Insurer CIC courts senior citizens with heath cover
CIC Group has unveiled a medical cover dubbed Seniors Mediplan, targeting senior citizens starting at the age of 60.
While the joining age is capped at 80 years, the insured will remain covered for life, guaranteeing medical protection in their sunset years.
“As you age, medical care becomes more expensive. Senior citizens without a medical cover end up spending most of their hard-earned life savings to cater for medical expenses which drives people into abject poverty,” said Managing Director Fred Ruoro.
He added that, “this innovation by CIC General will ensure that senior citizens receive the medical attention they need and their life savings can be channeled to other income-generating activities after retirement, leading them to more productive lives.”
The product will be offering in-patient, dental, optical as well as ambulance and air evacuation services within East Africa.
Beneficiaries will also get last expense cover if the insured person passes on while the cover is in force.
However, children who form part of the dependents of the insured are not eligible, and they are therefore urged to opt for an alternative cover.
The product also allows one legal spouse as a dependant of the principal member.
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Insurance penetration rate, measured by the ratio of insurance premium to Kenya’s Gross Domestic Product, has remained low at 2.3 per cent in the last two years, which is below 7.4 per cent global average.
As a result, sector watchdog, the Insurance Regulatory Authority (IRA) and stakeholders have taken the need to increase penetration rate as a strategic policy target.
According to Kenya’s 2019 national census, the number of older persons in the country was about 2.7 million, which is about six per cent of the entire population.
Other insurers that provide health cover for senior citizens in Kenya are UAP Old Mutual as well as HF Group.
