Here Is What Bima Ya Mwananchi Offers Lower-Income Families

by Business Watch Team

Financial services firm, Britam launched, Bima Ya Mwananchi, an affordable inpatient medical cover targeting lower-income families, that can be taken up by a principal member or a member of their family.

The new medical cover, allows the policyholder to offset any medical bills incurred while they are receiving treatment at the hospital and provides a combination of additional benefits including treatment of chronic illnesses, pre-existing conditions, last expenses, and in-patient services. Inpatient care is provided in a hospital and any other type of inpatient facility.

An individual can get a Kshs 75,000 cover for inpatient services if he parts with an annual premium of Kshs 4,600. If the individual also signs up four other dependents, he pays an annual premium of Kshs 14,200.

Under the Kshs 75,000 package, the individual also gets Kshs 37,500 for the treatment of chronic and pre-existing conditions, Kshs 20,000 for maternity, Kshs 15,000 for ambulance services in case of an accident, and Kshs 40,000 for last expenses.

“Our aim is to bring quality medical insurance to Kenyans at an affordable price. More importantly, we want to offer a solution that meets the needs of the large uninsured population in Kenya. Medical insurance has evolved over time and is now more inclusive than it was in the past, yet a majority of Kenyans are underinsured or not insured at all, which leaves them vulnerable,” said Saurabh Sharma, Britam Director of Emerging Consumer Business.

Adding, “The larger population of uninsured individuals are much more likely to postpone, forgo care or rely on over-the-counter medication due to cost implications than those with coverage. Our aim is therefore to provide financial security in health care.”

Bima ya Mwanachi is the brainchild of Britam’s Emerging Consumers (EMC) unit that was set up, to increase insurance penetration by reaching customer segments that are traditionally underserved.  This includes small businesses, lower-income families & other underinsured customer categories.

The unit has achieved significant success by insuring over one million lives through simple, affordable, and flexible solutions that have been tailor-made to meet the needs of emerging consumers.

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