3 Ways Soma Savings Plan Can Help You Ease Your Financial Situation

Everyone wants a better life, and planning for it is always an ongoing process. We can plan for the milestones we would like to achieve in our lifetimes such as building a home or educating children while creating a buffer for any unfortunate incidences that may threaten the achievement of our financial goals.  Having a guaranteed savings plan ensures that you have peace of mind while fulfilling your financial goals.

A guaranteed savings plan provides you with the monetary resources to support your future needs.

We all have different goals, but they all hinge on providing a hassle-free and bright future for our families in our absence. With a consistent saving structure, we can always ensure that our family’s futures are covered with firm protection of monetary help.

Of course, different people have different needs and preferences. There are those that would prefer term insurance plans perhaps because of their popularity, but the flexibility and the reliability offered by a guaranteed savings plan helps you save efficiently with the assurance of gaining proper returns.

The beauty about it is that even if you outlive the tenure of your plan, you’ll still receive benefits and funds. And that is why Soma Savings Plan, a life assurance product by Liberty is a feasible and safer option as compared to other financial policies.

Soma Savings Plan is not just a long-term safe investment plan with a guaranteed pay-out on maturity, but also offers protection of your financial goals in case of a mishap.

Here are three financial goals where Soma Savings Plan can help ease the financial burden:

1. Financing Your Children’s Education

There is a great sense of contentment and gratification that comes from seeing your child’s education continue without any hiccups and interruptions. A guaranteed savings plan can help you ensure this continuity.

Soma Savings Plan provides you, the policyholder, the assurance that in the event of your untimely demise, your children or nominated beneficiaries will have access to funds to help finance future needs such as education and sustenance.

Better yet, on maturity, you will get the guaranteed Sum Assured. You may use this amount for other purposes as well.

2. Financial Safety of Spouse

Soma Savings Plan is a comprehensive product designed to accomplish multiple objectives including wealth creation, insurance cover, and the financial safety of a spouse.

With Soma Savings Plan, you get a 15 percent joint-life discount meaning that you can choose to cover your spouse at discounted premiums of 15 percent. Should you choose to pay premiums annually, you enjoy a further discount equivalent to 2 months’ premium.

Other benefits include:

• Life Assurance (death) Benefit Guaranteed benefit paid to beneficiaries in event of death of parent/guardian before policy maturity, as a result of accident or illness.
• Maturity benefit: Guaranteed benefit as per the benefit (Sum assured) selected at policy inception.

Moreover, Soma Savings Plan provides the last expense benefit where 10 percent of the policy sum assured or Kes 200,000 (lower) will be paid out within 48 hours of notification of the death of the insured parent or child for a maximum of two children.

This assurance will help you and your loved ones cater for a decent and be-fitting send-off.

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3. Life and Health Uncertainties

With increasing uncertainties in health due to unpredictable illnesses worldwide as well as increasing incidences of untimely demise, it is natural to be concerned if you are the sole breadwinner in the family. As such, Soma Savings Plan offers other optional benefits such as

• Permanent Total Disability Benefit: The amount (sum assured) payable in the event of infirmity arising from bodily injury, illness, disease, or surgery that leads to permanent disability and incapacity of the policyholder to perform their current occupation.
• Double Accident Benefit: Where the death of the insured person occurs as a result of an accident, the policy beneficiary will receive double the sum assured.
• Critical Illness Benefit: Pays out 35 percent of the sum assured on the first diagnosis of cancer, heart attack, stroke, major organ transplant, end-stage renal failure, paraplegia, coronary artery surgery, aorta surgery, and replacement of heart valve.

The bottom line is, a guaranteed savings plan such as Soma Savings Plan is ideal if you are a risk-averse person or individual looking at a sustainable income flow to support your dependants and achieve your life goals.

Learn more about Soma Savings Plan here.