Banks and insurance companies deal with different business models regulated by various entities. However, saving money in an insurance company allows you to enjoy lower inflation, tax net, litigation, volatility, and market risks. Moreover, insurance firms have a broad range of products, including savings, certificates of deposit, and life insurance plans. On the other hand, typical banks and Saccos have basic savings accounts and money market funds, which can’t match the flexibility and customization offered by insurance companies. If you are looking for the 5 best insurance companies for savings in Kenya, you have come to the right place.
Insurance companies promote a culture of saving by protecting your savings and investment goals in case of fire, theft, accident, etc. Contrarily, typical banks focus primarily on providing traditional banking services like savings accounts, checking accounts, and loans. Picking the right insurance company to save with is an arduous but necessary task.
You must check if the insurer has adequate hospitals and clinics, good service, quality care, a solid financial status, and transparency. Furthermore, you have to inspect the policy options of the carrier, premiums, quality of care, and waiting period or enrollment restrictions. Nonetheless, here are some tips on how to pick the most reliable insurance companies in Kenya and the top 5 insurance companies to consider saving with today.
Pro tip: If you are willing to take or have life insurance, try our free Life Insurance Calculator, which will determine your coverage needs based on your income, liabilities, dependents, and future objectives. With this tool, you will type in a little information and get a recommendation on how much you need to save to secure your family’s future. Try it for free today!
Table of Contents
5 Best Insurance Companies for savings in Kenya today
- Britam Insurance Kenya
- Prudential Life Assurance Kenya
- Jubilee Insurance Kenya
- Equity Bank Kenya
- Sanlam Insurance Kenya
Also Read: 10 Ingenious Ways to Save Money from Your Salary Easily
1. Britam Insurance Kenya
Britam Insurance Group Kenya is a pioneer in diversified financial services, and it started its operation in Kenya in 1965. As one of the largest insurance companies in the area, Britam provides diverse savings and investment services developed to suit the needs of Kenyan customers.
Their signature Akiba Savings Plan lets clients build a risk-free savings fund that earns much better returns than regular insurance products that are savings with flexible payment lengths between 5-12 years. The Imarika Investment Plan provides a medium-term investment window with approximately 8%-12% yearly returns expected.
In addition, Britam incorporates the Super E Education insurance plan, which has savings and investment benefits as well as protection for the family’s children’s schooling. Plus, they have a money fund that guarantees clients stable returns of 8-10%, which could be emergencies or projects. Britam provides a vast range of unit trust funds, which gives customers diversified investment options, and professionals manage this.
In 2023 Britam’s pre-tax profit increased by 65% to KES 4.82 billion, thanks to the 41% growth in insurance income that amounted to KES 36.4 billion. The good financial outcome proves the organization’s status as one of Kenya’s top savings insurance companies.
2. Prudential Life Assurance Kenya
Prudential Life Assurance Kenya is a top-notch insurer that offers cutting-edge life insurance and saving products for the Kenyan market. Being Prudential plc’s subdivision,it can rely on 170 years of practice in the financial services sphere.
PRUSelect, an innovative, flexible saving plan from Prudential Kenya, offers life insurance protection and guaranteed cash payouts of up to nine installments during the policy period. Clients can choose a plan that best suits their goals, with a maturity sum ranging from KES 100,000 to KES 80,000,000. Another typical short-term savings plan with a no-lapse guarantee is the PRUDahari-Dumu.
For the retirement planning option, Prudential provides the PRUPension scheme, whereby customers’ funds are invested in the company’s reserved equity fund, which promises reliable returns. In 2023, the fund posted an 8.8% annualized rate of return. Prudential’s retirement plans benefit from tax forgiveness, an open-ended approach to withdrawing one’s savings upon retirement, and the possibility of employer contributions.
Prudential Life Kenya set a remarkable performance in 2023, focusing solely on innovation and financial security. Their parent company, Prudential plc, recorded a 45% increase in new business profits to $3.125 billion. Hence, Prudential’s capability to create saving and protection products can be ascertained as the potential strength of this enterprise.
3. Jubilee Insurance, Kenya
Jubilee Insurance is among Kenya’s leading Insurers, offering diversified insurance products and services customized to meet customers’ choices. Jubilee Insurance is the largest insurer in Kenya and across the East African Community. It was established in 1937 and has headquarters in Nairobi. As a subsidiary of Jubilee Holdings Limited, a multinational insurance holding company, Jubilee Insurance offers a range of products such as Ahadi Term Assurance, Personal Pension Plan, and Fanaka Investment Plan, among others.
To subscribe to Jubilee Insurance, the clients can buy their policies conveniently online on the J-Care portal. An example is the Fanaka Investment Plan, which gives one financial security a fixed premium and term and makes its systematic functioning even more attractive.
The Anticipated Endowment Plan from Jubilee Life Insurance is another fabulous contribution that serves the purpose of the individual accumulating funds slowly and, hence, receiving partial cover during the policy term. Such a plan is accompanied by life cover, flexible terms for installment periods, and the possibility to properly structure goals for saving money. Additionally, the 5 Payments Policy is a life insurance policy that gives periodic benefits, which offers a new approach to completing long-term goals without canceling the policy prematurely. This insurance plan provides tailored policy terms and pre-defined premium schedules to accommodate all individual financial realities.
Despite this, Jubilee Insurance Kenya is notable for its vast array of insurance products, such as the Fanaka Investment Plan, Anticipated Endowment Plan, as well as the 5 Payments Policy, which are carefully tailored to offer financial security, investment growth, and flexible solutions to the fast-growing customer base needs in Kenya.
4. Equity Group Insurance, Kenya
Equity Group is the fastest-growing player in the insurance sector through its subsidiary, Equity Life Assurance Kenya Limited. Within only 26 months of its start-up, Equity Life Assurance Company gathered a vast client base of 1,274,980 unique customers. By the end of December 31, 2023, the insurance arm had assets totalling KSh 19.2 billion and a profit before tax of KSh 934 million, thus reflecting an impressive return on average Equity, which was 70.4% and a return on the average assets of 5.4%.
Equity life insurance led the pack in the first quarter of 2023 by grabbing 2% of the pie in the Kenyan life insurance industry, becoming the 13th largest. As of September last year, the group insurance and the credit insurance segment stood with the 7% share of the insurance market and sixth in ranking. These accomplishments have been indicators of the fact that Equity has been on the fast track of growth in the insurance market.
Equiflex, the savings and insurance product that guarantees payment of insurance premiums throughout a child’s education and the total savings amount upon maturity, is crucial to Equity’s growth. With KES 500 savings as the opening amount, customers can have their funds locked for at least two years.
Equity Insurance and Britam provide a plan to have Golden Life cater for retirement planning. Sacco will have a unique feature, which is an individual pension plan. The contribution can be made either regularly or randomly, the minimum amount being Ksh 20,000. The plan shall ensure that returns will stay within 5% per annum and provide you with options like guaranteed payment duration, single or joint life cover, and yearly payment escalations.
The company can become a top insurance firm for savings in Kenya by developing exclusive savings and insurance products with a mainly inclusive financial scheme.
5. Sanlam Insurance Kenya
Sanlam Insurance Kenya is known as one of the best insurance companies in Kenya in terms of savings, providing a wide variety of products targeted to serve the various saving requirements of people in the country. Founded in 1946, the company is owned by Hubris Holding Limited and was rebranded from Pan African Insurance Holdings to Sanlam Kenya Limited in 2016. Sanlam’s concern for customers’ financial security is shown through its comprehensive product offerings, including life and funeral cover, retirement annuity, tax-free savings, unit trusts, and more.
The strategic role of Sanlam has been renewed recently by credit rating agency Fitch Ratings, which endorsed the unique financial services based on purpose. This acknowledgment is not only a confirmation of Sanlam’s commitment to meeting standards but also to providing excellent service to all its customers. The imperative to have a sound market presence, a diversified product range, and customer-centricity is why Sanlam Insurance Company in Kenya is deservedly among the best insurance firms in Kenya for savings.
Use our free Life Insurance Calculator Tool.
Through our Life Insurance Calculator Tool, you will find a cutting-edge resource with unmatched convenience and precision. Designed to cater to individuals who would want to determine their own life insurance needs, this tool leverages sophisticated algorithms that will, in turn, generate precise coverage suggestions that go according to important parameters like income, dependents, liabilities, and future goals.
This priceless source of information is readily available and even free of charge. Start here and input your essential financial information, such as income, liabilities, dependents, and goals for the future. Using just a few mouse clicks, the Life Insurance Calculator instantly produces a detailed recommendation about the life insurance coverage you should get to protect your family from the future.
The benefits of leveraging this cutting-edge tool are manifold:
- Personalized Recommendations: The Life Insurance Calculator responds to your situation, giving you specific advice that works for you
- User-Friendly Interface: The calculator features an intuitive design that provides easy navigation for easy information input and quick retrieval of recommendations.
- Time Efficiency: This tool is helpful since it enables you to avoid carrying out long and tiresome research and compare the offers by different companies.
- Peace of Mind: Empowered with all the necessary details, you now confidently choose insurance plans tailored to your needs, providing peace of mind for you and your family.
Hence, our Life Insurance Calculator tool is a turning point in financial planning. Providing personalized recommendations, efficient processes, and boosting belief enable people to make sound judgments about their insurance coverage. Don’t let this powerful guide pass you by—take your finances to a new level now!
Conclusion: Best Insurance Companies for Savings in Kenya
Kenya’s most saving-oriented insurance providers include Britam Insurance Kenya, Prudential Assurance Kenya, Jubilee Insurance Kenya, Equity Bank Kenya, and Sanlam Insurance Kenya. These firms provide a wide selection of savings and investment products suited to Kenyans’ preferences, which include term life insurance, retirement planning, and more.
Researching and choosing the correct insurance company is vital to guaranteeing the safety of your savings and investments and aligning them with your financial objectives. While deciding on an insurance company, you should consider the quality of products they offer, customer service, sustainability, and level of transparency. Moreover, it would be best to remember that different policies include risks, bonuses, and returns; hence, carefully checking your policy details is necessary.
Discover the products these leading insurance companies offer and utilize our free Life Insurance Calculator tool to work out their exact coverage depending on your income, debts, dependents, and other future goals. The calculator aims to enable you to make informed decisions about the level of life insurance coverage you may need to shield your family’s welfare. Try out this free life insurance calculator right now!
Read Also: 7 Best Saccos in Kenya for Loans
