Equitel launches Riziki cover to compensate subscribers for lost income due to hospitalization

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Equitel and Britam have launched a mobile-based insurance product, called Riziki Cover in a move expected to ease the financial burden associated with lost daily income from one’s employment or personal business in case they are admitted in hospital.

The Riziki Cover is accessible to Equitel subscribers who use airtime from Kshs 100 or make Mobile Banking transactions worth Kshs 1,000 or more per month by dialling *745#.

The cash payout will be Kshs 400 per night for a subscriber who uses airtime from Kshs 100 or makes Mobile Banking transactions worth Kshs 1,000 or more per month. The cash payout will double to Kshs 800 for a subscriber who uses airtime from Kshs 100 and makes Mobile Banking transactions worth Kshs 1,000 or more per month.

See below:

Compensation Value Qualification
Kshs 400 per night Uses airtime above Kshs 100

OR

Makes mobile banking transactions above Kshs 1,000

 

Kshs  800 per night Uses airtime above Kshs 100

 AND

Makes mobile banking transactions above Kshs 1,000

 

“Our subscribers will now have peace of mind as they focus on getting back to full health in the event of sickness or injury,” said Jack Ngare, the Managing Director of Finserve Africa.

Riziki Cover expects to cover over 1.8 million subscribers. Rziki will cover all hospital admissions, as long as the illness, injury or condition requires a subscriber to be admitted in hospital for three consecutive nights or more.

Equitel subscribers can upgrade their cover to ‘Riziki Plus Personal Cover’ or ‘Riziki Plus Family Cover’ by paying monthly premiums of Kshs 140 and Kshs 620 per month respectively. For these premium products, Equitel users will receive a cash payout of Kshs 2,500 per night for hospitalization of three consecutive nights and above on the Riziki Plus Personal cover and an equal cash payout of Kshs 2,500 per night will be given to the subscriber in case any of his/her dependants for three nights and above through the Riziki Plus Family Cover.

“Riziki Cover is the first step in our digital journey. With this innovative product, our customers can buy insurance and register claims using their mobile phones. This is the global trend whereby services are being offered digitally and through devices,” said David Muchiri, the General Manager of Equity Insurance Agency.