Old Mutual General Insurance Kenya (OMGIK) has today announced the launch of its new 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 Old Mutual’s research highlighting the financial management challenges faced by Kenyans. The Old Mutual Financial Services Monitor recently revealed that almost half (48%) 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 prior to Covid. 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 8% 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 KES25,000, 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 a healthier, more secure future. We have invested in digital platforms like Old Mutual Thrive, which emphasize the importance of holistic wellness though financial, physical and mental wellbeing.” said OMGIK’s Managing Director, Japheth Ogalloh.
“By integrating financial literacy, personalized wellness programs, and access to practical solutions like the Monthly Premiums Plan, we enable consumers to build resilience against financial stress which impact both physical and mental wellbeing.’ He added.
The plan can be managed through Old Mutual’s website, which allows customers to easily track their payments and coverage while giving them the ability to manage or cancel their subscriptions at any time. This level of convenience ensures that customers have ultimate control over their insurance coverage.
