This archive report was first published on 9 October 2019.
Kenya is grappling with a rising cancer epidemic, with thousands of Kenyans losing their lives to the disease annually. According to the World Health Organisation's Globocan report for 2018, cancer kills 32,987 Kenyans a year, with 45,000 new cases reported.
ICEA Lion Group has launched a cancer insurance cover to help families manage the financial burden of treating loved ones. The product, launched on Tuesday, offers premiums starting from Ksh165 a month, making it an affordable option for many.
Speaking at the launch, George Nyakundi, General Manager of Business Development and Technical Services, said the product is designed to cater for the financial needs of patients from diagnosis to treatment, surgery, and palliative care. '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, while the highest is Ksh2,700 per month. For example, an 18-year-old male non-smoker seeking a sum assured of Sh1 million will start with premiums of Sh165, while smokers at the same age will pay Ksh370 a month.
The cover is renewable each year, with premiums rising gradually with age. Male non-smokers at 40 years seeking Sh1 million sum assured will contribute Sh2,000 a month, while their female counterparts 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 and is only open to Kenyans of between 18 and 59 years who have been cancer-free for a year before taking up the cover.
October 9, 2019
