NAIROBI, Kenya, Oct 8 – ICEA LION Group has launched the first ever Cancer Insurance product in the country to respond to the increasing demand for financial support related to cancer diagnosis, treatment and care.
The product, which is available for purchase online and through licenced intermediaries, provides payouts to the customer at a fixed percentage of the sum insured at the various stages of cancer treatment, right from diagnosis.
ICEA LION Life Assurance Company CEO Justus Mutiga said the product provides solutions to the complex issues that face the market.
“Cancer is one of the highest causes of death in Kenya today. The financial burden that comes with diagnosis and treatment can be massive to bear. When going through cancer treatment and management, most families are forced to abandon their dreams or leave bills unpaid. More often, families have been forced to sell off their assets to meet cancer-related expenses and liabilities,” said Mutiga.
Upon being diagnosed with cancer, the insured (or their nominated next of kin) receives 10 percent of the sum insured. Additional payouts are made for chemotherapy, radiotherapy, non-diagnostic surgery, when there is a relapse or if the patient goes into palliative care.
“As ICEA LION Group, we looked at the current situation in the country, how Cancer has affected families, leaving them destitute and in dire financial need. We noticed that despite there being other interventions in society to support cancer patients, there still exists need for more financial support,” said George Nyakundi, GM Business Development and Technical Services at ICEA LION Life Company.
“In view of this, we decided to design a product that enables cancer patients and families to access financial support in the form of cash payouts when they need it most. We will continue to design and develop insurance products that solve the needs of our customers and Kenyans at large,” he added.
The ICEA LION Cancer Insurance policy is available to potential customers between the ages of 18 and 59 and expires when the client attains 65 years.
The premiums payable depends on the age of the applicant, gender, policy term, lifestyle (if smoker or non-smoker) and health status.
The ICEA LION Cancer Insurance has a sum insured range of between a minimum of Sh1 million and maximum of Sh15 million.
Those who wish to take up cover for more than Sh5million will be subjected to medical tests.
Cancer kills an estimated 33,000 kenyans every year. According to the company, the diseases costs Kenyans between Sh2-5 million.