Old Mutual is set to offer critical illness cover to clients of fund administrator Zamara under a deal that will see beneficiaries receive cash pay-out of up to Sh750,000.
The lump sum payment seeks to enable members access treatment at a facility of their choice and manage the lifestyle that comes with diagnosis for critical illness.
“A partnership with Zamara gives us the opportunity to tap into their customer base and offer our solutions to them,” said Old Mutual Life Distribution acting general manager Evans Manduku.
The Old Mutual Critical illness insurance cover is available as a standalone offering with a monthly premium contribution of Sh3,250 and an annual premium of Sh3,000 for Corporates.
The solution was recently embedded in the Old Mutual Afya Imara family cover, allowing members to receive the cash pay-out at the first detection of a critical illness.
The CDC defines a chronic disease as a condition that lasts one year or more and requires ongoing medical attention or limits activities of daily living or both.
Increasing cases of lifestyle diseases such as hypertension and diabetes are linked to the adoption of unhealthy eating habits and sedentary urban lifestyles with no regular body workouts.
“Critical illness insurance among other risk benefits is among the things one needs to consider before retirement,” said Zamara General Manager, Umbrella and Retail Solutions, George Oyuga.
He explained that retirement is a journey which compels one to consider certain things to ensure that they are well covered so as “to arrive at their destination safely and in the most affordable way”.
Middle-class Kenyans are expected to spend heavily on healthcare over the next five years as they live with complications from lifestyle diseases, with health insurers warning that policyholders will soon face higher medical premiums.
The National Hospital Insurance Fund (NHIF) has sought amendments in law to allow it to stop paying for treatment of chronic diseases in private hospitals.