Equity Bank has launched Riziki cover for Equitel subscribers to ease their financial burden in times of distress. Through the cover, Equitel subscribers have access to a mobile-based insurance product that will ease the financial burden associated with lost daily income from one’s employment or personal business in case they are admitted in hospital.
The Riziki Cover has been introduced thanks to a partnership between Equitel, Equity Insurance Agency, leading insurer Britam as well as technical service provider, Inclusivity Solutions. It is accessible to Equitel subscribers who use airtime from sh100 or make Mobile Banking transactions worth sh1,000 or more per month.
“Riziki Cover is the first step in our digital journey. With this innovative product, our customers can buy insurance and register claims using their mobile phones,” said David Muchiri, the General Manager of Equity Insurance Agency.
Equitel subscribers can activate Riziki Cover by dialling *745#. 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 a 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. The cash payout will double to sh800 for a subscriber who uses airtime from sh100 and makes Mobile Banking transactions worth sh1,000 or more per month.
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 dependants (a registered spouse and children who are under 18 years are hospitalized for three nights and above through the Riziki Plus Family Cover.
Currently, Equitel has 1.8 million subscribers, according to the Communications Authority of Kenya.
Charles Muyodi, General Manager Britam Micro Insurance has said that the partnership will facilitate the provision of the cover to more people. He added that Riziki would cover all hospital admissions, as long as the illness, injury or condition requires a subscriber to be admitted in hospital for three consecutive nights or more.