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CIC Insurance Targets SACCOs in New cover.
Learn more about Coop Care.
CIC Group has launched Coop Care, a medical product specifically for co-operatives, considered the first such product for Co-operative Societies in Kenya.
According to a bulletin by the firm, this medical cover is designed for co-operative members and their affiliates with a minimum membership of 10 principal members.
It will cover members up to 70 years old and cater to inpatient, outpatient, maternity, dental, optical, and last expenses for cooperative members within Kenya.
According to CIC Group Chief Executive Officer Mr Patrick Nyaga, this unique product will reduce the exposure of members of co-operative societies to healthcare risks in a country where the cost of medical care is beyond the reach of many families.
“Cooperatives are a huge enabler of financial inclusion and hold over 14 million members. As a tool for savings and investments, cooperatives increase financial access and provide a platform for communal growth. The CoopCare cover has been designed to reduce or eliminate member risk exposure through an affordable, accessible medical insurance product,’’ said Nyaga.
Beneficiaries will have the option of purchasing inpatient only or both inpatient and outpatient covers.
The Coop care cover includes benefits of up to Ksh 300,000 inpatient, Ksh 50,000 in outpatient, Ksh 25,000 in maternity, Ksh 7,500 for dental and optical, and Ksh 50,000 for the last expense.
The product includes a selected low-cost provider panel that has mission hospitals and low-cost private hospitals.
Members can take up the product as a family package allowing up to six dependants or as a Member only.
Any family beyond the member and six dependents category will attract a minimal additional premium to cover the extra dependents. Premium rates range from Ksh 2,500 to Ksh 36,000 per year, depending on the package.
According to Nyaga, CoopCare is an affordable health insurance solution for cooperative members and their families.
This comes timely in the era where Insurance market players are targeting niche Markets to boost Insurance penetration.