Jubilee Insurance unveils solution to ease education costs

Dubbed the Faida Elimu Insurance Plan, the product combines education savings with life insurance protection, positioning itself as a long-term financial planning tool for parents and guardians.

The launch comes amid growing concern over the cost of schooling in Kenya, where households spend a significant share of their income on education. According to Oxfam’s Kenya Inequality Crisis Report, about 36 per cent of the population is under 15, with more than 14 million learners enrolled in primary and secondary schools. Many families allocate up to 14 per cent of their income to school fees, highlighting persistent affordability challenges.

Jubilee Insurance says the plan is structured to cushion families against financial shocks that could disrupt a child’s education, such as loss of income or death of a parent or guardian. The policy integrates savings with a life cover component, allowing policyholders to build funds over time while maintaining insurance protection.

The product requires a minimum monthly contribution of KSh 5,000 or a lump sum starting at KSh 100,000, with an option for additional top-ups. It includes a life cover of up to KSh 1 million and a last expense benefit of KSh 100,000.

Company officials indicated the plan is targeted at households seeking structured ways to finance private and specialised education, as well as those looking to mitigate uncertainty in education planning.

The rollout also aligns with broader national goals to improve education access and continuity, including Kenya’s Vision 2030 framework, which emphasises human capital development through sustained participation in the education system.