, NAIROBI, Kenya, Sep 8 – Imperial Bank has entered into a partnership with Jubilee Insurance, to offer an education savings plan dubbed the Marble Junior Education Plan for the bank’s Marble Junior Savings account.
The Marble Education Plan is underwritten by Jubilee Insurance and is pegged to an array of benefits such as cash rebate of 20 percent paid in first year and fixed premiums.
Other benefits of the education plan include a life cover on total and permanent disability of the life assured due to an accident. In such an instance, the policy sum assured will become payable in equal instalments over a period of 36 months from the date of the accident.
Speaking at the signing ceremony, Imperial Bank’s Head of Retail Banking, Kalpesh Jotangia said: “Imperial Bank is committed to offering value to its customers by diversifying our products and services delivery through innovation so as to anchor the bank’s positioning in the industry.”
Imperial Bank, which is ranked 17th in the industry, has also recently opened its 28th branch at the Westgate Mall. It also has recently announced a Sh2 billion bond issue, which is offering an attractive return of 15pc per annum and will be listed on the NSE for trading.
Jotangia went on to state that the Marble Education Plan will be offered in addition to all the other exciting benefits of the Marble Junior Savings Account which include free monthly withdrawals, free quarterly statements, attractive interest rates offered on a tiered basis and discounts at various restaurants and retail stores across the country.
Also speaking at the ceremony, Jubilee Insurance Head of Bancassurance Samuel Otieno said the partnership with Imperial Bank will help in improving access to life insurance products among Kenyans.
“This partnership will enable Imperial Bank customers to access our life products with ease from their banker across the country”. Jubilee Insurance intends to cushion Kenyans against the increasing cost of living and at the same time enable access to quality education through a reliable financial plan.”
Jubilee Insurance’s education life policy allows for tax relief, flexible policy premium payments and policy loans. The policy also offers a medical accident cover for both parent and child.