Finserve (or rather equitel), partnered with Equity Insurance and Britam Microinsurance to offer monetary compensation of Equitel Subscribers in case of hospitalization. The Insurance cover going the name RIZIKI that has been on the market for one and a half years has received a restructuring where subscribers will now need to buy airtime bundles in order to benefit from the cover.
RIZIKI is however not tailored like the other mobile insurance products where patient bills, or part of the bills, is paid by the insurance company. Rather, RIZIKI has been structured such that when an insured gets admitted, he or she is given monetary compensation at the tune of shs 2,500 per day, but as long as the admission is for three days or more.
RIZIKI now comes in two flavors, a shs 1,249 monthly premium option that guarantees the insured the shs 2,500 compensation, but also comes with 500 minutes talk time on the insured Equitel Line. Think of it as buying 500 talk time for shs 1,249 but if by any bad lack you get hospitalized, you’ll get shs 2,500 per day for each day you are hospitalized – hospitalization for three days being a consideration. Typically, a minute is goes for shs 3 hence 500 minutes of talk time ought to be shs 1,500. So yeah, at the end of the day the subscriber also gets a shs 250 saving on talk time.
The other bundle is shs 2,499 monthly premium, and this otters the same monetary compensation in addition to getting 1000 minutes of talk time. The value add for this premium is that the insured plus his/her family also gets monetary compensation.
I tend to think that the structure of RIZIKI is much better than the other insurance products out there. This is because it is most likely the Kenyans who will opt for this product are those who have other insurance options, particularly NHIF. These other insurance options promise to settle the hospital bills, so if you have this other insurance product that wants to give you money, money that you can use to take care of your family, or buy the medication that the other insurance covers don’t offer, or just have some form of income given that during your hospitalization and you are self employed it means your are unable to generate income, then you’ll be at peace with finances – and by the way shs 2,500 per day is quite a handsome pay as it translates to shs 75K in case you are hospitalized for one month.