Jubilee Life Insurance Company Limited has launched the Faida Elimu Insurance Plan, a new education-focused insurance and savings product, as it targets rising school fee costs and the risk of learning disruption for Kenyan children, the company said on April 20, 2026 in Nairobi.

The insurer positioned the plan as a combination of long-term savings and insurance protection intended to cushion households against sudden income shocks that can interrupt schooling. Jubilee Life said the product is aimed at parents and guardians planning for private and specialised education, where costs are typically higher.

The launch comes as households continue to face budget pressure from education expenses. Jubilee Life cited the Kenya’s Inequality Crisis report by Oxfam, which says about 36% of Kenya’s population is under the age of 15 and that more than 14 million pupils are enrolled in primary and secondary schools. The same report indicates households spend up to 14% of their income on school fees, according to Jubilee Life’s statement.

Jubilee Life linked the product to Kenya’s Vision 2030 human capital ambitions, arguing that more predictable funding for school transitions can reduce the likelihood of dropouts driven by financial distress. Education financing has become a growing area of interest for insurers, asset managers and lenders as families seek structured ways to plan for termly fees while also managing risk from death or loss of income.

Asman Mugambi, CEO and Principal Officer at Jubilee Life Insurance Company Limited, said the firm was aiming to respond to both financial and non-financial stress faced by families. “As a company, we are called to think beyond products and intentionally design practical solutions that relieve both the psychological and financial burdens among Kenyan families,” Mugambi said. “Every parent wants their child to go further than they ever did, without anything limiting that dream. Predictability and dignity ensure that a child’s education journey continues even when life takes unexpected turns.”

According to Jubilee Life, the Faida Elimu Insurance Plan allows monthly contributions starting from KES 5,000 and also provides for a one-off deposit option starting from KES 100,000. The plan includes an investment-linked component combined with life risk cover, and a mandatory last-expense cover of KES 100,000. Jubilee Life said the life cover can go up to KES 1 million.

For Kenya’s insurance market, the product underscores continued interest in investment-linked policies that blend savings discipline with protection benefits, particularly as consumers look for targeted solutions tied to life goals such as education. The education segment also presents a long-duration savings opportunity for insurers, although policy performance and customer outcomes will depend on product costs, investment returns and disclosure standards, as well as households’ ability to sustain contributions through income volatility.

Jubilee Life’s parent, Jubilee Holdings Limited, is listed on the Nairobi Securities Exchange, and the group operates across several regional markets. The company said it has more than 1.9 million customers across Kenya, Uganda, Tanzania, Burundi and Mauritius.

Going forward, market watchers will track uptake levels for education-linked insurance and whether similar products expand distribution through bancassurance, agents and digital channels as insurers compete for long-term savings flows.