Diversified financial services firm Britam Group yesterday launched a new medical insurance product that covers subscribers for life.
The Milele Health Plan also has no age limit, allowing those above 70 years to join.
Britam’s principal executive director Stephen Wandera said critical illnesses like cancer, high blood pressure, and diabetes are on the rise, causing serious financial difficulties.
''Through this product, our customers can enjoy an array of benefits that guarantees them a round clock cover throughout their lives,'' Wandera said.
Other benefits include free personal accident cover, overseas treatment cover, free professional consultation in stress management, nutrition and health, annual wellness checks and family planning among others.
It is an inpatient medical cover designed to provide medical insurance coverage to individuals, their families, SMEs and corporates.
It has six options that range from Sh500,000 to Sh10 million. Members can access treatment from a wide range of high and middle net worth hospitals across the country.
The plan follows the launch of Britam's 24/7 Rescue Service, the Britam Group Last Expense Product and Britam Cyber Security Insurance.
The aims at attracting customers and shore up dwindling returns in a sector characterised by low insurance penetration rate.
Last year, the firm reported a loss of Sh2.86 billion. The Sh2.7 billion decline in income was attributed to a tough operating environment.
It, however, bounced back to profitability in the first half of 2019, with profit before tax rising by 78 per cent to $22.8 million, from $13.3 million over the same period last year.
According to the Kenya Association of Insurers (AKI), penetration in Kenya has dropped to 2.43 percent of Gross Domestic Product (GDP), the lowest in 15 years.
