ICEA LION Group on Tuesday launched the country’s first stand-alone cover for cancer with premiums from Ksh. 165 a month.
According to ICEA, the insurance, which is open to Kenyans of between 18 and 59 years who have been cancer free for a year before taking up the cover, will cater for the financial needs of cancer patients from diagnosis, treatment, surgery to palliative care and relapse. The cover also comes with inbuilt remission bonus and also covers benign tumors.
“Cancer management and treatment can be very expensive, averaging Ksh. 2.5 million. We have designed a product that is affordable to save families from the agony of selling property or fundraising to meet treatment,” ICEA Lion’s Business Development and Technical Services Manager George Nyakundi said during the launch of the cover at Nairobi’s Serena Hotel yesterday.
According to the Business Daily, the premiums, which are renewable each year, will be different depending on gender, age, habits, the period of the cover and medical history. For example, 18 year old male non-smokers seeking a a sum assured of Ksh. 1 million will start with premiums of Ksh. 165 while smokers at the same age will pay Ksh. 370 per month. Female non-smokers at the same age will start with Ksh. 170 while smokers will pay Ksh. 400.
The premiums will similarly rise steadily depending on age. For example male non-smokers aged 40 years seeking Ksh. 1 million sum assured will pay Ksh. 2000 per month while non-smoking females of the same age will part with Ksh. 2,700 per month. Once diagnosed, the insured receives 10 percent of the sum assured while extra payouts will be made to cover chemotherapy, radiotherapy, surgery and palliative care for up to six months.