AoN Kenya, UAP unveil post-retirement health cover

Kenya: AON Kenya Insurance Brokers Ltd and UAP Insurance Company have unveiled a new product that allows someone to save towards funding health costs after retirement.

The product dubbed 'Afya Akiba' will allow someone save as low as Sh1,000, which can be remitted monthly, quarterly, or annually with members' contributions also divided into savings and life assurance portions. The contributions can be used as collateral for mortgages.

Speaking during the launch yesterday, National Treasury Cabinet Secretary Henry Rotich described the introduction of Afya Akiba product in the market as timely. He said the move resonates with three key policy priorities that the Government is implementing under Vision 2030.

He regretted that medical insurance providers often discriminate against elderly persons either through prohibitive premiums or outright denial of service.

"The level of insurance penetration and coverage in Kenya has remained low but it is the expectation that the introduction of new and innovative products will boost penetration and coverage rates," added Rotich.

young people

AON Kenya Insurance Brokers Ltd Chief Operating Officer Sammy Muthui said, "There is need to address savings and financial literacy among young people since if these people get to old age without savings, it will be a crisis."

Apart from securing members' future medical costs, the plan will allow them to receive returns from the Afya Akiba fund and can withdraw up to 30 per cent from the accrued savings and the balance utilised in annuity, income draw-down and fund administration options.