Airtel Money Kenya, Britam and Inclusivity solutions have launched affordable insurance solutions tailored to cater to the diverse needs of individuals and families in a move expected to extend insurance benefits to millions of Kenyans who have been excluded from such services mainly due to access affordability.
By simply dialing *334# on the Airtel network, Airtel Money customers will be able to purchase any of the three innovative Benefits which are Hospital Cash, Last expense (Funeral) and Personal Accident covers or a combination of the three.
According to Anne Kinuthia – Otieno, the Managing Director of Airtel Money Kenya, “We are thrilled to partner with Britam Kenya and Inclusivity Solutions to bring these innovative insurance solutions to our customers. By leveraging the power of Airtel Money, we are revolutionizing the insurance landscape, making it more accessible, efficient, and customer friendly. This partnership aligns perfectly with our commitment to enhancing financial inclusion and offering our customers greater control over their financial well-being through affordable products and services.”
The Hospital Cash (Hospicash) cover provides policyholders with a daily cash payment of Kshs 500 for every night spent in hospital from the 3rd day up to a maximum of 30 days per year. This coverage protects against loss of income and medical expenses. The benefit is available for a monthly premium of KES 40 per month for individuals or KES 170 per month for a family of up to 4 members.
The Last Expense cover is designed to alleviate the financial burden associated with funeral costs in the event of the unfortunate demise of the customer. This solution offers a lumpsum payout of Kshs 100,000, providing support for beneficiaries to cover income loss, outstanding bills, and burial expenses. The benefit is available for a monthly premium of KES 40 per month for individuals or KES 170 per month for a family of up to 4 members.
The Personal Accident cover, on the other hand, safeguards customers in the event of Permanent Disability or Death resulting from an accident. This benefit provides a pre-determined payout of Kshs 100,000 to the customer or their next of kin, ensuring financial security during challenging times. The benefit is available for a monthly premium of KES 35 per month for individuals or KES 150 per month for a family of up to 4 members.
Customers will be at liberty to purchase any of the benefits mentioned above or opt for the all-encompassing Combo Benefit, which seamlessly combines Hospital Cash, Accidental/Natural Death, and Permanent Total Disability covers into a single package, providing comprehensive protection for the insured and their loved ones. The monthly premium for the Combo is Ksh 100, and Ksh 420 for individuals and families, respectively.
The insurance solutions have been designed to be inclusive, catering to people of all generations, with a minimum entry age of 18 years and a maximum joining age of 65 years at entry. The plans also offer the added advantage of covering up to four dependents, fostering a strong culture of protection within households.
The claims process is equally hassle-free. Customers can initiate a claim by dialing *334# from their Airtel line and follow the simple instructions.
Speaking during the launch of the partnership, Britam’s Director of Partnerships and Digital, Evah Kimani, said, “We are delighted to partner with Airtel Money Kenya and Inclusivity Solutions, to offer our customers innovative and affordable insurance solutions that safeguard their dreams and aspirations. Through this partnership, we aim to reach out to millions of Kenyans who do not have access to formal insurance and provide them with protection against various risks that can affect their livelihoods and well-being.”
Inclusivity Solutions CEO, Indira Gopalakrishna, also expressed her delight at the partnership and opportunity to anchor the technology behind the innovative digital solution.
The partnership between Britam Insurance, Airtel Money, and Inclusivity Solutions, is part of their commitment to enhance financial inclusion and provide affordable and convenient insurance solutions to millions of Kenyans who are currently underserved by the formal insurance sector.
“We are thrilled to partner with Airtel Money Kenya and Britam to power the launch of this exciting new insurance product. Our award-winning digital insurance platform enables us to easily launch embedded insurance products and we are excited to bring this innovative product to customers in Kenya” she said.