PesaGuide
← All plans
Jubilee Insurance

Smart Scholar

School fees plan · Regulated by the IRA

You pay a fixed amount every month for 8 to 18 years to build a school fees fund. If you die, the company keeps paying it for you and your child still gets the money.

Hear when this changes

What to watch out for

  • You must be between 18 and 50 to join, and the plan must end by age 68.
  • If you die, your family gets half the cover at once. The rest waits until the plan ends.
  • If you die or become totally disabled, the remaining payments are cancelled and the plan keeps running.
  • You need a medical report if you are 54 or older, or if you want cover above KES 7.5 million.
  • 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.
  • Extra benefits like accident cover and last expense cost more on top of your payment.
  • 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, terrorism, riots or civil unrest.
  • It may not pay out for hazardous activities or dangerous sports.
  • 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.

How to open this

  • Open with KES 2,000
  • then KES 2,000 a month
  • locked in for 24 months

What if you stop paying?

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

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

It could work for you if

You want school fees covered even if you die or become disabled, and you can pay every month for at least 8 years.

Think twice if

You need to know what this costs you before you sign. The charges are not published anywhere in this brochure.

What they tell 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.
  • Do they list what is not covered?
    Yes, 6 things are listed.
  • Do they say who regulates them?
    Yes — the IRA. That is who you complain to.

Talk to them

Compared with the others

There are 13 other plans of this kind on the board. See all 14 side by side — what each one leaves you with, and which of them will not say.

How current is this rate?

The up to 4% on this page is the rate Jubilee Insurance projected, as at 2026-08-15 — 2 months old.

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

Where we got this

  • Jubilee Smart Scholar brochurethe company itself
    Read on 2026-08-15