Smart Save Insurance Plan

What is this?

You pay a set amount every month for 5 to 20 years. Life cover is bundled in. At the end you get the cover amount plus any bonuses the company decides to add.

What does it cost you?

Jubilee Life Insurance does not publish what it charges. We looked for 3 charges and found no figure for any of them:

• · The brochure never says how much of your payment goes to costs before anything is saved for you.
• · No yearly charge appears anywhere in the brochure.
• · No admin or policy fee appears anywhere in the brochure.

What if you stop paying?

In the first 2 years you get nothing back. After 2 years you can stop and take a cash payment, or freeze the plan and keep smaller cover.

What if you need the money early?

You can only cash out after 2 years. The brochure does not say how much you would get. You have to ask an agent for that figure.

Who this suits

How openly does this company explain its charges?

• What do they charge you every year?

  No yearly charge appears anywhere in the brochure.
• What is taken off the money you pay in?

  The brochure never says how much of your payment goes to costs before anything is saved for you.
• What does it cost to get out early?

  They say the penalty period is 24 months but never print the rate.
• What is the smallest amount you can start with?

  KES 2,000.
• How long is your money tied up?

  24 months.
• Is the advertised return before or after their charges?

  This rate is worked out on the cover amount, not on the money you pay in. It does not tell you what your savings will grow to.
• Do they warn you the return is not guaranteed?

  No warning appears next to the figure, even though it is not a promise.
• Do they tell you what you get back if you stop early?

  No. You cannot find out what quitting would cost you without asking an agent.
• Do they list what is not covered?

  Yes, 6 things are listed.
• Are all their charges published?

  No. 3 charges are mentioned without a figure.
• Do they say who regulates them?

  Yes — the IRA. That is who you complain to.

This grades how openly things are explained, not whether the plan is good or bad. See how we work it out.

Things to know before you sign

• · You must be between 18 and 65 to join, and the plan must end by age 70.
• · You need a medical report if you are 54 or older, or if you want cover above KES 7.5 million.
• · If the medical check shows higher risk, they raise your monthly payment.
• · Nothing is paid if your payments are not fully up to date when you claim.
• · The bonus is 'up to' 4% a year. That means it can be less, and the brochure does not say it can be zero.
• · You need an ID, a KRA PIN and a filled application form to sign up.
• · It may not pay out if the death or disability came from a crime or an unlawful act.
• · It may not pay out if alcohol or drug misuse was involved.
• · It may not pay out for war or terrorism.
• · It may not pay out for hazardous activities.
• · It may not pay out if you started a fight or provoked an assault.
• · The brochure says the full list of exclusions is in the policy document, which you only see after you apply.

Talk to them

• Website: jubileeinsurance.com/ke
• If something goes wrong, the IRA is who supervises them.

How current is this rate?

The up to 4% on this page is the rate Jubilee Life Insurance projected, as at 2026-08-15 — current.

Up to 4% a year of the cover amount, not of the money you pay in. It is declared each year and can be lower..

Where we got this

• Jubilee Smart Save Insurance Plan brochurethe company itself
  Read on 2026-08-15