In Kenya, chamas (investment groups) play a crucial role in empowering individuals to pool resources for collective financial growth. Britam’s Imarika Chama Investment Plan is tailor-made for chamas, offering competitive returns, flexibility, and life insurance coverage for all members. This guide will take you through the features, benefits, and steps to register for this unique investment solution, designed specifically for groups aiming to achieve their financial goals together.
What is the Imarika Chama Investment Plan?
Imarika Chama is a medium-term, goal-driven investment plan designed for registered and unregistered chamas (groups). The plan allows group members to make contributions towards a specific investment goal while enjoying competitive returns, flexibility in contributions, and a life insurance cover of Ksh 50,000 for each member.
Why Invest in the Imarika Chama Investment Plan?
- Competitive Returns:
- Earn between 8% and 12% per annum (p.a.) on your investment. Even during poor market performance, there’s a guaranteed minimum return of 5% upon maturity.
- Partial and Full Withdrawals:
- After 24 months, you can access some or all of your funds without penalties.
- Free Life Insurance:
- Each member receives a life insurance cover of Ksh 50,000.
- Flexibility in Contributions:
- Adjust your contribution amounts or take premium holidays without penalties.
- Tax Relief:
- Contributions to plans lasting 10 years or more enjoy tax relief of up to 15%, subject to a maximum of Ksh 60,000 per year.
- Transparency:
- Monthly statements and fund balance updates are sent directly to your email and mobile phone for easy tracking.
How to Sign Up for the Imarika Chama Investment Plan
For Registered Chamas
- Complete the Imarika Chama Investment Plan application form for each member.
- Attach a copy of the Chama’s registration certificate.
- Provide ID copies for all members.
- Submit a list of members and their contributions, signed by the Chama officials.
- Include minutes from a meeting approving the investment.
For Unregistered Chamas
- Complete the Imarika Chama Investment Plan application form for each member.
- Provide a list of members and their contributions, signed by the Chama officials.
- Attach ID copies for all members.
Note: Members must be aged between 18 and 75 years.
Fees and Charges
- A 0.21% management fee is charged monthly on the fund value to manage your investments.
- Early Exit Charges for withdrawals before 24 months:
- 10% of the amount withdrawn for months 1 to 12.
- 5% of the amount withdrawn for months 13 to 24.
- No charge after 24 months.
How to Invest and Manage Your Chama’s Funds
- Speak to your Britam financial advisor, call 0705 100 100, or WhatsApp 0793 304 927 for assistance.
- You can make deposits and manage your investments via M-Pesa or by consulting your financial advisor for larger contributions.
- For transparency, you will receive monthly statements detailing your fund balance and performance.
Frequently Asked Questions
- Is there a minimum top-up amount?
- No, you can top up any amount at any time.
- Is the management fee charged on the principal or the interest?
- The 0.21% fee is calculated on the total funds under management, and it will be clearly indicated on your monthly statements.
- What is the maximum investment period?
- The plan can last up to 20 years, but members cannot exceed the age of 80 at maturity.
- Why do all Chama members need to complete the application form?
- Each member is assigned a policy number to ensure that, in the event of death, the life insurance cover and invested funds are paid to the selected beneficiary.
- What is the minimum number of members for a Chama to sign up?
- A Chama must have at least two members.
The Imarika Chama Investment Plan is the perfect solution for chamas looking to pool their resources and grow their wealth collectively. With competitive returns, flexibility, and life insurance coverage for every member, your Chama can reach its financial goals faster. Whether your group is saving for a real estate project, a business, or a long-term investment, Britam’s Imarika Chama Investment Plan provides the ideal platform for success. Sign up today and start investing in your future!
