Faida Elite Investment Plan - Comprehensive Guide
| Client Question | Suggested Answer / Talking Point |
|---|---|
| How much do I need to start? | You can begin your investment journey with as little as KES 5,000 per month or opt for a one-time lump sum investment of KES 100,000. This flexibility allows you to start small and gradually increase your investment amount as your financial capacity grows. There are no restrictions on how much you can top up your investment, meaning you can add funds at any time that suits your financial situation, whether through regular monthly contributions or additional lump sum payments. |
| Is this an insurance or an investment? | Faida Elite is a unique hybrid financial product that combines the benefits of both life insurance protection and market-linked investment returns. This dual nature means you receive comprehensive life cover while simultaneously building wealth through professionally managed investments. The insurance component provides financial security for your loved ones, while the investment portion works to grow your money over time, offering you the advantages of both financial protection and wealth accumulation in a single, convenient package. |
| What's the benefit over a bank savings plan? | Compared to traditional bank savings plans, Faida Elite offers several significant advantages. While bank savings typically provide fixed, often low returns that may not keep pace with inflation, Faida Elite's market-linked investments have the potential to deliver superior growth over the medium to long term. Additionally, Faida Elite includes valuable life insurance coverage, which bank savings lack. You also benefit from tax relief of up to 15% on your premiums (maximum KES 60,000 annually) and enjoy more flexible withdrawal options than most fixed-term bank products. |
| Can I withdraw my money anytime? | Yes, Faida Elite offers flexible withdrawal options designed to meet your changing financial needs. For full withdrawals, you can access your funds starting from Year 1, with reducing charges that decrease over time: 15% in the first year, 10% in the second year, 5% in the third year, and no charges from Year 4 onwards. Partial withdrawals become available after you've held the policy for two years, allowing you to access up to 15% of your fund value up to three times per calendar year. This structure provides liquidity while encouraging long-term investment growth. |
| Are there penalties for early withdrawal? | The penalty structure is designed to encourage long-term investment while still providing access to funds when needed. Full withdrawals within the first three years are subject to reducing charges (15% in Year 1, 10% in Year 2, 5% in Year 3), with no penalties applied after the third year. Partial withdrawals, available after two years, incur a nominal processing fee of KES 600 per transaction but don't attract percentage-based penalties. These measures help maintain the integrity of the investment pool while giving you reasonable access to your funds. |
| How often can I do partial withdrawals? | The plan allows for partial withdrawals up to three times per calendar year, with each withdrawal limited to a maximum of 15% of your current fund value. This frequency and amount limitation ensures that your investment maintains sufficient capital to continue growing while providing you with periodic access to funds for emergencies or planned expenses. The three-withdrawal limit resets each January, giving you fresh access to partial withdrawals at the start of each new year. |
| What happens if I skip a payment? | Faida Elite is designed with flexibility in mind to accommodate life's uncertainties. If you need to skip a payment, your policy remains active and your accumulated funds continue to be invested. You can pause your contributions temporarily and resume when your financial situation improves, with no penalties applied. You also have the option to adjust your contribution amounts up or down as needed. This flexibility makes Faida Elite suitable for individuals with variable income streams or those who may face temporary financial constraints. |
| What if I want to increase my investment later? | Increasing your investment is both easy and encouraged. You can top up your Faida Elite plan at any time, either through additional lump sum payments or by increasing your regular contribution amount. There's no limit to how much you can add, and all top-ups immediately begin working for you in the investment portfolio. Increasing your investment accelerates your wealth accumulation and can potentially enhance your long-term returns. You can make these adjustments through your financial advisor or directly through Jubilee Life's customer service channels. |
| What returns can I expect? | As a market-linked product, Faida Elite's returns depend on the performance of the underlying investment funds. While we cannot guarantee specific returns due to market fluctuations, our historical performance has demonstrated strong growth across various market conditions. The funds are professionally managed by experienced investment teams who employ a diversified strategy across asset classes to optimize returns while managing risk. We provide regular performance updates so you can track how your investment is progressing toward your financial goals. |
| Is the investment safe from market losses? | All investments carry some degree of market risk, and Faida Elite is no exception. However, we employ conservative portfolio management strategies with diversified assets to mitigate volatility. The investment portfolio is carefully balanced across different asset classes and sectors to spread risk. Importantly, even in market downturns, your life insurance coverage remains intact at the guaranteed amount. Over the medium to long term (5+ years), the investment has historically weathered market fluctuations to deliver positive returns, making it suitable for goals with longer time horizons. |
| How is this different from term insurance? | Term insurance provides pure protection with no savings or investment component - it only pays out if the insured event occurs during the term. Faida Elite combines term insurance protection with an investment component, meaning you get life cover plus the opportunity to build cash value over time. With term insurance, you don't get anything back if you outlive the policy term, whereas Faida Elite pays out the accumulated investment value at maturity. This makes Faida Elite a comprehensive solution for both protection and wealth building. |
| What's the duration of the policy? | Faida Elite offers flexible policy terms to match your specific financial goals. You can choose a term between 5 and 15 years, allowing you to align the policy duration with objectives like children's education funding (typically 5-10 year horizon), medium-term wealth accumulation (7-12 years), or retirement planning (10-15 years). The choice of term depends on your individual circumstances and when you anticipate needing access to the funds. Your financial advisor can help you select the most appropriate term based on your goals and time horizon. |
| What's the life cover amount? | The life insurance coverage under Faida Elite ranges from a minimum of KES 100,000 up to KES 1,000,000, with the exact amount determined by your premium payments. This death benefit is paid out in addition to the current value of your investment fund in the event of your passing. The coverage amount can often be adjusted as your needs change, providing flexibility to increase protection as your financial responsibilities grow, such as when starting a family or taking on a mortgage. |
| Who receives the money if I pass away? | In the unfortunate event of your passing, both the life insurance benefit and the current value of your investment fund will be paid to your nominated beneficiaries. You can name one or multiple beneficiaries during the application process and specify what percentage of the payout each should receive. This ensures your loved ones receive financial support exactly as you intended. The claims process is straightforward, with Jubilee Life committed to prompt settlement once all required documentation is provided. |
| What documents do I need to start? | The documentation requirements are minimal to make the enrollment process simple. You'll need to provide a copy of your national ID or passport for identification, your KRA PIN for tax purposes, and a completed application form which we'll help you fill out. If you're making payments through certain channels, we might need a recent utility bill for address verification. The entire process is designed to be quick and straightforward, with our representatives available to guide you through each step and answer any questions you may have. |
| Can I choose how I pay? | Absolutely. Faida Elite offers multiple payment options to suit your cash flow preferences. You can choose to pay monthly, quarterly, semi-annually, or annually through various channels. Lump sum payments are also accepted if you prefer to invest a larger amount at once. The payment frequency can be changed later if your financial circumstances change, providing flexibility to adapt to your evolving situation. This variety of payment options ensures the plan can accommodate different income patterns and financial planning approaches. |
| Is there a mobile payment option like M-Pesa? | Yes, Faida Elite supports convenient mobile payment options including M-Pesa for your convenience. During the onboarding process, we'll provide you with the official paybill number and transaction instructions to ensure your payments are correctly allocated to your policy. You can also set up standing instructions for automatic deductions if you prefer a hands-off approach. Bank transfers are equally supported for those who prefer traditional banking channels. Our multiple payment options are designed to make contributing as easy and accessible as possible. |
| Are the returns taxed? | One of the significant advantages of Faida Elite is its tax efficiency. The investment returns you earn on your fund grow tax-free, meaning you don't pay capital gains tax or income tax on the growth. Additionally, you benefit from tax relief on your premiums - up to 15% of your annual premium is deductible from your taxable income, with a maximum relief of KES 60,000 per year. This double tax advantage (tax-free growth plus premium relief) makes Faida Elite an attractive option for tax-conscious investors looking to maximize their after-tax returns. |
| What are the fees or hidden charges? | Faida Elite maintains transparency with straightforward fees. The primary cost is an annual fund management fee, which covers the professional management of your investments and is competitively priced within the industry. Partial withdrawals incur a small processing fee of KES 600 per transaction. There are no hidden charges or surprise fees - all costs are clearly outlined in your policy documents. This transparent fee structure ensures you can make informed decisions about your investment without worrying about unexpected deductions eroding your returns. |
| Is this regulated? Is Jubilee Life trustworthy? | Jubilee Life Insurance is a fully licensed and regulated entity under the Insurance Regulatory Authority of Kenya, ensuring compliance with all financial regulations and consumer protection standards. As part of the Jubilee Holdings Group, which has operated in East Africa for decades, we bring substantial financial strength and stability. Our long track record, strong corporate governance, and commitment to ethical business practices have earned us recognition as a trusted financial services provider. Regular audits and regulatory oversight provide additional assurance that your investment is in safe hands. |
| Can I cancel the policy? | While you have the right to cancel your Faida Elite policy at any time, we recommend maintaining it for the full term to maximize your investment returns. If you choose to cancel within the first three years, the early withdrawal charges apply (15% in Year 1, 10% in Year 2, 5% in Year 3). After three years, you can surrender the policy with no penalty, receiving the full current value of your investment fund. Before making this decision, we encourage you to consult with your financial advisor to explore alternatives that might better suit your changed circumstances. |
| How often do I get performance updates? | You'll receive comprehensive annual statements detailing your policy's performance, contributions, withdrawals, and current value. Beyond these regular reports, you can request updates at any time through our customer service channels. Many policyholders also appreciate the convenience of our digital platforms, which provide secure online access to view your policy details and performance in real time. Our advisors are always available to help interpret your statements and discuss how your investment is progressing toward your financial objectives. |
| Can I have more than one Faida Elite plan? | Yes, you can hold multiple Faida Elite policies if it aligns with your financial strategy. Many clients choose to maintain separate policies for different goals - for instance, one for education funding and another for retirement savings. Each policy operates independently with its own contribution schedule, term length, and beneficiaries. This approach allows for tailored financial planning where each policy serves a specific purpose, making it easier to track progress toward individual objectives. There's no limit to how many policies you can hold, provided you meet the minimum contribution requirements for each. |
| Can I name more than one beneficiary? | Faida Elite allows you to designate multiple beneficiaries and specify exactly how the payout should be distributed among them. You can allocate percentages to each beneficiary (for example, 50% to your spouse, 30% to your first child, and 20% to your second child). This ensures your wishes are clearly documented and legally binding. Beneficiary designations can be updated at any time as your personal circumstances change, such as after marriage, divorce, or the birth of a child. We recommend reviewing your beneficiary designations periodically to ensure they remain aligned with your current intentions. |
| Can I use this for my child's education plan? | Faida Elite is an excellent vehicle for education savings due to its combination of growth potential and protection benefits. The medium-term (5-10 year) nature of the product aligns well with education funding horizons. Market-linked returns have the potential to outpace traditional savings methods, helping your education fund grow more substantially. Simultaneously, the life insurance coverage ensures the plan will still deliver value even if something happens to you. Many parents appreciate the discipline of regular contributions and the flexibility to increase investments as their financial capacity grows over time. |
| What if I relocate or leave the country? | Faida Elite remains valid and continues regardless of your geographical location. You can maintain your contributions from abroad through international bank transfers or other agreed payment methods. When it comes time for withdrawals or maturity payouts, funds can be disbursed to local or international bank accounts as per your preference. The policy isn't affected by changes in your residence status, making it a stable component of your financial plan even if your life takes you across borders. We recommend informing us of any address changes to ensure you continue receiving important communications. |
| How long does it take to mature? | The maturity period of your Faida Elite policy depends on the term you selected at inception, which can range from 5 to 15 years. On the maturity date, your policy will automatically pay out the full accumulated fund value, which is tax-free. The flexibility in term length allows you to match the policy duration with your specific financial goals - shorter terms for nearer objectives like property down payments or business capital, and longer terms for retirement planning or legacy building. As maturity approaches, we'll contact you to discuss payout options and potential reinvestment opportunities. |
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Faida Elite Investment Plan - Comprehensive Guide
| Client Question | Suggested Answer / Talking Point |
|---|---|
| How much do I need to start? | You can begin your investment journey with as little as KES 5,000 per month or opt for a one-time lump sum investment of KES 100,000. This flexibility allows you to start small and gradually increase your investment amount as your financial capacity grows. There are no restrictions on how much you can top up your investment, meaning you can add funds at any time that suits your financial situation, whether through regular monthly contributions or additional lump sum payments. |
| Is this an insurance or an investment? | Faida Elite is a unique hybrid financial product that combines the benefits of both life insurance protection and market-linked investment returns. This dual nature means you receive comprehensive life cover while simultaneously building wealth through professionally managed investments. The insurance component provides financial security for your loved ones, while the investment portion works to grow your money over time, offering you the advantages of both financial protection and wealth accumulation in a single, convenient package. |
| What's the benefit over a bank savings plan? | Compared to traditional bank savings plans, Faida Elite offers several significant advantages. While bank savings typically provide fixed, often low returns that may not keep pace with inflation, Faida Elite's market-linked investments have the potential to deliver superior growth over the medium to long term. Additionally, Faida Elite includes valuable life insurance coverage, which bank savings lack. You also benefit from tax relief of up to 15% on your premiums (maximum KES 60,000 annually) and enjoy more flexible withdrawal options than most fixed-term bank products. |
| Can I withdraw my money anytime? | Yes, Faida Elite offers flexible withdrawal options designed to meet your changing financial needs. For full withdrawals, you can access your funds starting from Year 1, with reducing charges that decrease over time: 15% in the first year, 10% in the second year, 5% in the third year, and no charges from Year 4 onwards. Partial withdrawals become available after you've held the policy for two years, allowing you to access up to 15% of your fund value up to three times per calendar year. This structure provides liquidity while encouraging long-term investment growth. |
| Are there penalties for early withdrawal? | The penalty structure is designed to encourage long-term investment while still providing access to funds when needed. Full withdrawals within the first three years are subject to reducing charges (15% in Year 1, 10% in Year 2, 5% in Year 3), with no penalties applied after the third year. Partial withdrawals, available after two years, incur a nominal processing fee of KES 600 per transaction but don't attract percentage-based penalties. These measures help maintain the integrity of the investment pool while giving you reasonable access to your funds. |
| How often can I do partial withdrawals? | The plan allows for partial withdrawals up to three times per calendar year, with each withdrawal limited to a maximum of 15% of your current fund value. This frequency and amount limitation ensures that your investment maintains sufficient capital to continue growing while providing you with periodic access to funds for emergencies or planned expenses. The three-withdrawal limit resets each January, giving you fresh access to partial withdrawals at the start of each new year. |
| What happens if I skip a payment? | Faida Elite is designed with flexibility in mind to accommodate life's uncertainties. If you need to skip a payment, your policy remains active and your accumulated funds continue to be invested. You can pause your contributions temporarily and resume when your financial situation improves, with no penalties applied. You also have the option to adjust your contribution amounts up or down as needed. This flexibility makes Faida Elite suitable for individuals with variable income streams or those who may face temporary financial constraints. |
| What if I want to increase my investment later? | Increasing your investment is both easy and encouraged. You can top up your Faida Elite plan at any time, either through additional lump sum payments or by increasing your regular contribution amount. There's no limit to how much you can add, and all top-ups immediately begin working for you in the investment portfolio. Increasing your investment accelerates your wealth accumulation and can potentially enhance your long-term returns. You can make these adjustments through your financial advisor or directly through Jubilee Life's customer service channels. |
| What returns can I expect? | As a market-linked product, Faida Elite's returns depend on the performance of the underlying investment funds. While we cannot guarantee specific returns due to market fluctuations, our historical performance has demonstrated strong growth across various market conditions. The funds are professionally managed by experienced investment teams who employ a diversified strategy across asset classes to optimize returns while managing risk. We provide regular performance updates so you can track how your investment is progressing toward your financial goals. |
| Is the investment safe from market losses? | All investments carry some degree of market risk, and Faida Elite is no exception. However, we employ conservative portfolio management strategies with diversified assets to mitigate volatility. The investment portfolio is carefully balanced across different asset classes and sectors to spread risk. Importantly, even in market downturns, your life insurance coverage remains intact at the guaranteed amount. Over the medium to long term (5+ years), the investment has historically weathered market fluctuations to deliver positive returns, making it suitable for goals with longer time horizons. |
| How is this different from term insurance? | Term insurance provides pure protection with no savings or investment component - it only pays out if the insured event occurs during the term. Faida Elite combines term insurance protection with an investment component, meaning you get life cover plus the opportunity to build cash value over time. With term insurance, you don't get anything back if you outlive the policy term, whereas Faida Elite pays out the accumulated investment value at maturity. This makes Faida Elite a comprehensive solution for both protection and wealth building. |
| What's the duration of the policy? | Faida Elite offers flexible policy terms to match your specific financial goals. You can choose a term between 5 and 15 years, allowing you to align the policy duration with objectives like children's education funding (typically 5-10 year horizon), medium-term wealth accumulation (7-12 years), or retirement planning (10-15 years). The choice of term depends on your individual circumstances and when you anticipate needing access to the funds. Your financial advisor can help you select the most appropriate term based on your goals and time horizon. |
| What's the life cover amount? | The life insurance coverage under Faida Elite ranges from a minimum of KES 100,000 up to KES 1,000,000, with the exact amount determined by your premium payments. This death benefit is paid out in addition to the current value of your investment fund in the event of your passing. The coverage amount can often be adjusted as your needs change, providing flexibility to increase protection as your financial responsibilities grow, such as when starting a family or taking on a mortgage. |
| Who receives the money if I pass away? | In the unfortunate event of your passing, both the life insurance benefit and the current value of your investment fund will be paid to your nominated beneficiaries. You can name one or multiple beneficiaries during the application process and specify what percentage of the payout each should receive. This ensures your loved ones receive financial support exactly as you intended. The claims process is straightforward, with Jubilee Life committed to prompt settlement once all required documentation is provided. |
| What documents do I need to start? | The documentation requirements are minimal to make the enrollment process simple. You'll need to provide a copy of your national ID or passport for identification, your KRA PIN for tax purposes, and a completed application form which we'll help you fill out. If you're making payments through certain channels, we might need a recent utility bill for address verification. The entire process is designed to be quick and straightforward, with our representatives available to guide you through each step and answer any questions you may have. |
| Can I choose how I pay? | Absolutely. Faida Elite offers multiple payment options to suit your cash flow preferences. You can choose to pay monthly, quarterly, semi-annually, or annually through various channels. Lump sum payments are also accepted if you prefer to invest a larger amount at once. The payment frequency can be changed later if your financial circumstances change, providing flexibility to adapt to your evolving situation. This variety of payment options ensures the plan can accommodate different income patterns and financial planning approaches. |
| Is there a mobile payment option like M-Pesa? | Yes, Faida Elite supports convenient mobile payment options including M-Pesa for your convenience. During the onboarding process, we'll provide you with the official paybill number and transaction instructions to ensure your payments are correctly allocated to your policy. You can also set up standing instructions for automatic deductions if you prefer a hands-off approach. Bank transfers are equally supported for those who prefer traditional banking channels. Our multiple payment options are designed to make contributing as easy and accessible as possible. |
| Are the returns taxed? | One of the significant advantages of Faida Elite is its tax efficiency. The investment returns you earn on your fund grow tax-free, meaning you don't pay capital gains tax or income tax on the growth. Additionally, you benefit from tax relief on your premiums - up to 15% of your annual premium is deductible from your taxable income, with a maximum relief of KES 60,000 per year. This double tax advantage (tax-free growth plus premium relief) makes Faida Elite an attractive option for tax-conscious investors looking to maximize their after-tax returns. |
| What are the fees or hidden charges? | Faida Elite maintains transparency with straightforward fees. The primary cost is an annual fund management fee, which covers the professional management of your investments and is competitively priced within the industry. Partial withdrawals incur a small processing fee of KES 600 per transaction. There are no hidden charges or surprise fees - all costs are clearly outlined in your policy documents. This transparent fee structure ensures you can make informed decisions about your investment without worrying about unexpected deductions eroding your returns. |
| Is this regulated? Is Jubilee Life trustworthy? | Jubilee Life Insurance is a fully licensed and regulated entity under the Insurance Regulatory Authority of Kenya, ensuring compliance with all financial regulations and consumer protection standards. As part of the Jubilee Holdings Group, which has operated in East Africa for decades, we bring substantial financial strength and stability. Our long track record, strong corporate governance, and commitment to ethical business practices have earned us recognition as a trusted financial services provider. Regular audits and regulatory oversight provide additional assurance that your investment is in safe hands. |
| Can I cancel the policy? | While you have the right to cancel your Faida Elite policy at any time, we recommend maintaining it for the full term to maximize your investment returns. If you choose to cancel within the first three years, the early withdrawal charges apply (15% in Year 1, 10% in Year 2, 5% in Year 3). After three years, you can surrender the policy with no penalty, receiving the full current value of your investment fund. Before making this decision, we encourage you to consult with your financial advisor to explore alternatives that might better suit your changed circumstances. |
| How often do I get performance updates? | You'll receive comprehensive annual statements detailing your policy's performance, contributions, withdrawals, and current value. Beyond these regular reports, you can request updates at any time through our customer service channels. Many policyholders also appreciate the convenience of our digital platforms, which provide secure online access to view your policy details and performance in real time. Our advisors are always available to help interpret your statements and discuss how your investment is progressing toward your financial objectives. |
| Can I have more than one Faida Elite plan? | Yes, you can hold multiple Faida Elite policies if it aligns with your financial strategy. Many clients choose to maintain separate policies for different goals - for instance, one for education funding and another for retirement savings. Each policy operates independently with its own contribution schedule, term length, and beneficiaries. This approach allows for tailored financial planning where each policy serves a specific purpose, making it easier to track progress toward individual objectives. There's no limit to how many policies you can hold, provided you meet the minimum contribution requirements for each. |
| Can I name more than one beneficiary? | Faida Elite allows you to designate multiple beneficiaries and specify exactly how the payout should be distributed among them. You can allocate percentages to each beneficiary (for example, 50% to your spouse, 30% to your first child, and 20% to your second child). This ensures your wishes are clearly documented and legally binding. Beneficiary designations can be updated at any time as your personal circumstances change, such as after marriage, divorce, or the birth of a child. We recommend reviewing your beneficiary designations periodically to ensure they remain aligned with your current intentions. |
| Can I use this for my child's education plan? | Faida Elite is an excellent vehicle for education savings due to its combination of growth potential and protection benefits. The medium-term (5-10 year) nature of the product aligns well with education funding horizons. Market-linked returns have the potential to outpace traditional savings methods, helping your education fund grow more substantially. Simultaneously, the life insurance coverage ensures the plan will still deliver value even if something happens to you. Many parents appreciate the discipline of regular contributions and the flexibility to increase investments as their financial capacity grows over time. |
| What if I relocate or leave the country? | Faida Elite remains valid and continues regardless of your geographical location. You can maintain your contributions from abroad through international bank transfers or other agreed payment methods. When it comes time for withdrawals or maturity payouts, funds can be disbursed to local or international bank accounts as per your preference. The policy isn't affected by changes in your residence status, making it a stable component of your financial plan even if your life takes you across borders. We recommend informing us of any address changes to ensure you continue receiving important communications. |
| How long does it take to mature? | The maturity period of your Faida Elite policy depends on the term you selected at inception, which can range from 5 to 15 years. On the maturity date, your policy will automatically pay out the full accumulated fund value, which is tax-free. The flexibility in term length allows you to match the policy duration with your specific financial goals - shorter terms for nearer objectives like property down payments or business capital, and longer terms for retirement planning or legacy building. As maturity approaches, we'll contact you to discuss payout options and potential reinvestment opportunities. |
No matching questions or answers found. Please try different search terms.