Smiles and Hope for Investors as Britam Launches Unit-linked Investment Product

Britam has launched a unit-linked investment product which offers customers the opportunity to earn high returns while providing them with life insurance protection cover.

Known as “Imarika,” the plan offers attractive and competitive returns of between 8 and 12 percent per annum, with a minimum guaranteed return of 5 percent. Imarika allows investors to invest with as little as 1,000 shillings with subsequent top-ups of any amounts, depending on one’s saving ability.

The investment also guarantees a free life insurance cover of 50,000 shillings, and the interest is not subjected to withholding tax of 15 percent.  An investor is also allowed apply for tax relief if the policy is 10 years or more.

A first in the market, 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.

The product is designed to address the needs of Kenyans who want to save to meet their short and long-term goals while enjoying high returns on their investment. It targets individuals and groups, whether it is saving for education, home ownership, to start or boost a business, traveling, and wedding or simply to diversify investment options.

“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. Imarika also empowers the customer to manage their investments under very flexible terms,” said Mr. Stephen Wandera, Principal Executive Director (Business), Britam Holdings Plc.

Speaking during the launch of the plan, Mr. Wandera said the fund invests in quality interest bearing securities and other short-term market instruments and ensures risks are managed while preserving the initial capital.

He said the plan offers convenience and flexibility, and one can invest by buying online or through mobile phone platforms by logging the short code *778#, enabling one to save from anywhere, any time.