By
Cynthia Kenyani
•The new cover is set to sell from a monthly premium of
as low as Ksh1,000 per month. Customers will then be entitled to a payout of
between Ksh500,000 sum insured up to Ksh15 Million. Any Kenyan aged 18-55 is
eligible to sign up for it.
•Terminally ill patients, or those simply in need of
specialized treatment, can use the funds to cater for the medical expenses that
accrue.
L-R : Old Mutual Life
Assurance Head of Bancassurance & Alternative Channels Samuel Odhiambo,
Faulu Managing Director, Apollo Njoroge, Faulu Head of Business
Growth & Development and Bancassurance Rose Kimani and Faulu
Senior Manager Bancassurance, Paul Temba during the recent launch of Faulu
critical illness insurance cover .
Faulu Microfinance Bank has introduced a critical illness
insurance cover under its bank assurance business aimed at providing additional
coverage for the first time diagnosis of the listed conditions.
The new solution is aimed at mitigating extreme financial
burdens that Kenyans incur when medical expenses related to critical illnesses
occur and incur more than average medical costs, and traditional health
insurance falls short.
Speaking during the launch, Faulu Bank Managing Director,
Apollo Njoroge said, “Even with excellent medical insurance, just one critical
illness can be a tremendous financial burden. This cover allows one to seek
treatment at their facility of choice locally or internationally as well as
enables users to manage the lifestyle changes that may be required on diagnosis
which include the need for a nurse at home or wheelchair”.
Already available for subscription, the new cover is set
to sell from as low as Ksh500,000 to Ksh10,000,000. Any Kenya aged 18 -55 is
eligible to sign up for it.
Among the illnesses to be covered include Cancer, Heart
Attack, Coma, Open heart surgery, Multiple Sclerosis, Motor Neuro, Stroke,
Paraplegia, Dementia, Major organ Transplant, Parkinsonism, Aortic surgery,
Renal Kidney failure, Muscle Dystrophy, Accidental brain damage, and Connective
tissue disease such as Rheumatoid Arthritis.
Unlike traditional covers, Faulu’s critical illness cover
can pay for critical medical services that might otherwise be unavailable.
Other advantages include its ability to pay for
treatments not covered by a traditional policy, and its ability to pay for
daily living expenses, enabling the critically ill to focus their time and
energy on getting well instead of working to pay their bills.
“These illnesses require extensive medical care and
treatment; their costs can outstrip a family’s medical insurance policy
quickly. If you do not have an emergency fund, you’ll have an even harder time
paying those bills out of pocket” said Njoroge.
Other available services under the cover include
transportation expenses, such as getting to and from treatment Centres,
retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in
homes for critically ill patients who can no longer navigate staircases.
This cover has also been uniquely bundled into Faulu
retail loan proposition on an optional basis to enrich the loan offering and
offer a competitive edge.
Upon subscription, the amount of premium one pays will
depend on age and the amount of the sum assured.
Besides, the premiums are payable in a flexible way;
monthly, quarterly, semi-annually or annually. The covers can be purchased
digitally or physically at any of our branches countrywide
