This archive report was first published on 24 October 2019.
On October 23, 2019, Nairobi Securities Exchange-listed insurer Liberty Kenya unveiled a retirement benefits solution designed to provide retirees with flexible investment returns.
The new plan, known as Ustaafu Income Drawdown, targets individuals aged 50 to 80 years and aims to cushion pensioners against risks and costs associated with self-investment.
Under the plan, customers' funds will be invested in either the conservative or balanced portfolios, characterized by low risk and stable investment returns.
Liberty Life Assurance managing director Abel Munda explained that the plan is an upgrade from the traditional annuity, offering a benefit proposition that allows individual retirement funds to accrue investment returns while earning income for a minimum period of 10 years.
"The plan comes with an ad hoc payment of Sh300,000 or more in addition to the minimum single purchase amount of Sh2 million," Mr Munda said.
