Medical underwriter AAR Insurance has introduced in the market a plan that now makes it possible for customers to make monthly payments for health cover.
This is a departure from the norm where customers have been making a full annual payment, blocking those who can't manage lumpsum upfront payment.
“The solution we are introducing fits well into the financial plan of many ordinary Kenyans. As a company, we are keen to lessen the financial burden on them by doing away with lump-sum payments of insurance premiums and introducing manageable and staggered installments throughout the year,” said AAR Insurance Managing Director Nixon Shigoli.
The new plan is only applicable to individuals or retail clients but not corporates.
One will be required to pay a deposit equivalent to two months’ installments then make subsequent payments monthly for a period of nine months.
“We believe that this solution will not only make it convenient for our customers to purchase insurance, but also make it possible for many Kenyans to enjoy the benefits that come with having a medical cover,” Shigoli said.
He added that this is part of the company’s contribution to increase insurance penetration in the market which is currently below four percent.