NAIROBI, Kenya, Jun 20 – Jubilee Insurance on Wednesday launched microinsurance product targeting low-income earners in partnership with Bluewave Microfinance.
The product dubbed Imarisha Jamii will be accessed via the mobile phone provides life, personal accident and disability insurance as well as medical insurance helping low-income earners wade off poverty when health-related risks arise.
With premiums as low as Sh20 per week, policyholders will access hospital cash, funeral benefits and disability cover of up to Sh100, 000 and also get cover of up to Sh10, 000 hospital cash when admitted for three nights or more.
Julius Kipng’etich Jubilee Holdings Regional CEO says with affordable premiums and ease of access using the mobile phone, Jubilee Insurance is not only disrupting the traditional model of providing insurance services but also revolutionizing the way insurance business is conducted, by developing more products that are responding to customer’s needs.
Imarisha Jamii also has a Group, Family and Chama option that allows those in groups and with families to get cover for their dependants.
“Most low income earners earn their wages daily and when they are too sick to work, their families are often unable to meet their daily needs. Imarisha Jamii has been designed to mitigate against that as it provides hospital cash – for those who have been hospitalized for 3 nights or more and cover for death and disability,” Nicholas Mruttu, Head of Retail at Jubilee Insurance said.
The product has no exclusions and covers everyone from ages 18-75.
Imarisha Jamii can be accessed by dialing *643# on a mobile phone and following the prompts to sign up, make payments, access policy details and make claims.
“We know that Kenyans work hard and incase of illness we don’t want them to be worried about loss of income. With Imarisha Jamii we’re providing a flexible and affordable insurance cover for everyone that is easy on the pocket and tailored to fit your finances, with monthly rates as low as Sh150, and weekly rates as low as Sh20,” Mruttu added.
On his part, Health Principal Secretary Peter Tum applauded Imarisha Jamii as an innovative product that is bringing all Kenyans into the insurance bracket and increasing insurance penetration in Kenya.
“The general public has mostly been locked out of insurance because of high premiums but this microinsurance product levels out the playing field and helps safeguard everyone against risks that may arise in their day to day activities. We all want assurance that our loved ones are provided for in the event that we fall sick and Imarisha Jamii is providing that assurance,” Tum added.
According to Kenya Medical Association, less than a quarter of Kenyans have some form of health cover.
The association says only 20 per cent of Kenyans have health cover. This means only nine million out of about 45 million Kenyans are covered.
Of the nine million, 88 per cent are enrolled with the National Health Insurance Fund.
In 2014, Britam launched a Microfinance product with Safaricom targeting the underserved low end of the market.
The product dubbed Linda Jamii, the micro-health cover had an entry price of Sh12,000 per year offering holders for in and out patient, maternity, dental, optical, a hospitalisation and income replacement benefit services worth Sh250,000.
However, a year later, the underwriter stopped offering the cover individual customers.