Equitel subscribers will now have access to a mobile-based insurance product, called Riziki Cover, that will ease the financial burden associated with lost daily income from one’s employment or personal business in case they are admitted in a hospital.
The Riziki Cover has been introduced thanks to a partnership between Equitel, Equity Insurance Agency, leading insurer Britam as well as a technical service provider, Inclusivity Solutions. It is accessible to Equitel subscribers who use airtime from Kshs 100 or make Mobile Banking transactions worth Kshs 1,000 or more per month.
Equitel subscribers can activate Riziki Cover by dialing *745#. In case of hospital admission for a period of three consecutive nights or more, a registered subscriber who meets the requirements will receive a fixed payout for every night spent in a hospital.
The cash payout will be Kshs 400 per night for a subscriber who uses airtime from Kshs 100 or makes Mobile Banking transactions worth Kshs 1,000 or more per month. The cash payout will double to Kshs 800 for a subscriber who uses airtime from Kshs 100 and makes Mobile Banking transactions worth Kshs 1,000 or more per month.
Mr David Muchiri, the General Manager of Equity Insurance Agency, said Riziki Cover is the first step in its digital journey. He said customers can buy insurance and register claims using their mobile phones. “This is the global trend whereby services are being offered digitally and through devices,” he said.
Britam Micro Insurance has said that the partnership will facilitate the provision of the cover to more people.
“The partnership with Equitel goes a long way towards increasing insurance penetration. We now have the capability to cover over 1.8 million subscribers with the Riziki through a fast and efficient mobile platform,” said Charles Muyodi, General Manager, Britam Micro Insurance Business.
Mr Muyodi said Riziki would cover all hospital admissions, as long as the illness, injury or condition requires a subscriber to be admitted in hospital for three consecutive nights or more. For his part, Jeremy Leach, Chief Executive, Inclusivity Solutions said the launch of Riziki Cover is the beginning of an exciting new range of digital insurance products for Equitel.
Equitel subscribers can upgrade their cover to ‘Riziki Plus Personal Cover’ or ‘Riziki Plus Family Cover’ by paying monthly premiums of Ksh140 and Ksh620 per month respectively. For these premium products, Equitel users will receive a cash payout of Ksh2,500 per night for hospitalization of three consecutive nights and above on the Riziki Plus Personal cover and an equal cash payout of Ksh2,500 per night will be given to the subscriber in case any of his/her dependants (a registered spouse and children who are under 18 years) are hospitalized for three nights and above through the Riziki Plus Family Cover.
