Liberty Life Assurance Kenya limited has introduced a retirement benefits product for retired Kenyans who want flexible income and death benefits without the risks and costs associated with self-investment.
The retirement investment solution is a flexible income drawdown named boresha ustaafu offering a flexibly managed income to suit the changing needs of retirees and is available to individuals aged 50 years and above. It allows for ad hoc payments of Kshs 300,000 or more in addition to the minimum single purchase amount of Kshs 2 million.
Speaking during the launch of the product, Liberty Life Managing Director, Abel Munda said that the product is informed by research on retiree’s needs for retirement solutions that can earn them good returns in their retirement.
He further said that this product offers an alternative to a guaranteed annuity with flexibility for one to choose where they want their funds invested. The 2019 finances survey shows a drop in the share of Kenyans saving for retirement highlighting that one in four (23%) Kenyans age 16 and above save for old age, a decline by half from two in five (44%) in 2016.
