On May 26, 2022, Faulu Microfinance bank launched a critical illness insurance cover to mitigate the financial burden on patients diagnosed with critical illnesses.
The cover provides a payout of up to Sh15 million upon diagnosis of conditions such as cancer, heart attack, or stroke, allowing patients to seek treatment at their preferred facility locally or internationally.
"Even with excellent medical insurance, just one critical illness can be a tremendous financial burden," said Apollo Njoroge, Faulu Bank Managing Director. "This cover allows one to seek treatment at their facility of choice locally or internationally, and also enables users to manage the lifestyle changes required on diagnosis."
The cover includes transportation expenses, such as getting to and from treatment centres, retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in homes for critically ill patients who cannot use the staircases.
The cover is available for Kenyans aged between 18 to 55, and customers will be entitled to a payout of between Sh500,000 and Sh15 million upon diagnosis of critical illnesses.
The cover has been bundled into Faulu retail loan proposition on an optional basis, allowing customers to purchase it digitally or physically at any of the branches countrywide.
