Letshego Kenya Insurance Agency Limited on Tuesday announced it has partnered with leading international insurer Liberty Life to launch what it describes as the lowest priced funeral insurance policy in the market
The Fariji Jamii Funeral Policy, a pre-paid family cover paid upon death, covers final expenses, cushioning off policyholders’ families from financial burdens associated with farewells.
It covers a family consisting of a maximum of 10 family members – one main member and their spouse; maximum of 4 children, 2 parents and 2 parents in law. The annual premiums range from KSh 350 to KSh 5,500 and the value of sum assured starts from KSh 50,000 to KSh 200,000.
Under the cover, the parents and parents-in-law must be aged 75, the main member and spouse aged 64 and the children aged 18 years old.
According to the two companies, they will build on their strong platforms to reduce customers claims processing times to between half a day to three days
Adam Kaisane, Letshego Kenya’s Country CEO, commented, “We have evolved our borrowing options to include focused solutions, including Affordable Housing, Education and Agriculture Solutions. Personal insurance adds value to all our customers,
According to the Liberty Life Managing Director, Abel Munda, the economic and cultural realities of our time could help change the customer mind-set on the importance of planning for their funeral.
“Insured persons with a regular income are not only affected by the realities of our socio-economic context, to provide for the financial stability and social security of their immediate families when they are gone, but also have to take care of their parents, even in death, for final rites,”
“We all can agree that losing a member of a family or society means there are new financial and social challenges to deal with. Consequently, the coming together of Liberty Life and Letshego Kenya is designed to provide many more families with financial relief in overcoming the inevitable nature of death in the community. It further means that we have less families crumbling financially in times of loss”, said Munda.
An earlier study commissioned by the Association of Kenya Insurers (AKI) across counties suggested that Kenyan families should take up funeral insurance covers due to the over-commercialization of last rites in Kenya.
The study showed that less than 3 percent of Kenyans have funeral covers, with the rest exposed to funeral expenses costs between Sh50,000 and Sh300,000 and between Sh400,000 and Sh2.5 million in hospital bills in cases of deaths from illnesses.
The solution is Letshego’s introductory insurance solution for Kenyan customers and the first in a series of insurance solutions Letshego is looking to bring to its Kenyan customers, complementing the inclusive lender’s existing borrowing solutions
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