JUBILEE LIFE INSURANCE UNVEILS FAIDA ELIMU PLAN TO EASE EDUCATION FINANCING BURDEN FOR KENYAN FAMILIES

By Gedion Nzyoki -

• Jubilee Life Insurance has launched the Faida Elimu Plan to help families manage education costs and protect children’s schooling
• The product combines savings, investment, and insurance cover with flexible contribution options
• It aims to improve financial preparedness and support uninterrupted education for learners

NAIROBI, KENYA | April 20, 2026 –Jubilee Life Insurance Limited has launched a new education-focused financial product, the Faida Elimu Insurance Plan, aimed at addressing rising education costs and safeguarding children’s academic continuity amid increasing financial pressures on households.

Staff from Jubilee Insurance Company of Kenya during the launch of the Faida Elimu Plan. Photo: Jubilee Insurance Company of Kenya (Facebook).

The new product is designed as both an education protection and investment-linked solution, intended to ensure that learners can progress through their academic journey without interruption caused by unforeseen life events such as loss of income or family tragedy.

The launch comes at a time when education remains a key pillar of Kenya’s economic and social development, but continues to face significant financing challenges for many households.

Citing the Kenya Inequality Crisis Report by Oxfam, Jubilee Life noted that approximately 36% of Kenya’s population is under the age of 15, with more than 14 million pupils currently enrolled in primary and secondary education. Despite this, families reportedly spend up to 14% of their income on school fees, placing a heavy financial burden on households.

Officials from Jubilee Insurance Company of Kenya during the official launch of the Faida Elimu Plan. Photo: Jubilee Insurance Company of Kenya (Facebook).

The insurer said the new plan is aligned with the Government’s Vision 2030 goal of strengthening access to basic education and ensuring smoother transitions across all levels of learning through improved financial preparedness among parents and guardians.

According to the insurer, the Faida Elimu Insurance Plan goes beyond conventional insurance offerings by combining long-term savings discipline with an investment-linked structure. 

The product is designed to provide financial cushioning against school fee shocks, income disruptions, and other unforeseen events that may affect education continuity.

Speaking during the launch, Asman Mugambi, Chief Executive Officer and Principal Officer of Jubilee Life Insurance Company Limited, said the product reflects the company’s commitment to developing practical financial solutions for Kenyan families.

“As a company, we are called to think beyond products and intentionally design practicality solutions that relieve both the psychological and financial burdens among Kenyan families,” Mugambi said. “Every parent wants their child to go further than they ever did, without anything limiting that dream. Predictability and dignity ensure that a child’s education journey continues even when life takes unexpected turns.”

Inside the Faida Elimu Insurance Plan and Why Families Should Choose It for Education Savings and Protection

The plan allows customers to begin saving from as little as KES 5,000 per month or through a one-off premium of KES 100,000, with flexible payment options spread over a period of between five and 15 years.

Policyholders can choose monthly, quarterly, half-yearly, yearly, or single premium contributions, while also being allowed to make additional top-up payments to increase their savings over time.

The product combines education savings, investment, and insurance protection in one package. Beneficiaries receive a last expense benefit of KES 100,000 within 48 hours of submitting the required documents in the event of death.

Future premiums are waived in cases of death or total and permanent disability, allowing the child’s education fund to remain active and continue growing until maturity.

Customers are allowed to make partial withdrawals of up to 10 per cent of the fund value per policy year after two years, while full withdrawal is also possible from the first policy year, subject to applicable charges.

The fund is professionally managed to generate competitive investment returns, with customers receiving 100 per cent of the fund value at maturity.

The plan is available to individuals aged between 18 and 65 years, with a policy term of between five and 15 years and a maximum maturity age of 80 years.

Applicants only need a copy of their national ID, KRA PIN, and a duly completed application form to enroll in the plan.

Growth, Trust, and Expansion: The Jubilee Holdings Story

Founded in 1937, Jubilee Holdings Limited is a leading regional composite insurer and was the first incorporated insurance company in Mombasa. The group has grown to serve over 1.9 million customers across Kenya, Uganda, Tanzania, Burundi, and Mauritius.

Its Kenyan subsidiaries include Jubilee Life Insurance Limited, Jubilee Health Insurance Limited, and Jubilee Asset Management Limited, all of which contribute to the group’s broader financial wellness agenda. 

Jubilee Holdings is listed on the Nairobi Securities Exchange, the Dar es Salaam Stock Exchange, and the Uganda Securities Exchange.

The launch of the Faida Elimu Insurance Plan represents a strategic step toward strengthening education financing solutions in Kenya. By combining protection, savings, and investment in a single product, the initiative aims to reduce the vulnerability of households to financial shocks while ensuring uninterrupted learning for children. 

As education costs continue to rise, such innovative financial products are expected to play a key role in supporting long-term educational access and stability for Kenyan families.