Adopt a savings culture to alleviate poverty, teachers advised

Nairobi 5th October 2017…Local Life Insurance provider Sanlam Life, has advised the teaching fraternity to consider adopting a savings culture as a poverty eradication strategy.

The adoption of a savings culture including Life Insurance and related general insurance products to provide relief against various risk, will help enhance social and economic stability for teachers among other professionals.

Speaking when she presented a Kshs 1.5Million donation to the Teachers Service Commission in support of the Commission’s 50thanniversary celebrations’, Sanlam Life Chief Executive Officer Stella Njunge said the firm is undertaking a consumer education programme to further entrench the need for life insurance products.

“At Sanlam Life we are proud to be partnering with the TSC to celebrate the 50th Anniversary milestone and also to advance consumer awareness on the need for Life Insurance products,” Njunge said, adding that, “Life Insurance products play a key poverty alleviation and financial inclusivity role.”

Flanked by TSC Chief Executive Officer Nancy Macharia, the Sanlam Life Executive reiterated the need to adopt modern saving tools in line with the Vision 2030 National Development plan. The Vision 2030, she noted singles out financial inclusiveness as a key avenue to national development.

“Adoption of Life insurance products helps to alleviate economic challenges that arise in the event of a breadwinners’ demise by providing financial resources to the bereaved families. With a life insurance cover, the need to call for fundraising for school fees among other needs is reduced by almost 95% providing comfort to such families,” said Njunge.

Sanlam Kenya has been in partnership with the TSC for the last 30 years, providing life insurance for more than 44,000 teachers across the country.

The funds donated Sanlam Kenya will go towards supporting the TSC jubilee commemoration activities at both the county and national levels that include tree planting, launching of the TSC documentary and commemorative book, recognizing and awarding outstanding persons who have supported the commission since its inception among other exhibition of TSC services, processes and interacting with stakeholders.

Sanlam Kenya meets the savings and financial services needs of its clients by offering a range of products and services including retirement savings plans, life insurance, accident and health insurance through Sanlam Life, Sanlam General and Sanlam Investments. The group provides employee benefits, credit life and pension rights to corporate clients too through an extensive network of agents and employees throughout the country.