility: The standard entry ages are between 18 to 65 years for most life plans.
Onboarding Checklist: How to Sign Up
When enrolling for Britam life insurance policies, the following are the typical documents that you are required to provide. They include:
- National ID/Passport
- KRA PIN
- Beneficiary details
The onboarding process is done digitally and no forms are filled. You do not need to be physically present for the onboarding process to be successful, but you need to stay reachable until the process is complete.
Payment of your initial and recurring premiums are done via mobile money and bank transactions. A mobile money prompt is the easiest and most efficient method.
Out of these Britam life insurance packages that we have discussed, the most suitable to you is the one that helps you achieve your financial goal(s).
If your goal is family protection and estate planning, go with Tegemeo,Whole Life, and Fariji life insurance policies.
If your financial goal is growth, Imarika and endowment policies such as Akiba and Dhamana are your best options.
