Incidences of the cancer disease have been steadily increasing lately as families of those infected having to spend a fortune trying to manage the killer disease.
With the cases rising, ICEA Lion Group on Tuesday launched a cancer insurance cover with premiums from Ksh165 a month. The insurance company did this as a measure to reduce the hefty medical bills that families of those infected have to incur to treat their loved ones.
Cancer cases have increased in the recent past killing thousands of Kenyans annually. World Health Organisation Globocan report for last year showed cancer kills 32,987 Kenyans a year, with 45,000 new cases also being reported.
Speaking at the launch business development and technical services general manager George Nyakundi said the product will cater for the financial needs of patients from diagnosis, treatment, surgery to palliative care and relapse.
“Cancer management and treatment can be very expensive, averaging Ksh2.5 million,” Nyakundi said, “We have designed a product that is affordable to save families from the agony of selling property or fundraising to meet treatment.”
The premiums vary depending on age, gender, habits, period of the cover and medical history. The least premium paid is Ksh165 a month and the highest Ks2,700 per month.
18-year-old male non-smokers seeking a sum assured of Sh1 million will start with premiums of Sh165 while smokers at the same age will pay Ksh370 a month. Female non-smokers at the same age will start with Sh170 while smokers will pay Ksh400.
The premiums are renewable each year, rising gradually with age. Male non-smokers at 40 years seeking Sh1 million sum assured will contribute Sh2,000 a month while their females will part with about Sh2,700 a month.
The insured will receive 10% of the sum assured with additional pay-outs made for chemotherapy, radiotherapy, surgery, relapse and palliative care for up to 65 years.
However, the cover is not available for those who have been already diagnosed with cancer. It is only open to Kenyans of between 18 and 59 years who have been cancer-free for a year before taking up the cover. The cover comes with inbuilt remission bonus and also covers benign brain tumours with an additional 10% of the sum assured.
The cover comes with an assured sum of between Sh1 million and Sh15 million depending on premiums contributed.
Kevin Namunwa is a reporter with Business Today. He is interested in Business, Entertainment, and Sports. You can find him on email at [email protected]