Old Mutual General Insurance Kenya (OMGIK) has launched a monthly premiums plan, which is designed to provide customers with a flexible and affordable approach to managing their insurance coverage.
The plan offers extensive coverage for a variety of insurance solutions including Health, motor, home insurance and personal accident.
The plan was developed in response to a survey highlighting the financial management challenges faced by Kenyans.
A recent Old Mutual Financial Services Monitor revealed that almost half (48 per cent) of working Kenyans are financially stressed and that an overwhelming 9 in 10 Kenyan consumers are earning less than or the same as they did before Covid-19.
This means that most Kenyan families currently have less money in their pockets, which, coupled with difficult macroeconomic conditions, are causing them financial stress that only allows eight of household income to be expended on insurance and medical aid.
With the monthly premiums plan, customers can choose to pay monthly, allowing them to enjoy a full year of coverage without the burden of a large upfront cost.
This flexibility enables better budgeting and financial management, ensuring that individuals and families can maintain insurance coverage without compromising essential services like healthcare.
The minimum premium for financing is Sh25,000, and to enhance the value of the monthly premiums plan even further, Old Mutual is offering exclusive discounts, incentives, and bonuses for those who sign up for an annual plan.
“Old Mutual aims to not only provide comprehensive insurance coverage but also support its customers in making informed financial decisions for healthier, more secure future,’’ OMGIK MD, Japheth Ogalloh said.
"Our strategic focus
is on expanding
our footprint and
leveraging our
geothermal expertise
to foster sustainable
development across
the continent
“By integrating financial literacy,
personalized wellness programs, we
enable consumers to build resilience
against financial stress which
impacts both physical and mental
wellbeing.”