This archive report was first published on 16 October 2019.
On October 16, 2019, ICEA Lion Group, a leading insurance provider, launched a cancer insurance cover designed to cater to the financial needs of Kenyans affected by cancer.
The new insurance product aims to reduce the significant financial burden faced by families during cancer treatment, providing coverage from diagnosis to palliative care and relapse.
Speaking at the launch, George Nyakundi, General Manager of Business Development and Technical Services, emphasized the importance of the product, stating, "If at the terminal end the disease the insured cannot fend for themselves, we will pay the balance of any unclaimed balance up to 100 per cent."
The premiums for the insurance cover vary depending on factors such as age, gender, habits, period of the cover, and medical history.
Upon diagnosis, 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.
For example, an 18-year-old male non-smoker seeking a sum assured of Ksh1 million will start with premiums of Ksh165 per month, while smokers at the same age will pay Ksh370. Female non-smokers at the same age will start with Ksh170, while smokers will pay Ksh400.
Male non-smokers at 40 years seeking Ksh1 million sum assured will contribute Ksh2,000 per month, while their female counterparts will part with about Ksh2,700 per month.
