Insurance firm Old Mutual Kenya has launched an all-digital savings plan to help customers easily invest, manage, and monitor their savings, joining a chain of companies that have recently unveiled similar facilities.
The plan, Lengo Digital Savings, is designed for a range of financial goals such as education, homeownership, buying a car, or planning a dream holiday.
Accessible through Old Mutual’s website, Lengo allows for flexible contributions starting at Sh3,000 per month or a one-time deposit of Sh300,000. “Customers’ needs continue to evolve, particularly with the advances that we see in technology and better understanding of financial planning. We are committed to keeping up with digital evolution and continuously innovating to offer solutions that make financial services simple, efficient, and accessible” said Loreen Makwanya, managing director at Old Mutual Life Assurance Kenya.
“With this new solution, we are empowering you to navigate savings and life assurance with ease, while minimising the costs that are typically associated with these services. There are tax advantages to saving for the long term, which our customers will also enjoy with this product.”
With the launch of Lengo, Old Mutual joins a growing number of insurance companies in Kenya offering digital savings and investment solutions.
For example, Jubilee Insurance's Fanaka Investment Plan allows customers to build a fund over time to meet different financial needs, with fixed premiums and flexible terms ranging from five to 20 years, where the sum assured and premiums are set at the outset and remain fixed throughout the term of the policy.
Britam's Dhamana Life Insurance Savings Plan offers guaranteed investment returns and life insurance, with premiums from Sh1,000 per month. Its Imarika Investment Plan combines investment and insurance benefits through a unit-linked insurance plan, and customers can contribute from Sh1,000 per day, week, or month, or with a lump sum from Sh50,000.
"By simplifying the process of saving and offering greater transparency, we are ensuring that our customers have access to reliable and affordable savings with life assurance products, helping them secure their financial future," Arthur Oginga, Group CEO of Old Mutual East Africa said.
