Millions of Kenyans who cannot afford insurance now have access to it after a partnership between Airtel Money, insurance provider Britam, and insurtech firm Inclusivity Solutions.
Customers of Airtel must dial the USSD code *334# to obtain Hospital Cash, Last Expense (Funeral), and Personal Accident plans, individually or in combination.
As stated by Evah Kimani, director of partnerships and digital at Britam, the parties hope to reach millions of Kenyans who lack formal insurance access and give them protection against a variety of hazards that jeopardize their livelihoods and well-being.
The Hospicash Cover provides policyholders with a daily cash benefit of $3.48 for each night spent in the hospital starting on the third day, up to a maximum of 30 days yearly, at a monthly cost of $0.28 for individuals and $1.18 for families. This insurance protects against lost income and medical costs.
Individuals and families can get relief from the burden of paying for funeral expenses with the Last Expense Cover, which is offered at the same monthly price. The beneficiaries of this plan will get a lump sum payment of $696.38, which will help them deal with their lost income, unpaid debts, and funeral expenses.
The Personal Accident Cover protects users in the event of Accidental Death or Permanent Disability. The user or their next of kin will receive a predetermined payout of $696.38 from this benefit, providing security during this period. The benefit is offered for a monthly premium of $0.24 for single people or $1.04 for families with up to four people.
The Combo Benefit combines Hospital Cash, protection against Accidental or Natural Death, and coverage for Accidental or Natural Death into a single, comprehensive package. The policyholder and their family are given comprehensive security with this all-inclusive plan. The Combo’s monthly premium is $2.92 for families and $0.70 for individuals.
Anne Kinuthia-Otieno, Managing Director of Airtel Money Kenya expressed excitement about working with Britam Kenya and Inclusivity Products to provide customers with innovative insurance products. She noted that the aim is to disrupt the insurance landscape by leveraging the power of Airtel Money and making it more accessible, effective, and customer-friendly.
