• Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money
Saturday, June 25, 2022
  • Login
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
TechMoran
No Result
View All Result
Home Business

Faulu launches  insurance cover to cushion patients diagnosed with critical illness

Faulu Microfinance bank has launched a critical illness insurance cover under its bancassurance portfolio aimed at reducing financial burden in the event that one is diagnosed with Critical illness.

Critical illness insurance provides the policyholder with additional cover for big medical emergencies like cancer, organ transplant, heart attacks, or even stroke. In the event of such health emergencies, critical illness insurance provide protection from financial ruin as managing and treating these illnesses can outstrip a family’s medical insurance policy quickly.

“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,” said Apollo Njoroge, Faulu Bank Managing Director.It also enables users to manage the lifestyle changes, which may be required on diagnosis including the need for a nurse at home or wheelchair.”

The new cover will sell for a monthly premium of Sh1,000 and is available for Kenyans aged between 18 to 55.Customers will then be entitled to a payout of between Sh500,000 sum insured up to Sh15 million upon diagnosis of cancer, heart attack, motor neuro, stroke, paraplegia or dementia, among others.

Other conditions to be covered include coma, open-heart surgery, multiple sclerosis, a major organ transplant, Parkinsonism, aortic surgery, renal kidney failure, muscle dystrophy, accidental brain damage, and connective tissue disease such as Rheumatoid Arthritis. Terminally ill patients, or those in need of specialised treatment, can use the funds to cater to the medical expenses that accrue.

“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 Mr Njoroge.

The cover includes 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 cannot use the staircases.

This cover has also been bundled into Faulu retail loan proposition on optional basis .After subscription, the amount of premium a user pays will depend on age and the amount of the sum assured. The premiums are payable in a flexible way; monthly, quarterly, semi-annually or annually and they can be purchased digitally or physically at any of the branches countrywide.

With the new product,Faulu will compete with companies like Britam Plc and Prudential Plc in mitigating the financial burden that families face when medical expenses related to critical illnesses occur and incur more than average medical costs which traditional health insurance are unable to facilitate.

Readers 348

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Milcah Lukhanyu

Milcah Lukhanyu

Related Posts

Kenya Airways inks deal to purchase 40 flying taxis
Business

Kenya Airways inks deal to purchase 40 flying taxis

by Val Lukhanyu
June 24, 2022
0

Kenya Airways (KQ) has signed a deal with two Brazillian aviation firms Eve Holdings Inc and Embrear to buy 40...

dstv-compressor
Business

Safaricom Loses The DStv Piracy Lawsuit Battle

by Vanessa Waithera
June 24, 2022
0

After receiving a decree from the High Court for them to remove pirated content from the pay-TV company, MultiChoice won...

Rwanda to host the 2022 World Circular Economy Forum in December, a first for Africa event
Business

Rwanda to host the 2022 World Circular Economy Forum in December, a first for Africa event

by Val Lukhanyu
June 23, 2022
0

The World Circular Economy Forum (WCEF2022) will, for the first time, take place on African soil in 2022, bringing together...

Kenya Signs MOU With British Chamber Of Commerce To Promote  Business Climate Reforms Agenda

Kenya Signs MOU With British Chamber Of Commerce To Promote  Business Climate Reforms Agenda

June 23, 2022
African Development Bank Appoints Simon Mizrahi as Acting Vice President, Technology and Corporate Services Complex

African Development Bank Appoints Simon Mizrahi as Acting Vice President, Technology and Corporate Services Complex

June 22, 2022
Nigeria’s Kannywood Streaming Platform “Northflix” Clocks Three Years , Spread To Over 85 Countries

Nigeria’s Kannywood Streaming Platform “Northflix” Clocks Three Years , Spread To Over 85 Countries

June 20, 2022
Please login to join discussion
  • Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money

© 2022 TechMoran Ltd, All Rights Reserved.

No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists

© 2022 TechMoran Ltd, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
%d bloggers like this: