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KCB Bank Partners with Liberty Life in Launching an Education Plan

BY Soko Directory Team · June 5, 2018 08:06 am

KCB Bank Kenya has entered into a strategic partnership with Liberty Life Insurance to offer an education savings plan dubbed ‘KCB Elimisha’, deepening the lenders foray into Bancassurance.

The plan, which is to be rolled out by KCB Insurance Agency will see the bank venture into the country’s education sector by offering an affordable insurance savings product.

The proposition is pegged on an array of benefits such as 15 percent premium discount on quarterly, semi-annual and annual payment. The policy is also flexible with options on upgrade, downgrade and premium escalation.

KCB Elimisha is crafted to cut across social classes and included the lowest minimum premium payment in the market for similar solutions.

Other key benefits of the plan include a life cover and total and permanent disability of the life assured due to an accident wherein such an instance, the policy will remain in force for the remaining benefits.

The plan has terms ranging from 5 to 20 years with the sum assured option ranging from 50,000 shillings to 40 million shillings.

“We are expanding our range of financial solutions with an eye on supporting customers in all their needs. We are reimaging the education sector which is one of the frontiers for future growth,” said KCB Group CEO Joshua Oigara.

Oigara added that the collaboration will enable KCB to continue serving its clients in various business segments as well as play a crucial role in contributing towards securing the future of their children through comprehensive product proposition.

On the other hand, Liberty Life Assurance Managing Director, Abel Munda emphasized on financial planning as the first step to actualize children’s dreams.

“At Liberty Life, we believe in enhancing access to financial solutions that are all-inclusive. KCB Elimisha, therefore, comes as a relief to those parents who have always dreamt of providing a good education for their children, the undeniable right that will ultimately secure their future,” said Munda.

The partnership comes at a time when insurance companies are seeking innovative ways to grow their market share and remain relevant to their clientele. KCB Insurance Agency is also enhancing its offering and customer experience by tapping into education policy, illustrating the mutual value that both partners envisage.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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