Equity launches mobile-based insurance product for Equitel subscribers
Equity Group has partnered with Britam to launch a mobile-based insurance product for Equitel subscribers.
The product dubbed Riziki Cover will see Equitel subscribers get covered for lost daily income from one’s employment or personal business in case they are admitted to hospital.
The product will be accessed by Equitel subscribers who use airtime from Sh100 and above or make mobile banking transactions worth Sh1,000 or more per month.
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 hospital.
The cash payout will be Sh400 per night for a subscriber who uses airtime from Sh100 or makes mobile banking transactions worth Sh1,000 or more per month with the payout doubling to Sh800 for a subscriber who uses airtime from Sh100 and makes mobile banking transactions worth Sh1,000 or more per month.
“We are proud to introduce this unique service to all our Equitel users who can now secure their daily earnings through Riziki Cover. It is easy and convenient to sign up and offers benefits that are accessible instantly. Our subscribers will now have peace of mind as they focus on getting back to full health in the event of sickness or injury,” said Jack Ngare, the Managing Director of Finserve Africa.
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 cover through a fast and efficient mobile platform,” said Charles Muyodi, General Manager, Britam Micro Insurance Business.
Muyodi said Riziki will cover all hospital admissions, as long as the illness, injury or condition requires a subscriber to be admitted to hospital for three consecutive nights or more.
On his part, Jeremy Leach, Chief Executive, Inclusivity Solutions said that the launch of Riziki Cover is the start of an exciting new range of digital insurance products for Equitel.
Equitel subscribers can activate Riziki Cover by dialling *745#.
Equitel subscribers can upgrade their cover to ‘Riziki Plus Personal Cover’ or ‘Riziki Plus Family Cover’ by paying monthly premiums of Sh140 and Sh620 per month respectively.
For these premium products, Equitel users will receive a cash payout of Sh2,500 per night for hospitalization of three consecutive nights and above on the Riziki Plus Personal cover and an equal cash payout of Sh2,500 per night will be given to the subscriber in case any of his/her dependents (a registered spouse and children who are under 18 years are hospitalized for three nights and above through the Riziki Plus Family Cover.
With over 1.8 million users, Equitel provides tools and features that enable one to perform all their financial transactions as well as purchase airtime, make calls and send SMS locally and internationally as well browse the internet.