British-American Investments Company Kenya Limited (Britam) has launched a new investment plan for retirees. The new product will allow retirees to re-invest their benefits for higher and more secure returns.
The investment dubbed ‘Platinum Drawdown Plan’ is the first for the Kenyan insurance industry that will give retirees an opportunity to reinvest their money and take out a portion of the fund as an income.
“The unveiling of this plan is in line with Britam’s quest for continuous improvement and innovation,” Britam Group Managing Director Benson Wairegi said during the launch today. “There has been increased interest in the market on how retirees can make their pension income work fro them after retirement, hence the diversification.”
The new investment plan will also ensure full life insurance, banking and micro-finance. It is available for individuals aged 50 years and above with retirement benefit savings under a scheme registered scheme with the Retirements benefits Authority.
The pension beneficiaries of the plan will also have an invested capital guarantee against loss for a minimum period of 10 years. DrWairegi noted that there is growing demand for retirement income alternatives in annuities from high net worth individuals with huge retirement savings and a high appetite for investment risks. “It targets the high demand for income alternatives and to suit those who wish to leave an inheritance to their beneficiaries,” he said.
Ms Agnes Ndirangu, the technical director at the Insurance Regulatory Authority, said the benefit is passable to beneficiaries in the unlikely event of death.
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