Britam Officially Launches Imarika Plan
Britam Holdings PLC has officially launched Imarika today, a unit-linked investment product that is the first in the market. The product provides clients with the chance to earn high returns while offering them a life insurance cover.
Imarika plan provides appealing and competitive returns of between 8 and 12 percent per year with a guaranteed minimum of 5 percent. Additionally, Imarika enables investors to invest with as little as Sh1,000 or more depending on one’s abilities. The plan also guarantees customers a free life insurance cover of Sh50,000 and the interest is not subjected to the withholding tax of 15 percent. Customers are also allowed to apply for tax relief if the policy is 10 years or more.
What’s more, the Imarika Plan is flexible and affordable because customers have the choice to invest how much they want, to choose the contribution period, and to whether to make lump sum contributions or not.
Indeed, the plan is so flexible and customer-friendly that you can halt contributions and begin at a later date without losing your previous contributions. As your investment builds up, you are “allowed to make partial withdrawals of up to 30 percent of the fund value after three years to cater for short-term needs and goals.”
The product is developed to respond to the needs of Kenyans who want to save to meet their short-term and long-term goals, while receiving high returns from their investment.
“The product targets Kenyans who seek to invest in low risk, but high interest earning instruments at a time when investors are looking for alternative investment platforms outside the traditional insurance products. Imarika also empowers the customer to manage their investments under very flexible terms,” said Mr Stephen Wandera, Principal Executive Director (Business), Britam Holdings Plc.
Mr Wandera said, “The fund invests in quality interest bearing securities and other short-term market instruments and ensures risks are managed while preserving the initial capital.”
He also said the plan provides customers with flexibility and convenience and one can register online or through a cell phone by dialling *778#, enabling one to save at any time, anywhere.