Kenyans Can Now Secure Funeral Insurance From Their Phones
You can now secure your funeral plan as well as that of your loved ones through a smart gadget. This follows the launch of the ‘farewell plan’ the first mobile application based funeral insurance product in the local market. The new product is available to a maximum of 6 people parents, parents-in-law, aunt, uncle, spouses, and children upon which customers will receive immediate cash payout within one working day.
Launched in collaboration with Standard Chartered and Sanlam Kenya, features of compensation include a Ksh 2million higher sum assured value with a premium waiver benefit after the policy holder’s 65th birthday, a family income benefit up to a maximum of Ksh. 55,000 for 12 months, among other benefits.
By partnering with a strong financial partner, Sanlam is looking to offer its wide range of products, as the two partners aim at enhancing the value of Bancassurance, the relationship between a bank and an insurance company, aimed at offering insurance products and benefits to customers. “Through the model and with a reputable partner such as Standard Chartered Kenya, at Sanlam we are looking at new growth opportunities, leveraging on technology to reach out to our mutual customers.”
The funeral product is the fourth proposition born out of the partnership between the two organizations driven by the need to offer a one-stop-shop solution to the widening middle-class. This follows the motor, travel and home insurance that customers can purchase via the existing Bank’s Mobile App.
It is not in our culture to talk or plan for our death yet dealing with the loss of a loved one is the most difficult and expensive affair for the people we leave behind. With the SC Mobile App Farewell Plan, you can now give your family the support and peace of mind they need when the time comes,” Kariuki said.
A research survey commissioned by the Association of Kenya insurers (AKI) in 2018 established that typical funeral budgets are deemed expensive, costing about Kshs 50,000 to Kshs 300,000 for an average middle-class household.
While welcoming the introduction of funeral plans in the market, respondents to the AKI survey conducted by research firm Ipsos and titled: ‘Unearthing value proposition for funeral insurance’, disclosed that they had in the past borrowed money from banks and shylocks to cater for funeral expenses. The data proved to be an invaluable tool in the development of this product.