Jubilee Life Insurance unveils ‘Faida Elimu Insurance Plan’ in effort to address education financing gaps

In a move to address the escalating financial pressures on Kenyan households, Jubilee Life Insurance has officially launched Faida Elimu Insurance Plan, a transformative education protection and investment solution designed to ensure that a child’s academic journey remains uninterrupted, regardless of life’s uncertainties.

While education is often hailed as a key pillar of Kenya’s economy, the reality for many Kenyan families is increasingly defined by education uncertainties and uneasiness.

According to Kenya’s Inequality Crisis Report by Oxfam, approximately 36% of Kenya’s population is under the age of 15, with over 14 million pupils currently enrolled in primary and secondary schools.

However, significant financial barriers persist, with households spending up to 14% of their income on school fees alone.

Faida Elimu Insurance Plan strengthens the Vision 2030 Goal by the Kenyan Government to achieve basic education, supported by the state’s primary mandate to ensure a successful transition through the education system by enforcing policies that prevent learning disruptions by empowering parents to proactively secure their children's transition to the next education level, thereby supporting national human capital development.

Faida Elimu Insurance Plan moves beyond traditional insurance by functioning as a high-yield, investment-linked policy that mandates a long-term savings discipline.

It is engineered to provide a financial safety net against school fee shocks, the sudden disruptions caused by loss of income or family tragedy that often force children out of school.

Asman Mugambi CEO and Principal Officer at Jubilee Life Insurance Company Limited said,

Faida Elimu Insurance Plan is designed for accessibility, allowing for monthly contributions starting from as low as Sh5,000 or a one-off deposit of Sh100,000 with a top option.

It integrates an investment-linked with Life risk component that offers competitive returns alongside a mandatory Last Expense cover of Sh100,000 and Life cover of up to Sh1M.

This structure is specifically tailored for Kenyan parents and guardians who are navigating the rising costs of private and specialized education and seek a secure way to plan, save, and protect their children’s academic future.