With cancer cases on the rise, ICEA Lion Group has introduced a cancer insurance cover to help with the hefty medical bills that many people have to deal with when undergoing treatment.
The insurance will cover those aged between 18 and 59 years who have not had cancer one year prior to taking the cover.
According to George Nyakundi, business development and technical services general manager, the product will cater for the financial needs of patients from diagnosis, treatment, surgery to palliative care and relapse.
“Cancer management and treatment can be very expensive, averaging Sh2.5 million. We have designed a product that is affordable to save families from the agony of selling property or fundraising to meet treatment,” he said.
The cover comes with an assured sum of between Sh1 million and Sh15 million, which will be dependent on the premium one pays.
The premiums for the cover will vary depending on one’s gender, habits, age, medical history as well as the period of the cover. For example, an 18-year-old male non-smoker seeking a sum assured of Sh1 million will start with premiums of Sh165 while a smoker at the same age will pay Sh370 a month. On the other hand, female non-smokers at the same age will start with Sh170 while smokers will pay Sh400. As one ages, so will the premiums he or she will need to part with each year. A 40-year male non-smoker seeking a Sh1 million sum assured will have to contribute Sh2, 000 while their female counterparts will have to part with about Sh2,700 a month.
When one is diagnosed, they will receive 10% of the sum assured. Additional payouts are made for radiotherapy, chemotherapy, relapse, surgery and palliative care up to 65years.
The cover, Nyakundi says, comes with inbuilt remission bonus and also covers benign brain tumours with an additional 10% of the sum assured. If the client cannot fend for himself or herself at the terminal end of the disease, the firm will pay the balance of the unclaimed balance up to 100%.